The Denver Nuggets have matched Spencer Jones’ two-year, $12 million offer sheet, retaining the restricted free agent and keeping one of their key rotational forwards after a breakout 2025-26 season.
ESPN’s Shams Charania reported Sunday that Denver matched the contract originally signed with the Oklahoma City Thunder, ensuring Jones remains with the franchise that signed him as an undrafted free agent in 2024. The decision comes at a significant financial cost, with Charania reporting the move increases the Nuggets’ projected luxury tax bill from approximately $36 million to $68 million and pushes the team into the NBA’s second apron.
According to Charania, Denver highly valued retaining its homegrown forward despite the financial implications. The Nuggets are now the league’s only team operating above the second apron, although they could reduce payroll through in-season trades.
Jones developed into a reliable rotation player during his second NBA season after seeing limited action as a rookie. He appeared in 64 games during the 2025-26 campaign, making 37 starts while averaging 5.5 points and 3.3 rebounds in 22.1 minutes per game. He shot an efficient 50.4% from the field and 39.6% from three-point range, posting a 61.3% effective field goal percentage.
His ability to space the floor and defend multiple positions made him an effective complementary piece alongside Denver’s core led by Nikola Jokić and Jamal Murray. Jones’ postseason shooting was especially impressive, as he led all playoff participants by converting 69% of his three-point attempts, albeit in a limited sample.
The Nuggets’ decision prevents Oklahoma City from adding another young wing to an already talented roster. Instead, Jones remains in Denver, where he has steadily carved out a larger role after averaging just 1.3 points in 20 appearances as a rookie during the 2024-25 season.
Matching Jones’ offer sheet is only part of Denver’s offseason challenge. Charania reported the Nuggets’ next priority is restricted free agent Peyton Watson, who is drawing interest from the Atlanta Hawks, Milwaukee Bucks and Los Angeles Clippers. Watson is expected to command a significantly larger contract after averaging 14.6 points and 4.9 rebounds last season.
Denver has otherwise taken a measured approach this offseason. The front office traded down during the 2026 NBA Draft before selecting Trevon Brazile and Bryce Hopkins, signed veterans Marvin Bagley III and Alpha Diallo, and re-signed backup point guard Tyus Jones. The organization is also expected to revisit extension talks with three-time MVP Nikola Jokic next offseason after he postponed signing a new long-term deal this summer.
