The Denver Nuggets matched the Oklahoma City Thunder’s two-year, $12 million offer sheet for restricted free agent Spencer Jones on Sunday. Denver’s decision to keep a key bench player pushed its luxury tax bill from $36 million to $68 million, according to NBA insider Shams Charania.
The Nuggets, already facing daunting financial constraints, became the only team in the punitive second apron, a predicament that caused a stir across the NBA world.
Nuggets Draw Strong Reactions After Matching Thunder’s Spencer Jones Offer Sheet
Late last month, the Nuggets gave Jones a $2.6 million qualifying offer, affording them the right to match any offer for the former undrafted forward. On Saturday, the Thunder made Denver’s financial situation even more complicated by signing him to a two-year, $12 million guaranteed contract.
The Nuggets, who had until 11:59 p.m. ET Sunday to match the offer, did so to retain the 25-year-old, prompting the NBA community to weigh in.
“OKC really put Denver in a tough spot here. Cut-throat offer sheet by [Thunder general manager Sam] Presti. And now we wait to find out what happens with Peyton Watson,” NBA analyst Kevin O’Connor tweeted.
“Will be interesting to see how this affects Denver keeping Peyton Watson and the rest of their offseason,” Thunder beat writer Brandon Rahbar added.
“After matching the Thunder’s offer sheet for Spencer Jones, Denver just increased their league-high payroll before even securing Watson was an option,” NBA insider Evan Sidery similarly chimed in.
“Gotta give the Nuggets credit for their commitment to winning. That was not an easy match. Spencer Jones is a valuable rotation piece,” The Athletic’s Andrew Schlecht applauded.
While most raised concerns about the Nuggets’ decision to retain Jones, ESPN’s salary cap guru Bobby Marks gave context to the deal from Denver’s side.
“Smart move by Denver even with the significant financial implications. They would have only had the veteran minimum to replace if not matched,” Marks explained.
Yossi Gozlan, another salary cap expert, expanded on how keeping Jones will affect the Nuggets.
“They’re now the only team in the second apron. They’re limited to taking back equal or fewer salaries in a trade, signing minimum players, & re-signing players with Bird rights like Peyton Watson,” Gozlan noted.
This past season, Jones averaged 5.5 points and 3.3 rebounds per game, both career-high numbers. With Aaron Gordon saddled with injuries, he stepped up to help keep the team afloat. Jones’ 39.6% clip from 3-point distance was another important factor that prompted Denver to convert his two-way contract to a standard deal in February.
Had Jones not signed the Thunder’s offer sheet, he could have stayed in Denver via the $2.6 million qualifying offer. In that scenario, the Nuggets’ luxury tax bill would be far more manageable, giving them a higher chance of retaining Watson, who received a $6.5 million qualifying offer last month.
By refusing to let Jones go, the Nuggets enter the punishing second apron without yet addressing Watson’s asking price of a little more than $28 million per season. Watson is reportedly looking for a more lucrative deal than the five-year, $125 million contract that Denver awarded Christian Braun in October 2025.
As a second-apron team, a sign-and-trade deal for Watson, who has reportedly received interest from the Milwaukee Bucks, Los Angeles Clippers and the Atlanta Hawks, will be more complicated.
The Nuggets’ luxury taxes will only go up if they meet Watson’s steep contract demands.
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