Spencer Jones, Thunder Reportedly Agree to Offer Sheet, Latest Details on Nuggets' Timeline to Match

After recently trading away Isaiah Joe and Lu Dort in cost-saving moves, the Oklahoma City Thunder are hoping to land Spencer Jones in restricted free agency.

Per ESPN's Shams Charania, Jones has agreed to a two-year, $12 million offer sheet with the Thunder that the Denver Nuggets have until 11:59 p.m. ET on Sunday to decide if they are going to match or lose him to a Western Conference rival.

Per ESPN's Bobby Marks, Jones' contract would put the Thunder $900,000 away from hitting the $221.7 million second apron with 15 rosters spots guaranteed.

The Nuggets have been very limited with their offseason activity in part because they are bumping up against the second apron. They are just under $4 million away from hitting that threshold.

Most of the attention in Denver is centered around Peyton Watson's restricted free agency. He is believed to be seeking a deal worth around $25 million annually.

Per a July 17 report from The Athletic's Tony Jones, the Nuggets "significantly" value Watson and feel they are in a "good spot" to retain him while letting restricted free agency play out.

It seems like the strategy could pay off since most teams have done their major offseason business, leaving little flexibility to potentially add Watson at the number he is reportedly seeking.

Marks noted the Nuggets' tax penalties for next season if they choose to match Jones' offer sheet would go from $36.4 million to $68.6 million. He added that Denver's total tax penalties paid since the 2002-03 season amounts to $53 million.

Jones would likely be tasked with a similar three-and-D wing role that Dort, who was traded to the Atlanta Hawks, had for the past seven seasons in Oklahoma City.

The 25-year-old Jones was a low-volume shooter last season in Denver with 2.3 three-point attempts per game, but he shot 39.6 percent from behind the arc in 64 appearances.