Sources told ESPN that the Denver Nuggets matched Oklahoma City Thunder’s fully guaranteed two‑year, $12 million offer sheet to Spencer Jones, keeping the key forward in restricted free agency. Despite heavy financial obligations, Denver valued retaining their home‑grown player, signed as an undrafted free agent in 2024.

By matching the sheet, the Nuggets’ projected tax penalty will climb by $32 million, nearly doubling from $36 million to $68 million, and they will be the first team to enter the second apron under the current collective bargaining agreement. Though deep in tax bills, the Nuggets could offset costs through trades during the season, making them the only NBA team in the second apron.

Jones was a key contributor last season, shooting an NBA‑best 69.2% from 3‑point range in the playoffs. He averaged 5.5 points and 3.3 rebounds in 64 games (37 starts) during the 2025‑26 regular season. Denver is also trying to retain restricted free agent Peyton Watson, while the Atlanta Hawks, Milwaukee Bucks and LA Clippers pursue him.

If Watson signs elsewhere and Denver matches an offer sheet, the luxury tax penalty could rise further. Since the luxury tax system began in 2002‑03, Denver has paid a total of $53 million in penalties.