The Nuggets are getting lumped into the same conversation as the post-title Bucks, but the financial picture around Denver is a lot harsher than the one Milwaukee faced after its championship run.
That’s why the chatter around Nikola Jokic - including rumors that he could be delaying his record contract extension to get out of Denver next summer - has sparked comparisons to the eventual unraveling of the Bucks. ESPN even leaned into that idea in its “next three years” power rankings, and the prediction there is that Jamal Murray could be forced out of Denver. On the surface, the parallels are easy to see: a title team, a rising salary bill and a front office running headfirst into cap trouble.
But the Nuggets are operating in a different version of that reality.
Milwaukee got two post-title seasons before the new apron system kicked in. That mattered.
The Bucks had room to work under the old rules in the two years after their 2020-21 championship before the 2023-24 CBA introduced the first and second-apron luxury tax penalties. During that window, they could still use a mid-level cap exemption to add a free agent - the same kind of tool the Miami Heat used on Tim Hardaway Jr. this summer after the Giannis trade.
Denver doesn’t have that kind of flexibility now. The Nuggets are over both aprons and can only sign free agents to minimum contracts.
The old Bucks also had a path the Nuggets no longer have: they could combine contracts in trades and push payroll higher. Under the previous tax structure, the punishment for doing that was mostly a bigger bill at the end of the year. For Denver, the limits are much tighter.
Money is the other big separator. The Nuggets have never behaved like a team eager to light cash on fire, and across the Nikola Jokic era they’ve accumulated only about $58 million in tax payments.
This season, though, they’re sitting $3.15 million over the second apron, and that comes with a projected $75 million penalty. That backdrop helps explain why they moved Peyton Watson to the Cleveland Cavaliers for draft picks rather than extend the potential star forward, and why there’s speculation more moves could be coming to squeeze out every possible dollar.
Milwaukee’s ownership group, by contrast, kept paying. The Bucks piled up about $219 million in tax bills over the four seasons after their title, including nearly $84 million in 2022-23 alone. They were willing to keep pushing the bill higher in the name of another run with Giannis.
So yes, the idea that Denver could eventually move on from Aaron Gordon, Murray or Christian Braun is on the table. But the Bucks comparison only works if you leave out the biggest piece of the story: the second-apron reality the Nuggets are living under now.
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Nuggets Suddenly Have A Real Chance To Fix Their Biggest Need
The Nuggets have spent the offseason looking for another way to juice a perimeter game that took a hit when Tim Hardaway Jr. left in free agency. Beyond Jamal Murray, Denver does not have a steady outside threat it can count on every night, and that makes the search for shooting more than a luxury as training camp approaches.
One name now circulating is Buddy Hield, whose path to Charlotte after a deal involving Atlanta has opened the door to a possible waiver pickup. If he becomes available, he would instantly fit the profile Denver has been missing on the bench, giving the Nuggets a proven volume shooter who could help bend defenses and ease some of the pressure on Murray. [Read more 🡒]
Cam Whitmore Arrives With A Real Chance To Matter For Denver
The Nuggets added another swing-for-the-fences piece to the edge of their roster by bringing in Cam Whitmore on a two-way contract after his release in a five-team deal that sent him out of Washington. For a team operating with limited cap flexibility, the move fits Denvers habit of hunting for upside wherever it can find it, and Whitmore arrives with the kind of pedigree that makes him more than just a flyer.
He also brings a small jersey wrinkle into the mix, settling on No. 00 for Denver, a number last worn by Markus Howard in 2022. On a roster where the margins matter, the fit is still the bigger question, especially after Whitmore came in with two familiar numbers already spoken for, leaving the Nuggets to see how quickly a high-ceiling player can carve out a role. [Read more 🡒]
Nuggets May Face Another Roster Squeeze Before Camp Begins
Ryan Nembhard has quietly become a name to watch around Denver as camp approaches. The former Hornets guard is expected to be waived by Charlotte, and the Nuggets are reportedly among the teams showing strong interest in bringing him in on a two-way contract. For a team always looking to balance upside with flexibility, it is the kind of low-cost move that can matter long after the news cycle moves on.
The catch is that Denver does not have an open two-way slot, which means any move for Nembhard would require some roster maneuvering before it can happen. That part is where the story gets interesting for the Nuggets, because a possible addition in the backcourt could force a decision on one of their current developmental pieces before training camp even begins. [Read more 🡒]