Nuggets match Spencer Jones offer sheet from Thunder, ESPN says
Denver will keep restricted free agent Spencer Jones on a two-year, $12 million deal, with ESPN reporting a major luxury-tax jump.
By Georgia Hale · Staff Writer
2 min read
The Nuggets Spencer Jones offer sheet drama is ending with Denver keeping its forward, as ESPN's Shams Charania reported Sunday night that the team will match Oklahoma City's two-year, $12 million offer sheet.
According to ESPN, the Thunder's offer to Jones is fully guaranteed. Denver's decision keeps Jones with the Nuggets in restricted free agency after the franchise first brought him in on an undrafted deal in 2024.
The move is not cheap. ESPN reported that matching the offer sheet raises Denver's luxury-tax bill by $32 million, pushing it from $36 million to $68 million.
ESPN also reported that the Nuggets will move into the NBA's second apron by keeping Jones. The report said Denver is carrying steep tax costs, though the team could reduce salary through trades during the season.
Why are the Nuggets matching Spencer Jones' offer sheet?
ESPN reported that Denver valued holding onto Jones despite the financial strain. The Nuggets developed Jones after signing him as an undrafted player in 2024, and the offer sheet forced the club to decide whether to keep him at Oklahoma City's price.
In restricted free agency, a player can sign an offer sheet with another team, while his current team can keep him by matching the terms. That is the route Denver is taking with Jones, according to ESPN's report.
The Thunder's role in the move was aggressive but familiar NBA business: Oklahoma City put a guaranteed contract in front of Jones, and Denver had the right to respond. ESPN reported the Nuggets chose to do so before losing the forward.
The second-apron mention is the sting in the tail for Denver. Under the NBA's payroll system, the second apron is a higher spending threshold that brings tighter team-building limits, which is why ESPN's report tied the Jones decision directly to Denver's larger financial pressure.
What happens next for Denver?
Jones is not the only restricted free agent on Denver's board. ESPN reported that the Nuggets are also trying to keep Peyton Watson.
Watson has outside interest, according to ESPN. The report named the Atlanta Hawks, Milwaukee Bucks and LA Clippers as teams pursuing him.
That puts Denver in a squeeze: one restricted free agent retained, another still in play, and a tax bill already climbing. ESPN's reporting leaves the next question hanging over the Nuggets' roster, whether they can keep Watson too while carrying the financial cost of matching Jones' deal.
This story draws on original reporting from ESPN.com.