The Denver Nuggets still have plenty of roster work ahead of them, and Spencer Jones has quietly become one of the more intriguing pieces in that unfinished puzzle.
Denver is up to 11 players under contract after the reported new deal for rookie forward Trevon Brazile on Friday night, which leaves the team short of the NBA roster minimum by at least three players. The Nuggets will likely aim to get that number to 15 before next season, but there are still several unresolved decisions hanging over the offseason.
Peyton Watson’s restricted free agency has drawn plenty of attention, and for good reason. The Nuggets have not shown much movement toward a new deal since the market opened at the beginning of the month. But Jones is another restricted free agent whose situation has flown a little more under the radar, even though Denver has yet to reach an agreement with him as well.
Jones earned this chance after turning a strong 2025-26 season on a two-way deal into an end-of-season contract with the Nuggets. That move pushed him into restricted free agency this summer, where he now waits for a new deal to take shape.
He made a real case for himself last season. Jones appeared in 64 games and averaged 5.5 points on 50.4-39.6-60.8 splits, along with 3.3 rebounds. He also gave Denver the kind of defense it badly needed, especially in a season when that end of the floor was a problem for the Nuggets.
For now, the only clear signal is that Denver reportedly has interest in bringing him back. What isn’t clear is how far the team is willing to go financially to keep him.
That’s where the bigger offseason picture comes into play. The Nuggets have already been dealing with plenty of back-and-forth around Watson, who is much more important to their long-term outlook. Jones, though, should come cheaper than Watson, and that could make him easier for Denver to retain.
Still, his next deal is going to be a major jump from the $623K end-of-season contract he signed last year. It’s expected to land somewhere below $10 million AAV, though another team could always step in with an offer sheet and force Denver to decide whether to match or let him go.
And the financial backdrop matters here. Denver’s offseason moves so far, along with the need to manage a tight cap situation and avoid a steep luxury tax bill, make it far from certain that Jones will be back.
Jones has even hinted at that uncertainty himself. In a cryptic video posted to social media earlier last week, he acknowledged just how close he may be to a change.
"Any of these days could be the last time I'm going to [the Nuggets'] facility. Or not.
You know, we'll see. That's the strange thing about free agency.
I'm going to the same place I always have, while in another room, my whole future is being decided."
He also said, "I’m currently fielding offers…potentially a new job in a new place."
A resolution could still come soon. Free agency is already about two weeks in, and Jones could settle everything if he and the Nuggets find common ground in the coming days or weeks.
From Jones’ side, the fit seems to be there. He appears content with his time in Denver and would likely welcome the chance to stay.
The question is whether the Nuggets are ready to pay what it takes. For now, that answer remains one of the offseason’s biggest unknowns.
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