Signing Grade: Nuggets Match Thunder's $12 Million Offer for Spencer Jones

The Denver Nuggets had a couple of breakout players last season in Spencer Jones and Peyton Watson, yet both forwards hit the restricted free agency market this offseason. While the Nuggets wait for an update on Watson, they have finally made their decision on Jones.

After Jones agreed to a two-year, $12 million offer sheet with the Oklahoma City Thunder, the Nuggets had until 11:59 p.m. ET on Sunday night to match. While they certainly took their time, the Nuggets have reportedly matched Oklahoma City's offer to re-sign Jones, per ESPN's Shams Charania.

"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," Charania reported.

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

There was certainly some doubt that the Nuggets would match the Thunder's offer, considering they are now sitting above the second apron and will have to pay a hefty luxury tax bill. Still, getting Jones at just $6 million per year is a fair deal, especially if they envision the 25-year-old forward playing a significant role again next season.

Grading the signing

As Charania reports, the Nuggets' luxury tax bill has now increased from $36 million to $68 million by signing Jones, and that is without making up their mind on their final two roster spots. If the Nuggets also re-sign Watson to a contract in the $20-30 million per year range, that luxury tax bill will skyrocket even further. Then again, maybe the Nuggets are not as concerned with their extreme finances as we initially assumed.

Mar 24, 2026; Phoenix, Arizona, USA; Denver Nuggets forward Spencer Jones (21) against the Phoenix Suns at Mortgage Matchup Center. | IMAGN IMAGES via Reuters Connect

Outside of the financial aspect, it is hard to be upset with the Nuggets re-signing Jones. In 37 starts last season, he averaged 7.6 points and 3.9 rebounds per game, while shooting 40.3% from beyond the arc. He also emerged as a big hustle player and a hard-nosed defender, and that combination plus a surprisingly effective three-point shot even earned him plenty of playoff minutes.

This was not necessarily a positional need for the Nuggets, considering their only new additions this offseason have been Marvin Bagley III, Alpha Diallo, Trevon Brazile, and Bryce Hopkins. Still, it never hurts to have more defensive-minded forwards, and Jones should have no trouble carving out his spot in next year's rotation.

Grade: B+

Unless the Nuggets shake things up with a big trade to offload some of their current salary, it is clear that the ownership does not care about the pending luxury tax bill. Building around three-time MVP Nikola Jokic will require some financial sacrifices by the franchise, and this signing is a good sign that they are willing to do what it takes.

Not to mention, the Nuggets are preventing one of their biggest threats, the Thunder, from getting even stronger. Sure, Jones would not have tipped the scales too much, but the Nuggets could use the extra depth much more than Oklahoma City.

Sure, the Nuggets have yet to truly make a splash this offseason, but running it back could be good enough, as long as they still make the necessary minor tweaks that are necessary, like adding an extra ball-handler.

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