Injuries forced Spencer Jones into a much larger role last season in Denver, he started 37 games for them. However, most fans may best remember him as the guy who dropped 20 in Game 5 against the Timberwolves in April, keeping the Nuggets’ season alive another game.
20 points on 78% shooting for Spencer Jones in Game 5 of the first round,
Also tacked on 3 rebounds, steals and blocks apiece. pic.twitter.com/NEKRy8pxgc
— Derek Parker (@DParkOK) July 25, 2026
Oklahoma City was impressed enough with all of it to sign the restricted free agent to a two-year, $12 million offer sheet, a story first reported by Michael Scotto of Hoopshype and confirmed by other reports. Both years of this offer sheet are fully guaranteed.
Denver now has 48 hours to match. That might seem like a no-brainer for the Nuggets, who have struggled with depth issues — you keep a 6’7″ wing who is a strong on-ball defender and shot 39.6% from 3-point range last season. Except, because the Nuggets are in the repeater tax (and still have to work out a deal with their other restricted free agent, Peyton Watson), bringing back Spencer on even this reasonable a deal hits the bottom line hard.
The impact of the repeater luxury tax
Denver finances
Current tax penalty: $36.4M
With Spencer Jones: $68.6M
— Bobby Marks (@BobbyMarks42) July 25, 2026
Denver still should match this, but if they don’t, we know why.
If Denver lets Jones walk, the Thunder will be hard-capped at the second apron and be about $842,000 below that number (with a full roster of 15 guaranteed contracts), as noted by Keith Smith of Spotrac. The Thunder are only able to offer this deal — for the taxpayer mid-level exception — because they were far enough under the second apron to do it after the Lu Dort trade.
Denver is now on the clock.
