3 Moves Nuggets Must Make After Matching Spencer Jones' Offer Sheet

Here's what should be next for the Denver Nuggets after hashing out their new contract for Spencer Jones.

Oct 29, 2025; Denver, Colorado, USA; Denver Nuggets forward Spencer Jones (21) passes the ball in the fourth quarter against the New Orleans Pelicans at Ball Arena. Mandatory Credit: Isaiah J. Downing-Imagn Images | IMAGN IMAGES via Reuters Connect

The Denver Nuggets finally made their decision on Spencer Jones' future in the Mile High on Sunday night.

After a three-week wait in free agency and nearly 48 hours after signing his offer sheet with the OKC Thunder, the Nuggets have opted to match that two-year, $12 million deal to keep their 3&D forward around for the next couple of seasons.

The Denver Nuggets are matching the Oklahoma City Thunder's two-year, $12 million offer sheet on Spencer Jones, retaining the key forward in restricted free agency, sources tell ESPN. Nuggets valued keeping their homegrown player whom they landed on an undrafted deal in 2024.

— Shams Charania (@ShamsCharania) July 27, 2026

That's big news for the Nuggets and their rotation entering next season. Rather than losing a homegrown, defensive-minded wing to their Western Conference rivals, Denver decided to foot the bill, bring Jones back into the fold, and complete a much-needed task that was facing them entering this offseason.

But the Nuggets' offseason work is far from done. They only have 13 players signed onto their roster following the new deal for Jones, have some big holes leftover on their roster, and now face some big financial implications after bringing back one of their two restricted free agents.

With that in mind, let's look at the next three moves the Nuggets need to make for this roster to be considered fully prepared for the 2026-27 season:

1. Re-Sign Peyton Watson At All Costs

Mar 25, 2026; Denver, Colorado, USA; Denver Nuggets guard Peyton Watson (8) reacts after a play in the fourth quarter against the Dallas Mavericks at Ball Arena. Mandatory Credit: Isaiah J. Downing-Imagn Images | IMAGN IMAGES via Reuters Connect

While the Nuggets checked off one of their offseason priorities by re-signing Jones to a new deal, that only settles the situation for one of their restricted free agents. Now, Denver has to find an agreement for Peyton Watson, their second restricted free agent who's still lingering on the free agent market.

So far, there hasn't been much word on the Nuggets finding any traction on a deal for Watson, despite their reported interest in keeping him on the roster and rebuffing any sign-and-trade that doesn't come with a hefty return. Signing Jones shouldn't change any of that.

The timeline for when that agreement will come for Watson remains unclear. Maybe it'll stretch all the way into August. But it's not only hard to see another team on the market have the cap space to offer Watson a deal that the Nuggets wouldn't match, but it's hard to see Denver not do what it takes to keep him around anyways.

2. Shed Some Existing Salary... Somehow

Apr 18, 2026; Denver, Colorado, USA; Denver Nuggets forward Cameron Johnson (23) after making a three-pointer during the first half against the Minnesota Timberwolves in game one of the first round of the 2026 NBA Playoffs at Ball Arena. Mandatory Credit: Christopher Hanewinckel-Imagn Images | IMAGN IMAGES via Reuters Connect

The one issue that comes with the Nuggets finding a new contract for Watson is the extreme financial penalties that the Nuggets will face. Not only will they be well into the second apron that every team in the league is trying desperately to avoid, but their luxury tax bill will be immense––perhaps over $100 million in costs.

Everyone knows the Nuggets ownership group has the money to foot the bill for those roster expenses if necessary. But historically, Denver doesn't love to creep into the tax. So finding a way to shed some of that salary will likely be on the to-do list––with or without Watson returning to the roster.

How will that be accomplished? Who knows? Cameron Johnson sticks out as a trade candidate, though the Nuggets have reportedly been turning down incoming offers for him. Christian Braun makes sense as well, but his value isn't too hot right now. Zeke Nnaji would be a candidate as well, but would only make a notable dent in Denver's luxury tax costs if Watson isn't back on the roster.

Denver's going to have to get creative to avoid any apron implications and duck a big tax bill. But it'll be far from impossible.

3. Add Another Guard on a Veteran Minimum

Apr 7, 2026; Phoenix, Arizona, USA; Houston Rockets guard Aaron Holiday (0) against the Phoenix Suns at Mortgage Matchup Center. Mandatory Credit: Mark J. Rebilas-Imagn Images | IMAGN IMAGES via Reuters Connect

With Jones and Watson back on the roster, that leaves the Nuggets with 14 players on their traditional roster––just one shy of getting to a full 15-man group, but with little financial flexibility to add that final piece, if they so choose. If they decide to use that spot, it'll be to add someone on a veteran minimum.

As to how the Nuggets should use that spot, look no further than their backcourt. Denver's desperately in need of more depth at their point guard spot, considering Tyus Jones is the only true one signed on for next season.

Guys like Aaron Holiday, Gary Payton II, or even a reunion with Russell Westbrook could fill a huge hole on the Nuggets' bench, and at a low cost, would be an awesome use of that final roster spot.

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