The Denver Nuggets have spent a quiet offseason building around the edges, but the biggest move they have not made is the one holding up several others. Peyton Watson’s restricted free agency remains unresolved, and until that is settled, Denver is not moving forward on a possible Cam Johnson trade or on how to use its open roster spots.
That is why Spencer Jones Nuggets searches are surfacing now. The Nuggets still have three open roster spots, and those spots appear to be tied to Watson, Spencer Jones and perhaps Bruce Brown, with Bryce Hopkins also in the mix for a cheap full-time deal or a final spot left open. In other words, Denver’s roster math is still unfinished, and the missing piece is not a lack of names. It is certainty.
The deadline-driven part of the offseason has already passed in a blur. On June 23rd, Denver traded out of the first round of the NBA Draft, then used June 24th to select Trevon Brazile and Bryce Hopkins in the second round. NBA Free Agency opened on June 30th, and Tim Hardaway Jr. went to the Miami Heat while Denver signed Marvin Bagley III on July 1st and brought back Tyus Jones the next day on a one-year minimum deal. After a week of looking for trade partners, the Nuggets waived Jonas Valanciunas on July 8th, then added Alpha Diallo on July 12th. The moves were real, but they were incremental.
Watson is the reason Denver has stopped short of something larger. The Nuggets are trying to protect their leverage while Rich Paul and Klutch Sports seek a deal that pays Watson more annually than Christian Braun’s $25 million over the next five years. If Denver commits to Watson, that leverage disappears. If it waits, Watson can keep pushing for a stronger number and even threaten to take the qualifying offer, while the team remains unable to close on a trade that could bring Cam Johnson into the picture.
That leaves Denver in an awkward spot. It wants flexibility, and it wants to keep pressure on the market, but it also has to live with the fact that its own free agents remain unsigned and its preferred roster shape is still only a guess. There is no offer sheet waiting from another team, which gives the Nuggets time. It also gives Watson time. For now, the cleanest read is that Denver will not sort out Spencer Jones, Watson, Brown or a possible Johnson move until Watson is ready to accept a lower number, and that resolution is not expected until September at the earliest.
