Nuggets to match two-year offer sheet to Spencer Jones, Denver now above second apron

The Denver Nuggets made the right basketball decision, but now they face a steep tax bill and second-apron questions.

Denver has decided to match Oklahoma City’s two-year, $11.8 million offer sheet to Spencer Jones, keeping him in a Nuggets uniform for next season, a story broken by ESPN’s Shams Charania.

From a basketball perspective, Denver made the no-brainer move, especially for a team with questions about depth. Jones is a 6’7″ wing who is a strong on-ball defender, shot 39.6% from 3-point range, and started 37 games for Denver a season ago. Plus, he dropped 20 points on the Timberwolves in Game 5 of their playoff series, basically winning the Nuggets the game.

20 points on 78% shooting for Spencer Jones in Game 5 of the first round,

Also tacked on 3 rebounds, steals and blocks apiece. pic.twitter.com/NEKRy8pxgc

— Derek Parker (@DParkOK) July 25, 2026

However, this was not a simple decision financially — just matching Jones’ offer jumped the Nuggets’ luxury tax bill from $36 million to $68 million, reports Bobby Marks of ESPN. That tax bill is going to climb to at least $112 million, and that’s if Peyton Watson chooses to play for the $6.5 million qualifying offer. If he and the Nuggets agree to a new deal, the tax numbers only skyrocket from there.

Denver is now eight million above the second apron, according to Marks, and again that is without a new deal for Watson. Nuggets ownership and management have some tough calls to make about this roster and the tax.