The Case For and Against Nuggets Re-Signing Spencer Jones

The Denver Nuggets' big ticket free agent hititng the market this offseason will undoubtably be breakout wing Peyton Watson.

After a strong fourth season got stamped in the books and he now hits restricted free agency, it'll likely be a priority for the Nuggets to bring him back on a new deal.

But perhaps a bit of a trickier situation the Nuggets will be faced with this offseason is the one that revolves around their other restricted free agent, Spencer Jones, who comes off a strong campaign himself, being elevated from his initial two-way contract, and also finds himself due for a pay raise.

Should the Nuggets open their pocketbooks to re-sign one of their top defenders from last season, or should they turn in another direction?

Let's break down the case for both to unravel how Denver should approach another one of their key decisions for this offseason.

The Case For Re-Signing Jones

Feb 22, 2026; San Francisco, California, USA; Denver Nuggets forward Spencer Jones (21) looks to pass in the second quarter against the Golden State Warriors at Chase Center. Mandatory Credit: David Gonzales-Imagn Images | David Gonzales-Imagn Images

The pitch to bring back Jones is a simple one: he was a pivotal piece of last season's rotation who exceeded all expectations, and fits the defensive-minded mold that the Nuggets need more of on their roster.

Pair that with the flexibility the Nuggets have with his Bird Rights to go over the cap and sign him to a new contract, and it's a rare opportunity for Denver to get a multi-positional defender on next year's roster with an ability to stretch the floor and play in multiple different lineups.

Jones' numbers from last season don't jump off the page. He played in 64 games to log 5.5 points and 3.3 rebounds, but shot an efficient 50.4% from the field and nearly 40% from three (39.6%, to be exact) in 22 minutes a night.

Despite the low counting stats, his unique pairing of defensive skills with his size and length made him an extremely valuable piece of Denver's rotation last year. If he were to come back next season, the Nuggets' confidence in him and his role would only heighten.

At the right price, he's really a no-brainer signing. But finding the terms to that fair deal that meets Denver's desires to keep their tax bill low might be easier said than done.

The Case Against Re-Signing Jones

Jan 20, 2026; Denver, Colorado, USA; Denver Nuggets forward Spencer Jones (21) reacts after a play in the third quarter against the Los Angeles Lakers at Ball Arena. Mandatory Credit: Isaiah J. Downing-Imagn Images | Isaiah J. Downing-Imagn Images

Not inking Jones to a new deal would have nothing to do with performance; it'd simply be due to the financial constraint the Nuggets are under facing the luxury tax, but perhaps more importantly, the second apron.

Without signing Watson and Jones to new deals, the Nuggets are already bound to be over $8 million above the first apron (so long as they release Jonas Valanciunas). A new contract for Watson will almost certainly take them over that second apron line without any further changes made to the roster.

Changes are almost certain to come–– potentially surrounding either Cameron Johnson or Christian Braun trades–– to make a new deal at least somewhat feasible while still staying under that second apron line.

But if another team with further cap flexibility offers a big number to Jones that would take them over that threshold, Denver will have to think twice about blindly matching it. Those who watched Jones' defense and spacing ability for the Nuggets last year might have some appeal to send a competitive offer sheet.

So how much would too much be for Jones? Anything above $6-7 million a season might have the Nuggets thinking twice, and there's likely more than a zero percent chance some team is willing to offer above that mark.

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