Denver Nuggets Opt to Retain Guard Spencer Jones

The Denver Nuggets front office has decided to retain 25-year-old wing Spencer Jones, ESPN reports.

Jones, a restricted free agent, had signed a two-year, $12 million deal with the Oklahoma City Thunder. However, Denver exercised their right to match the offer, securing Jones's return to the team.

This move could prove costly for the Nuggets, as it pushes them over the salary cap threshold. Consequently, the team will likely need to make a trade during the season to shed salary. Furthermore, under the current circumstances, it's virtually impossible for Denver to re-sign power forward Peyton Watson, who was a key contributor last season.

With the current contract configuration, Nuggets owner Stan Kroenke is projected to pay a luxury tax of $68 million to the NBA, with $20 million of that solely attributed to the decision to keep Jones.