Nuggets' Peyton Watson Trade Hits Roadblock With Bucks

The Denver Nuggets might need to take their sign-and-trade ambitions elsewhere.

Jan 9, 2026; Denver, Colorado, USA; Denver Nuggets guard Peyton Watson (8) reacts during a timeout in the first quarter against the Atlanta Hawks at Ball Arena. Mandatory Credit: Ron Chenoy-Imagn Images | IMAGN IMAGES via Reuters Connect

The Denver Nuggets appear to be in the market to ship out restricted free agent Peyton Watson in a sign-and-trade deal––for the right price.

And in recent weeks, several teams have surfaced as potential suitors who could have interest in a trade for Watson. One of them has been the Milwaukee Bucks.

But the Bucks, for as much interest as they may have in Watson, don't appear willing to offer a ton of value to the Nuggets in exchange for him. They might not even want to trade away a first round pick.

Bucks Not Willing to Trade First Round Pick for Peyton Watson?

According to The Athletic's Eric Nehm, the Bucks appear to be "hesitant" to part ways with a first-round pick in exchange for Watson.

"But while the Bucks are interested in the 23-year-old forward, league sources maintain they expect the Bucks to be hesitant to include a first-round pick in any deal for Watson as they continue building out their asset base post-Antetokounmpo," Nehm wrote, "Without giving up a first-round pick, the Nuggets would have to derive much of the value of a sign-and-trade with the Bucks from the player (or players) involved in the deal."

If the Bucks' reported resistance to trading away a first-round pick is true, it's a tough blow for the Nuggets' hopes to work with them as a trade partner, if they truly were interested in trading away Watson.

Based on the Nuggets' reported appeal for Watson as a core piece of their future, the price they'd be in search of on the trade market would likely be north of a first-round pick. It comes after a career year from Denver's 23-year-old forward, who set a career-high in scoring, rebounding, assists, and three-point percentage in the 54 games he played.

Jan 2, 2026; Cleveland, Ohio, USA; Denver Nuggets guard Peyton Watson (8) looks to drive on Cleveland Cavaliers center Jarrett Allen (31) during the first half at Rocket Arena. Mandatory Credit: David Dermer-Imagn Images | IMAGN IMAGES via Reuters Connect

Milwaukee, however, might not be interested in dealing away one of their future first-round picks.

And this comes after the Bucks' trade to ship out Giannis Antetokounmpo and acquire multiple future first-rounders from the Miami Heat. Milwaukee has seven first-round picks in the next seven years, but only two in the next four.

Rather than wanting to add multiple, or one, first-round pick to bring in Watson, they'd rather continue piling up assets for the future, and likely trend towards a player-centric deal.

So that puts the Nuggets at a crossroads: if they were interested in a sign-and-trade, do you continue pursuing the Bucks as a trade partner? Do you only look to suitors who are willing to give up a first-round pick in their offer? If you don't get a first-round pick in return, do you simply re-sign Watson on a new deal?

Regardless, a lack of a trade market for Watson only tends to complicate the Nuggets' flexibility surrounding his future. The Bucks' lack of future first-round draft capital also tends to complicate their ability to offer more picks of their own for Watson.

And if the Nuggets can't find the right trade for him that reflects his value, whether that be in the form of future picks or players in return, they might be more inclined to sign him to a contract themselves.

Sign up for our free Denver Nuggets On SI newsletter, and get breaking Nuggets news delivered to your inbox daily!