The Worst Part of Nuggets Seeing Spencer Jones Sign Thunder Offer Sheet

Here's where the Denver Nuggets' potential loss of Spencer Jones hurts the most.

Dec 25, 2025; Denver, Colorado, USA; Denver Nuggets forward Spencer Jones (21) reacts against the Minnesota Timberwolves during the second half at Ball Arena. Mandatory Credit: Ron Chenoy-Imagn Images | IMAGN IMAGES via Reuters Connect

The Denver Nuggets were hit with a big development over the weekend surrounding one of their two key restricted free agents this offseason, Spencer Jones.

According to HoopsHype's Michael Scotto, Jones has signed an offer sheet with the Oklahoma City Thunder worth $12 million over two years, with both years being fully guaranteed.

JUST IN: Restricted free agent forward Spencer Jones has agreed to a two-year, $12 million offer sheet with the Oklahoma City Thunder, league sources told @hoopshype. The Denver Nuggets will have an opportunity to match the offer sheet. pic.twitter.com/5ORNQ4JGQg

— Michael Scotto (@MikeAScotto) July 25, 2026

Really, it was only a matter of time before the Nuggets saw a team force their hand into making a decision one way or another on Jones. He was a rotation-level player sitting on the free agent market for over three weeks. Denver hadn't made progress on coming to a deal, and now, they risk losing him in free agency for nothing.

So it's a tough pill to swallow if the Nuggets do indeed let Jones walk. And based on their current roster construction with the finances involved–– particularly as it relates to the luxury tax and the second apron–– it feels more likely than not that Denver won't be matching that offer sheet.

And if that is the case, there's one factor within the Nuggets' decision to hold off on re-signing Jones that stings more than anything else.

The Worst Part About the Jones Offer Sheet–– If Denver Lets Him Walk

Of course, losing any young 3&D rotational player for nothing is going to hurt any team and their roster as a whole. Especially for a team like the Nuggets who are looking to maximize their title window while one of the best players of this generation, Nikola Jokic, is still in the prime of his career.

And there's not exactly a guarantee that the Nuggets are going to lose him. They have until the end of the day on Sunday at 11:59 ET to make their verdict final.

However, the worst part of the entire situation is based on one simple factor: who the team was to send the offer sheet in the first place.

It was none other than the Thunder, the 2025 champions who are their direct competition in the Western Conference, and are the presumptive title favorites heading into next season.

Apr 27, 2026; Denver, Colorado, USA; Denver Nuggets forward Spencer Jones (21) in the third quarter against the Minnesota Timberwolves during game five of the first round of the 2026 NBA Playoffs at Ball Arena. Mandatory Credit: Isaiah J. Downing-Imagn Images | IMAGN IMAGES via Reuters Connect

Seeing them add another steady, defensive-minded rotational player to beef up their second unit after they had to make tough calls to deplete their lineup throughout this offseason is an objectively bad turnout for the Nuggets.

And when that rotation-level player comes from Denver's roster in the first place, that's about as bad as you can draw it up from their perspective. The Nuggets get weaker, the Thunder get stronger, and Denver gets no assets in return for it.

Denver could certainly use the skillset that Jones brings to the table as well. While their frontcourt is pretty stacked with several guys on the roster as it is, Jones is a plus-defender who can help elevate the Nuggets' floor on that side of the ball.

Without him, there's real doubt that this team can lift up higher than their bottom-10 ranked defense that they've seen through the past two seasons, and the Thunder's defense––which has ranked within the top five across the last three seasons––gets even better.

So the Nuggets are faced with a tough call to make: do they foot the bill that Jones will cause in terms of their increased luxury tax and going over the second apron, or do they watch their homegrown forward walk to their conference rival?

It won't take long for us to find out, but either way you spin it, Denver's found themselves in a pretty sticky situation.

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