To the well-trained eye, Denver figured to be one of the epicenters of this NBA offseason. Two starters are due for a combined $25.8 million salary increase. A potential rising star on the bench is determined to land a lucrative contract extension. Something had to give. The Nuggets were about to get too expensive for owner Stan Kroenke to stomach, especially after their debacle of a playoff run that ended before it could begin.
This was the prevailing sentiment for two months leading up to free agency. Almost all Nuggets-related chatter, both inside and outside Ball Arena, centered on which player or players they would sacrifice in a trade. Team president Josh Kroenke declared in May that everything is on the table except trading three-time MVP center Nikola Jokic. Another high-ranking official in the Kroenke sports empire, Kevin Demoff, had hinted months earlier that Denver’s inclination might be to avoid the luxury tax entirely next season to avoid paying the NBA’s punitive repeater tax rates. That was long before the Nuggets revealed to their power brokers that they were nowhere close to championship-worthy.
More than a week since the league’s free agency period began, most teams have completed their offseason business. The Nuggets have been puzzlingly idle. Tim Hardaway Jr. left for Miami. Jonas Valanciunas was waived for salary cap relief. Marvin Bagley III and Tyus Jones signed one-year deals. The math still adds up to a sum that leaves most NBA observers skeptical. Denver is leaving everyone guessing right now, even other teams.
Before last season the Nuggets chose between two extension-eligible 2022 draftees who had one year remaining on their rookie contracts: Christian Braun and Peyton Watson. They chose Braun, the more proven player at that point and an efficient 15-point-per-game starter the previous season. They signed him to a five-year deal that would go into effect in 2026. They felt comfortable taking Watson to restricted free agency and maybe even losing him. Three years into his career he seemed to be developing into a solid 3-and-D bench player and maybe not much more than that.
From a basketball perspective the roster’s composition amplifies the financial dilemma. Braun provides reliable scoring and solid defensive effort. Watson has settled into a 3-and-D role off the bench and offers perimeter spacing that complements Jokic’s playmaking. Yet his extension would add to the short-term cap load. Without additional depth the Nuggets risk over-reliance on Jokic and a thin rotation against elite Western Conference opponents.
The broader context underscores a pattern of cautious spending. Josh Kroenke’s declaration signaled willingness to trade yet no trade materialized. Denver’s recent roster moves mirror a strategy of preserving flexibility while testing the market for the two starters due for raises. Rival teams have already locked in extensions for their stars, widening the gap between Denver’s idle stance and league-wide activity. The path Denver takes will determine whether the offseason remains stalled or finally gains momentum.
