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Denver Nuggets Match Spencer Jones' $12 Million Offer, Accept Record Tax Bill

Posted : 27 July 2026

The Denver Nuggets have secured the future of forward Spencer Jones after matching the Oklahoma City Thunder's fully guaranteed two-year, $12 million offer sheet, ensuring the restricted free agent remains with the franchise.

Denver confirmed the decision on Sunday, choosing to keep the 2024 undrafted signing despite the significant financial consequences. The organization viewed Jones as an important part of its long-term plans after his impressive development over the past two seasons.

By matching Oklahoma City's offer, the Nuggets will see their projected luxury tax penalty soar from $36 million to approximately $68 million. The move also pushes Denver into the NBA's second tax apron for the first time since the league's current collective bargaining agreement came into effect, making the Nuggets the only team currently above that threshold.

Although the financial commitment is substantial, Denver could still reduce its payroll during the season through player trades if it chooses to ease its tax burden.

Jones emerged as a valuable contributor during the 2025-26 campaign. He averaged 5.5 points and 3.3 rebounds across 64 regular-season appearances, including 37 starts, while earning a larger role in the team's rotation.

His standout performances continued in the playoffs, where he led the NBA by shooting an outstanding 69.2 percent from three-point range, further convincing the Nuggets that he was worth retaining.

Denver's front office is also working to keep another restricted free agent, Peyton Watson, who has attracted interest from the Atlanta Hawks, Milwaukee Bucks and Los Angeles Clippers. Should Watson receive an offer sheet from another team, the Nuggets will face another decision on whether to match the deal, which could increase their tax bill even further.

Despite their current financial commitment, the Nuggets have historically spent relatively little on luxury tax penalties. Before this latest move, the franchise had paid a combined $53 million in tax since the system was introduced during the 2002-03 NBA season.

 

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