The Denver Nuggets have done what most pundits and fans didn't expect them to do. They surprised just about everyone by matching the offer sheet from the Oklahoma City Thunder for Spencer Jones, retaining the young forward and keeping him from joining the dark side in OKC. And in doing so, they could have opened the door to a new era of spending by the Nuggets, who now have the chance to show that they aren't such a "cheap" franchise.
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
The Nuggets used up nearly all of their time on the clock, but a late-night Shams Charania news drop just before the deadline revealed that Jones would be back with the Nuggets on a two-year, $12 million deal.
It's a great deal for Jones, who was testing the waters for a nice salary after a season in which he started 37 games during the regular season and three in the playoffs for the injury-depleted Nuggets. He deserved the raise, and the Nuggets get a nice secondary consolation by keeping him away from Sam Presti and the Thunder.
Jones fits the Nuggets system and they needed him back
Jones is a great fit for the Nikola Jokic-led offense, and he showed why last year. Despite the funky jump shot, he made 39.6% of his threes while providing the Nuggets with solid defense and physicality. Jones was the hustle guy, diving on the floor for loose balls, banging in the paint with the big men as a small-ball five, and he was a spark plug at times from his energy.
He showed that spark and all of his attributes in the playoffs against the Minnesota Timberwolves in Game 5 of the first round series. Jones had 20 points, 3 steals, and 3 blocks, sparking the Nuggets to the series-extending win. Not bad for an undrafted player who came into the season on a two-way contract.
The Nuggets should hold the roster firm and pay the hefty tax bill
Jones' retention will put the Nuggets past the NBA's second apron penalty threshold, and will cost them approximately $32.2 million in extra tax fines if they finish the season over the $221 million second-apron salary threshold. The current tax bill stands at $68.6 million without any other roster additions. It's a hefty price to pay, but in reality, the Nuggets weren't going to get as solid a replacement for their system at that price.
Could this finally be the changing of the tune by the Nuggets ownership to pay whatever it takes to field the best team around Jokic? Possibly. We'll certainly know more as they work to retain Peyton Watson as well.
Team president Josh Kroenke did say "all options" were available, including being a second-apron team. This is at least the first step toward doing whatever it takes. And I support it.
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