The Oklahoma City Thunder’s attempt to add forward Spencer Jones in restricted free agency has come to an end after the Denver Nuggets exercised their right to match the two-year, $12 million offer sheet. The move keeps Jones in Denver and leaves Oklahoma City searching elsewhere to fill its final roster spot ahead of the 2026-27 NBA season.
While the Thunder did not land the 25-year-old wing, their offer forced Denver into a costly financial decision. By matching the contract, the Nuggets moved into the NBA’s second apron and significantly increased their projected luxury-tax bill. ESPN’s Shams Charania summed up Denver’s reasoning, writing that the Nuggets “valued keeping their homegrown player whom they landed on an undrafted deal in 2024.”
Denver Nuggets Match Oklahoma City Thunderâs $12 Million Offer for Spencer Jones
Denver officially retained Jones before Sunday’s deadline by matching Oklahoma City’s offer sheet.
Charania wrote on X, “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.”
The Thunder had extended a fully guaranteed two-year contract worth $12 million after identifying Jones as a strong fit for their wing rotation.
According to the provided information, the contract would have become the largest fully guaranteed offer sheet ever signed by an undrafted player who was converted from a two-way contract.
Jones joined Denver after going undrafted out of Stanford in 2024. He initially split time between the NBA and G League before earning a standard contract in February 2026.
Last season, he appeared in 64 games and started 37, averaging 5.5 points and 3.3 rebounds while shooting 50.4% from the field and 39.6% from beyond the arc.
He also stepped into a larger postseason role when Aaron Gordon missed time, averaging 6.5 points while shooting 68.4% from the field and 69.2% from beyond the arc across six playoff games.
According to ESPN’s Bobby Marks, if Denver had declined to match the offer sheet, the Nuggets would have been left with only a veteran minimum contract to replace Jones, making retention a more practical basketball decision despite the financial consequences.
Denver Nuggets Enter Second Apron While Peyton Watson Becomes Next Priority
GettyPeyton Watson of the Denver Nuggets
Keeping Jones comes with a substantial financial cost for Denver.
Charania wrote, “By matching Jones’ sheet, the Nuggets face a $32 million increase in current luxury taxes ($36M to $68M) and enter the second apron. They are deep in tax bills but could shed money via trades in season.”
The decision makes Denver the NBA’s only team currently operating above the league’s second apron, according to the provided information.
Although Oklahoma City failed to sign Jones, the Thunder’s offer sheet forced one of their Western Conference rivals into a much more restrictive salary-cap position.
The Nuggets may still look to reduce payroll through in-season trades, but doing so could require moving rotation players or attaching additional assets.
Denver’s attention now shifts to another important restricted free agent.
Charania added, “Next Denver order of business: Navigate retaining RFA Peyton Watson while the Hawks, Bucks and Clippers pursue him.”
According to the provided information, Watson is believed to be seeking a contract worth approximately $25 million annually, while Denver is open to exploring a sign-and-trade if necessary.
For Oklahoma City, Jones had represented an ideal addition after the offseason departures of Lu Dort and Aaron Wiggins. His combination of perimeter shooting, defense and hustle made him an attractive option to strengthen the Thunder’s depth.
Instead, the Thunder leave free agency without the player they targeted. However, their aggressive offer sheet still achieved one objective by forcing Denver into a significantly more expensive payroll structure while preserving Oklahoma City’s long-term financial flexibility heading into the 2026-27 season.
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