It’s no secret that Sam Presti is the NBA’s savviest team builder, but his latest move may have been his most clever.
As the basketball world reeled from the massive news that LeBron James chose the 76ers as his next destination, Presti’s Thunder on Saturday agreed to a two-year, $12 million offer sheet with Nuggets wing Spencer Jones, a small move on the surface, but one that saw Oklahoma City back a Western Conference rival in a corner and force Denver to match the offer sheet or let one of its young players walk.
Jones was a restricted free agent yet to work out a new deal with the Nuggets this offseason, as the team meanwhile dealt with Peyton Watson’s restricted free agency and the financial limitations the franchise was and is up against. After the Thunder’s offer, Denver had two days to decide whether or not it would match.
With about an hour to spare on Sunday, the Nuggets matched the offer sheet to keep Jones in town after the 25-year-old wing emerged as a key roster piece last season. And although Oklahoma City had a real roster need for a player like Jones, Denver’s decision to retain him is still beneficial for the Thunder.
By retaining Jones at Oklahoma City’s price, Denver pushed itself into the dreaded second apron, where it sits alone in the league. So what does that mean, and how will it impact the Nuggets moving forward? Let’s dive in.
Nuggets face serious limitations after matching Thunder’s offer sheet for Spencer Jones
According to ESPN’s Shams Charania, who reported both the news of Jones’s offer from the Thunder and Denver’s match, the Nuggets’ projected luxury tax penalties increased by $32 million after keeping Jones.
On top of the monetary impact, the Nuggets will now face significant restrictions thanks to the second apron (although the franchise could still shed money through future trades). Per Spotrac, Denver is $1.9 million over the second apron and, as such, must abide by the following restrictions:
Second apron restrictions:
- Can’t take on more salary in a trade than sent out with outgoing players
- Can’t acquire a player via sign-and-trade
- Can’t acquire a player through a previously created trade exception
- Allowed to use a trade exception created from a new trade
- Not allowed to aggregate contracts sent out (can’t trade multiple players to bring back one player who makes a larger salary)
- Not allowed to send out cash in a trade
- Can’t sign a player who was waived during the season that makes more than the non-taxpayer midlevel exception (projected to be $15 million in 2026–27 season)
- Not allowed to sign-and-trade your own free agent if incoming salary exceeds the second apron
- Can’t trade first-round picks from seven years out (pick becomes frozen)
- If team finishes a season above the second apron in two of four seasons, the frozen pick slides to the end of the first round, per CBAGuide.com
With that many restrictions, offending teams are left with minimal options for roster moves. As long as the Nuggets remain over the second apron, they can only re-sign their own free agents, sign draft picks, sign players to minimum contracts or make a trade where one player is sent out and equal or lesser salary comes back. Teams over the second apron can trade one player for two or more returning players.
The Thunder put the Nuggets in a tough spot—if Denver hadn’t matched the Jones offer sheet, the team would have only had access to the veteran minimum to replace him, per Marks. Jones went undrafted out of Stanford and signed with the Nuggets on a two-way contract after the 2024 draft. He saw minimal minutes in his first season and spent most of his time in the G League with the Grand Rapids Gold. He emerged as a key player for Denver last season with 64 appearances and 37 starts, when he proved himself a strong defensive wing who can space the floor. He even saw big minutes in the playoffs as Denver dealt with Aaron Gordon’s absence.
A look at Denver’s murky cap situation
With Jones back, the next order of business in Denver is Watson. As another restricted free agent, he is hoping for a new deal, and Charania reported the Hawks, Bucks and Clippers are pursuing him. Like Jones, Watson could agree to an offer sheet with another team, and Denver would be able to match. If it does, however, the franchise’s tax bill would go up exponentially.
Another option is that Watson plays out next season on a one-year qualifying offer to become an unrestricted free agent next summer. But that would drastically increase the tax bill, too; as ESPN’s Bobby Marks mentioned after the Jones signing, Watson’s qualifying offer would increase Denver’s luxury tax penalty from $68 million to $112 million.
Cameron Johnson and his $23.1 million expiring salary come to mind as a potential trade candidate and a way for Denver to shed money. In that case, though, another team must be willing and able to make a trade with its own financial situation in mind, as the Nuggets wouldn’t be able to take back more money than Johnson’s contract.
The Thunder’s offer sheet for Jones was a smart move. If the Nuggets hadn’t matched, Jones would have helped a roster that traded Luguentz Dort, Isaiah Joe and Aaron Wiggins this summer due to its own growing expenses. But since Denver did match, the Thunder pushed a Western Conference foe into the second apron, a place all teams desperately try to avoid.
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