Sam Presti spent the offseason making moves that did more than just reshape the Thunder. They also put real pressure on two Western Conference rivals, and the latest domino to fall came with Denver.
The Oklahoma City general manager had already built a roster that has earned him years of praise, but this summer’s attention has centered on the way he navigated the cap and tax landscape. The most recent twist involved Nuggets forward Spencer Jones, a restricted free agent who drew a two-year, $12 million offer sheet from the Thunder.
Jones signed it, leaving Denver with a deadline of 11:59 p.m. ET on Sunday to decide whether to match or let him walk.
On paper, the contract was manageable. The problem was what it would mean for the Nuggets’ financial future.
Matching the offer would push Denver into second-apron territory, and that’s a place teams have been trying hard to avoid. In the end, the Nuggets matched anyway, becoming the NBA’s only second-apron team.
That decision immediately complicated life for another Denver restricted free agent: Peyton Watson. His situation remains unresolved, and the numbers around it are getting ugly.
Watson is reportedly looking for a deal worth $28 million per year, and the tax hit would be enormous if the Nuggets gave it to him. Even the Jones move alone sends Denver’s luxury tax bill from $36 million to $68 million.
Denver has explored sign-and-trade possibilities for Watson, but being above the second apron makes that much harder. NBA salary cap analyst Yossi Gozlan laid out the issue on X: “The biggest implication is that the Nuggets can’t take back players under contract for Peyton Watson in a sign-and-trade since they’re above the second apron,” Gozlan wrote. “They’d need to get under it in a separate deal or in conjunction with the sign-and-trade.”
If Watson ends up in a sign-and-trade, the return would likely be draft picks unless the Nuggets clear salary first. If there’s no trade and no long-term deal, the 23-year-old could take the $6.5 million qualifying offer instead. According to ESPN’s Bobby Marks, that would push Denver’s luxury tax penalties to $112 million.
Oklahoma City, meanwhile, entered the offseason with tax problems of its own. Jalen Williams and Chet Holmgren’s rookie max extensions were about to kick in, and the front office told Presti, the 2025 NBA Executive of the Year, that costs had to come down.
The Thunder responded by moving Aaron Wiggins to the Atlanta Hawks and Isaiah Joe to the Detroit Pistons, taking back only two draft picks in each deal. Those moves cut their luxury tax bill by $140 million.
Even then, Oklahoma City was still projected to sit above the second apron until one more move changed the picture. The Thunder picked up Lu Dort’s $17.7 million team option and then sent him to the Hawks for three second-round picks. That deal dropped them $6.9 million below the second apron and lowered the luxury tax penalty to $19.6 million.
That mattered because it opened the door for the Jones offer sheet in the first place. Once the Thunder got under the apron, they regained access to their $6.1 million taxpayer mid-level exception and now have it available again as they work on their 15th roster spot.
Of course, the Thunder’s cost-cutting hasn’t come without a price. Losing players for second-round picks and missing on Jones is not exactly a clean outcome.
But in the process, Oklahoma City also created a headache for San Antonio. The Spurs own the Hawks’ 2027 first-round pick from the Dejounte Murray trade in 2022, and the Thunder’s deals with Atlanta sent Dort and Wiggins there for very little in return.
Atlanta went 46-36 and finished sixth in the Eastern Conference last season, and it should be better now, which makes that pick less appealing for the Spurs.
How much of this was calculated as a way to squeeze rivals? Only Presti knows for sure. What is clear is that the Thunder’s offseason has landed blows on both the Spurs and the Nuggets.
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