The Denver Nuggets will keep Spencer Jones after matching the Oklahoma City Thunder’s fully guaranteed two-year, $12 million offer sheet, the team announced Sunday night, retaining the forward in restricted free agency.
The decision comes with a steep price, but Denver made clear it was not ready to let go of a homegrown contributor it originally signed as an undrafted free agent in 2024.
Matching Jones’ offer sheet is expected to raise the Nuggets’ projected luxury tax penalty by $32 million, pushing it from $36 million to $68 million. It also moves Denver into the NBA’s second apron for the first time under the current collective bargaining agreement. While the Nuggets are now facing a heavy tax burden, they could still look to reduce salary through trades during the season.
Denver is currently the only NBA team operating above the second apron.
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Jones emerged as an important piece for the Nuggets last season, highlighted by an NBA-best 69.2% shooting mark from 3-point range in the playoffs.
During the 2025-26 regular season, he averaged 5.5 points and 3.3 rebounds across 64 games, including 37 starts.
The Nuggets are also working to keep restricted free agent Peyton Watson, who is drawing interest from the Atlanta Hawks, Milwaukee Bucks and LA Clippers. Denver’s tax bill could climb even higher if Watson signs an offer sheet with another team and the Nuggets choose to match.
Since the luxury tax was introduced in the 2002-03 season, the Nuggets have paid a combined $53 million in tax penalties.
