Spencer Jones understood the reaction.
The Denver Nuggets forward had signed a two-year, $12 million offer sheet with the Oklahoma City Thunder, strengthening a division rival that had just placed Denver in an uncomfortable financial position. Some Nuggets fans interpreted the decision as disloyalty.
After Denver matched the fully guaranteed offer and retained him in restricted free agency, Jones explained that sentiment could not dictate the most important business decision of his young career.
“It’s official. I’m staying a Denver Nugget,” Jones wrote Monday on LinkedIn. “Plot twist.”
Jones acknowledged the confusion surrounding his willingness to sign with Oklahoma City before offering a candid explanation.
“This is a business,” Jones wrote. “Front offices treat it that way every day and players have to do the same.”
For Jones, the offer sheet provided security after two seasons spent fighting for a permanent place in the NBA. For the Nuggets, matching it amounted to a costly endorsement of a homegrown wing who emerged as an important rotation player last season.
Spencer Jones Defends Thunder Decision
GettyShai Gilgeous-Alexander of the Oklahoma City Thunder drives to the basket against Spencer Jones of the Denver Nuggets during the fourth quarter at Ball Arena on February 1, 2026 in Denver, Colorado.
Jones said he entered free agency seeking three things: a team that complemented his skill set, a championship culture and an organization he trusted. He believed Denver and Oklahoma City met those standards.
“The offer sheet was a business decision,” Jones wrote. “It ensured I ended up in the right situation w/ what I felt was the right compensation regardless of what happened next.”
The contract became the largest fully guaranteed offer sheet signed by an undrafted player who had been converted from a two-way deal, according to Jones.
Denver signed him after he went undrafted out of Stanford in 2024. He spent most of his rookie season on a two-way contract before earning a standard deal in February 2026.
Jones then carved out a significant role during his second season, averaging 5.5 points, 3.3 rebounds, 0.8 assists and 0.8 steals in 22.1 minutes. He appeared in 64 games and started 37.
His postseason shooting made an even stronger impression. Jones converted an NBA-best 69.2% of his 3-point attempts during Denver’s playoff run, reinforcing his value as a low-usage floor spacer around Nikola Jokic.
“From a two-way with no safety net to this,” Jones wrote. “I don’t take that lightly.”
Nuggets Pay Steep Price to Keep Homegrown Talent
Denver’s decision came with consequences far beyond Jones’ $6 million average annual salary.
Matching Oklahoma City’s offer increased the Nuggets’ projected luxury-tax penalty by approximately $32 million, from $36 million to $68 million, and pushed them into the second apron for the first time under the current collective bargaining agreement. Denver became the NBA’s only team above that threshold.
That price demonstrates how much the Nuggets valued Jones’ development, versatility and fit. It also complicates their attempt to retain restricted free agent Peyton Watson, who has drawn interest from the Atlanta Hawks, Milwaukee Bucks and Los Angeles Clippers.
Denver can reduce its tax burden through an in-season trade, but matching Jones showed ownership was unwilling to sacrifice a useful young player solely for immediate financial relief.
Jones’ choice of Oklahoma City will remain uncomfortable for some fans. The Thunder presented a credible opportunity and forced Denver to pay substantially more to keep him.
But the process worked exactly as restricted free agency was designed to work. Jones established his market value. The Nuggets decided he was worth it.
“Now I get to keep building with the team that bet on me from the start,” Jones wrote. “Back to work!”
Nuggets’ Spencer Jones Breaks Silence on Thunder Offer Sheet