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The Denver Nuggets have decided to keep forward Spencer Jones by matching the Oklahoma City Thunder's offer sheet, which proposed a fully guaranteed two-year, $12 million deal. This decision was made just before the deadline on Sunday (July 26). Jones, who is 25, emerged as a significant player for Denver last season, averaging 5.5 points and 3.3 rebounds in 64 games, with 37 starts. He also led all eligible players with a remarkable 69.2% shooting percentage from 3-point range in the playoffs.
The Nuggets' choice to retain Jones comes with a financial burden, as it will increase their luxury tax bill by $32 million, bringing it to a total of $68 million. This move places Denver in the second apron of the NBA's salary cap structure, a first for the team. Despite these costs, the Nuggets valued keeping their homegrown talent, who they initially signed as an undrafted free agent in 2024.
The Thunder had sought to add Jones to their roster to bolster their 3-point shooting capabilities, especially after trading away key shooters like Isaiah Joe and Lu Dort. However, with the Nuggets' decision, Oklahoma City will need to explore other options to fill this gap.
Looking ahead, the Nuggets are also focused on retaining another restricted free agent, Peyton Watson, who may command a significant salary. If Watson receives and signs an offer sheet from another team, Denver's financial commitments could increase further if they choose to match it.