Spencer Jones Nuggets: Denver matches OKC offer sheet
The Spencer Jones Nuggets saga is settled: Denver is matching the Oklahoma City Thunder's fully guaranteed two-year offer sheet, retaining the restricted free agent forward. The move keeps a key playoff contributor in Denver but nearly doubles the club's projected luxury-tax bill and pushes the franchise into the second apron for the first time under the current CBA.
Key Takeaways
- The Nuggets are matching Oklahoma City's offer sheet to retain Spencer Jones in restricted free agency.
- The deal is a fully guaranteed two-year pact worth about $12 million, with salaries reported at $6 million and $5.75 million.
- Matching the sheet raises Denver's projected tax bill from $36 million to $68 million and places the team alone in the second apron.
- Jones averaged 5.5 points and 3.3 rebounds in 64 games last season and shot an NBA-best 69.2% from three in the playoffs.
- Denver still faces a separate restricted free-agent decision on Peyton Watson amid interest from multiple teams.
What did the Nuggets decide on Spencer Jones?
According to ESPN sources, the Denver Nuggets are matching the Thunder's offer sheet to Spencer Jones. The restricted free agent forward stays in Denver after Oklahoma City tried to pry him away with a fully guaranteed two-year, $12 million package.
Hoops Rumors, citing ESPN's Bobby Marks, reports the contract is technically worth $11.75 million over two seasons: $6 million in 2026-27 and $5.75 million in 2027-28. Jones also holds the right to veto trades for the current league year.
Jones became a restricted free agent after Denver tendered a $2.65 million qualifying offer at the end of June, giving the Nuggets right of first refusal. They exercised that right by matching the Thunder deal, using his Early Bird Rights.
Why does matching the offer sheet matter for Denver?
Keeping Jones carries a steep payroll cost. ESPN reported that matching the sheet will increase the Nuggets' projected tax penalty by $32 million, nearly doubling it from $36 million to $68 million. Denver will enter the second apron for the first time under the current collective bargaining agreement and is currently the only NBA team in that bracket.
Despite significant financial burdens, the Nuggets valued keeping their homegrown player, whom they signed as an undrafted free agent in 2024. Team officials could still look to shed money through trades during the season rather than relying only on offseason moves.
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How did Spencer Jones earn this payday?
Jones, 25, went undrafted in 2024 after five college seasons at Stanford and signed a two-way deal with Denver. He saw limited minutes as a rookie, then carved out a larger role in year two amid injuries, including to Aaron Gordon. Converted to a standard contract in February, he averaged 5.5 points, 3.3 rebounds and 0.8 steals on .504/.394/.608 shooting in 64 games, including 37 starts at 22.1 minutes per night.
He was a key playoff contributor, leading the NBA at 69.2% from three-point range during the postseason. The Thunder used their taxpayer mid-level exception on the offer sheet; because Denver matched, Oklahoma City regains that exception and cannot trade for Jones for one calendar year.
Attention now shifts to Peyton Watson, another Nuggets restricted free agent being pursued by the Atlanta Hawks, Milwaukee Bucks and LA Clippers. Matching another offer sheet there could drive Denver's tax bill even higher.