Report: Thunder Miss Out on Spencer Jones After Nuggets Match $12 Million Offer Sheet
The Oklahoma City Thunder’s pursuit of forward Spencer Jones has officially ended after the Denver Nuggets matched the two-year, $12 million offer sheet he signed in restricted free agency. Denver’s decision keeps the 25-year-old wing with the organization, while Oklahoma City must continue searching for another option to fill its final roster spot before the 2026-27 season.
Denver Keeps Emerging Forward
The Nuggets exercised their right to match the Thunder’s offer before the deadline, ensuring Jones remains in Denver after a breakout campaign.
According to ESPN’s Shams Charania, Denver prioritized retaining a player it originally signed as an undrafted free agent in 2024, viewing him as an important part of its long-term plans despite the financial implications.
Oklahoma City had presented Jones with a fully guaranteed two-year, $12 million contract after identifying him as a strong fit on the wing. Had Denver declined to match, the deal would have become the largest fully guaranteed offer sheet ever signed by an undrafted player who was converted from a two-way contract.
Jones Earned His Opportunity
After going undrafted out of Stanford in 2024, Jones worked his way through Denver’s development system before earning a standard NBA contract in February 2026.
Last season, he appeared in 64 games, making 37 starts while averaging 5.5 points and 3.3 rebounds. He also impressed with his efficiency, shooting 50.4% from the field and nearly 40% from three-point range.
Jones elevated his play during the postseason when Aaron Gordon missed time, averaging 6.5 points while posting remarkable shooting percentages of 68.4% from the field and 69.2% from beyond the arc over six playoff appearances.
ESPN’s Bobby Marks noted that allowing Jones to leave would have left Denver with only a veteran minimum contract to replace him, making the decision to match the offer the more practical basketball move despite its financial impact.
Denver Faces Significant Financial Consequences
Keeping Jones comes at a steep price.
By matching the offer sheet, the Nuggets are projected to see their luxury-tax bill jump dramatically—from roughly $36 million to $68 million—an increase of approximately $32 million. The move also pushes Denver above the NBA’s second tax apron, making it the league’s only team currently operating beyond that threshold.
Although Denver can still attempt to reduce payroll through in-season trades, doing so could require moving key rotation players or attaching draft assets to complete deals.
Peyton Watson Becomes Denver’s Next Priority
With Jones’ contract settled, the Nuggets are expected to turn their attention to restricted free agent Peyton Watson.
Multiple teams, including the Atlanta Hawks, Milwaukee Bucks, and Los Angeles Clippers, are reportedly interested in Watson, who is believed to be seeking a contract worth around $25 million per season. Denver could also explore a sign-and-trade if negotiations become difficult.
Thunder Forced to Look Elsewhere
For Oklahoma City, Jones represented an ideal target following the offseason departures of Lu Dort and Aaron Wiggins. His defensive versatility, outside shooting, and energy fit the Thunder’s style of play and made him an attractive addition to the roster.
While the Thunder ultimately failed to land Jones, their aggressive offer sheet still had an impact. By forcing Denver to match the contract, Oklahoma City increased the financial pressure on one of its Western Conference rivals while maintaining its own long-term salary cap flexibility heading into the 2026-27 season.
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