The Oklahoma City Thunder’s attempt to poach a division rival’s talent fell short when the Denver Nuggets matched a two-year, $12 million offer sheet for restricted free agent Spencer Jones.
Oklahoma City made a rare foray into restricted free agency targeting Jones, aiming to fill a roster vacancy created after trading Lu Dort to the Atlanta Hawks in a three-team deal. With approximately $6.9 million in space below the second apron, the Thunder pursued the 25-year-old forward aggressively.
Jones has developed into one of Denver’s most successful recent finds. After going undrafted in 2024, he spent two seasons with the organization, transitioning from a two-way contract to a standard NBA deal in February 2026. Last season, he averaged 5.5 points and 3.3 rebounds while shooting 39.6% from three-point range on 2.3 attempts per game.
What began as a weekend with the Thunder concluded with Jones retained by Denver, who matched the offer sheet with roughly an hour remaining on their 48-hour decision window. Following the resolution, Jones addressed the whirlwind sequence via LinkedIn.
“It’s official. I’m staying a Denver Nugget,” Jones wrote. “Plot twist. Yes, I signed an offer sheet with Oklahoma City and yes, Denver matched it. I know some people are confused, and some fans are even upset. How could I sign with a rival? I get it. But I also need people to understand something. This is a business. Front offices treat it that way every day and players have to do the same.”
Given the limited earning window for NBA players, Jones’ decision to maximize his guaranteed compensation was widely viewed as a prudent career move. As a restricted free agent, the offer sheet structure allowed him to secure significant financial security while landing with a championship-caliber organization regardless of which team retained his rights.
“I went into free agency with clear priorities: a team that fits my skillset, a championship culture, and an organization I believe in. Both Denver and OKC checked those boxes. Either way, I was landing somewhere that made sense,” Jones continued. “The offer sheet was a business decision. It ensured I ended up in the right situation with what I felt was the right compensation regardless of what happened next.”
Jones’ trajectory represents a notable developmental success for Denver. Following a five-year collegiate career at Stanford (2019-24), he started 37 of 64 regular-season games in his second NBA campaign and delivered a 20-point performance in the first-round playoff series against the Minnesota Timberwolves.
That production attracted serious interest, prompting an uncharacteristic move by Oklahoma City, who rarely engage in restricted free agency offer sheets. Even with Denver’s match, the transaction leaves the Nuggets as the sole NBA team currently positioned in the second tax apron, necessitating difficult roster decisions this offseason.
“And along the way, I made a little history. The largest fully guaranteed offer sheet ever signed by an undrafted player converted from a two-way contract,” Jones wrote. “From a two-way with no safety net to this. I don’t take that lightly. Now I get to keep building with the team that bet on me from the start.”