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The Denver Nuggets matched Oklahoma City's two-year, $12 million offer sheet on Spencer Jones on Sunday night, ESPN's Shams Charania reported. Denver had until 11:59 p.m. ET to decide.
Jones went undrafted out of Stanford in 2024. The Nuggets signed him to a two-way contract, converted him to a standard deal in February, and tendered a $2.65 million qualifying offer at the end of June.
The Oklahoma City Thunder used the taxpayer mid-level exception on the offer sheet. Oklahoma City had cleared money earlier in the summer, trading Isaiah Joe to Detroit and sending Luguentz Dort and Aaron Wiggins to Atlanta in separate deals.
Through 64 games last season, 37 of them starts, Jones averaged 5.5 points, 3.3 rebounds, and 0.8 assists in 22.1 minutes, and he shot 50.4% from the field and 39.6% from 3-point range on 2.3 attempts a night. In the playoffs he led the league at 69.2% from behind the arc.
Matching him moves Denver's projected tax penalty from $36.4 million to $68.6 million and carries the Nuggets past the $221.7 million second apron, ESPN's Bobby Marks said. Since the 2002-03 season, Marks said, Denver has paid roughly $53 million in luxury tax total.
Peyton Watson is still unsigned.
Matching Jones and re-signing Watson at $23 million would take Denver's tax bill to $231 million, Marks said.
The Atlanta Hawks, Milwaukee Bucks, and LA Clippers have all held interest in Watson through July, The Athletic's Tony Jones reported, and each of the three is operating over the cap. A sign-and-trade would be required.
Denver has been seeking compensation in line with what the Utah Jazz got from the Los Angeles Lakers for Walker Kessler, including two unprotected first-round picks and two first-round swaps. Teams above the second apron cannot take back more salary in a trade than they send out.
Atlanta became hard-capped at the first apron once the Wiggins trade was finalized. That line sits at $209 million this season, with the luxury tax at $201 million, and HoopsHype lists the Hawks' 2026-27 payroll at roughly $197.1 million. Watson is believed to be seeking $25 million or more a year, with some reporting putting the number nearer $28 million.
The Atlanta contracts that match that salary belong to rotation players. Nickeil Alexander-Walker is at $14.4 million. Corey Kispert is at $13.9 million. Buddy Hield is at $9.7 million, Wiggins at $9 million.
Watson turns 24 in September. Taken with the No. 30 pick in the 2022 draft, he averaged 14.6 points, 4.9 rebounds, and 2.1 assists across 54 games last season, starting 40 of them and blocking 1.1 shots a night. He and the Nuggets did not reach an extension before last October's deadline. His cap hold is $13.1 million.
Hawks coach Quin Snyder returns Jalen Johnson, Dyson Daniels, Zaccharie Risacher, and Onyeka Okongwu alongside Dort and Wiggins. CJ McCollum signed a $21 million extension earlier this offseason.
Jonathan Kuminga is still a free agent. Atlanta declined his $24.3 million team option on June 29. The Hawks had acquired him alongside Hield in the trade that sent Kristaps Porzingis to Golden State.
Denver entered the weekend with three open roster spots. The Nuggets added Marvin Bagley III, Alpha Diallo, and second-round picks Trevon Brazile and Bryce Hopkins this summer, and they finished 54-28 last season, third in the Western Conference.
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Jones went undrafted out of Stanford in 2024. The Nuggets signed him to a two-way contract, converted him to a standard deal in February, and tendered a $2.65 million qualifying offer at the end of June.
The Oklahoma City Thunder used the taxpayer mid-level exception on the offer sheet. Oklahoma City had cleared money earlier in the summer, trading Isaiah Joe to Detroit and sending Luguentz Dort and Aaron Wiggins to Atlanta in separate deals.
Through 64 games last season, 37 of them starts, Jones averaged 5.5 points, 3.3 rebounds, and 0.8 assists in 22.1 minutes, and he shot 50.4% from the field and 39.6% from 3-point range on 2.3 attempts a night. In the playoffs he led the league at 69.2% from behind the arc.
Matching him moves Denver's projected tax penalty from $36.4 million to $68.6 million and carries the Nuggets past the $221.7 million second apron, ESPN's Bobby Marks said. Since the 2002-03 season, Marks said, Denver has paid roughly $53 million in luxury tax total.
Peyton Watson is still unsigned.
Matching Jones and re-signing Watson at $23 million would take Denver's tax bill to $231 million, Marks said.
The Atlanta Hawks, Milwaukee Bucks, and LA Clippers have all held interest in Watson through July, The Athletic's Tony Jones reported, and each of the three is operating over the cap. A sign-and-trade would be required.
Denver has been seeking compensation in line with what the Utah Jazz got from the Los Angeles Lakers for Walker Kessler, including two unprotected first-round picks and two first-round swaps. Teams above the second apron cannot take back more salary in a trade than they send out.
Atlanta became hard-capped at the first apron once the Wiggins trade was finalized. That line sits at $209 million this season, with the luxury tax at $201 million, and HoopsHype lists the Hawks' 2026-27 payroll at roughly $197.1 million. Watson is believed to be seeking $25 million or more a year, with some reporting putting the number nearer $28 million.
The Atlanta contracts that match that salary belong to rotation players. Nickeil Alexander-Walker is at $14.4 million. Corey Kispert is at $13.9 million. Buddy Hield is at $9.7 million, Wiggins at $9 million.
Watson turns 24 in September. Taken with the No. 30 pick in the 2022 draft, he averaged 14.6 points, 4.9 rebounds, and 2.1 assists across 54 games last season, starting 40 of them and blocking 1.1 shots a night. He and the Nuggets did not reach an extension before last October's deadline. His cap hold is $13.1 million.
Hawks coach Quin Snyder returns Jalen Johnson, Dyson Daniels, Zaccharie Risacher, and Onyeka Okongwu alongside Dort and Wiggins. CJ McCollum signed a $21 million extension earlier this offseason.
Jonathan Kuminga is still a free agent. Atlanta declined his $24.3 million team option on June 29. The Hawks had acquired him alongside Hield in the trade that sent Kristaps Porzingis to Golden State.
Denver entered the weekend with three open roster spots. The Nuggets added Marvin Bagley III, Alpha Diallo, and second-round picks Trevon Brazile and Bryce Hopkins this summer, and they finished 54-28 last season, third in the Western Conference.
Continue reading...
