The Denver Nuggets have a decision to make – and not much time to make it.
Restricted free agent Spencer Jones has agreed to a two-year, $12 million offer sheet with the Oklahoma City Thunder, per ESPN’s Shams Charania. Denver holds matching rights but must respond by 11:59 p.m. ET on Sunday night. If the Nuggets don’t act, Jones heads to Oklahoma City.
Why OKC wants him
Jones, 25, quietly became one of the more intriguing young wings on the free-agent market after a solid second NBA season. He averaged 5.5 points, 3.3 rebounds and 0.8 assists in 22.1 minutes per game last year, shooting 50.4% from the field and 39.6% from three-point range. The playoff numbers are what caught Oklahoma City’s attention: Jones shot 69.2% from three in the postseason – an extraordinary rate that signals real shooting ability under pressure, not just volume.
The Thunder had cleared roster space for exactly this kind of move, trading Lu Dort to the Atlanta Hawks on July 19. That deal opened up OKC’s 15th and final roster spot. They’re using the Taxpayer mid-level exception to make this offer – capped, but enough to win a young two-way forward away from his current team.
The Nuggets’ dilemma
Denver is in an uncomfortable spot. Jones represents the kind of cheap, switchable wing depth championship rosters depend on. Matching means recommitting to a player who hasn’t cracked the starting rotation – but who clearly projects well. Not matching means watching him develop within one of the NBA’s most analytically sharp organizations.
The Nuggets added Alpha Diallo from EuroLeague this summer. Whether Jones still fits their plans, or whether two young forwards overlap too much, shapes this call entirely. Six million a year on a rotation player isn’t nothing for a team already navigating cap constraints.
What OKC gets if Denver walks away
This fits Oklahoma City’s broader approach – layering in shooters who elevate in high-leverage moments. Already loaded with young talent and draft capital, the Thunder are building for a championship window, not just competing. Jones’s postseason efficiency in Denver’s system suggested he rises when the stakes go up. For $6 million per year, OKC bets on that continuing.
Denver’s front office has hours to decide. Match and Jones stays in the Mile High City. Walk away and the Thunder add another piece to one of the West’s most dangerous young rosters.
Sources: ESPN (Shams Charania), Yahoo Sports
[Update – July 27, 2026] The Denver Nuggets matched the Oklahoma City Thunder’s offer sheet and retained Spencer Jones on a two-year, $12 million contract, per Shams Charania of ESPN. The decision came within 48 hours of OKC’s initial offer. By matching, Denver entered the second apron, triggering a significant luxury tax increase – from roughly $36M to $68M. The club accepted the financial hit to keep Jones, a perimeter specialist who shot 41.2% from three last season. NBC Sports
