Aaron Gordon‘s family will feel his absence on Sunday mornings.

“That’s my dog. But it’s deeper than basketball with Peyton and I, you know?” Gordon said. “Like, our family members go to the same church.”

Before running a youth basketball camp Sunday in Lakewood, Gordon briefly shared his reaction to the Nuggets’ offseason, which was highlighted by their controversial decision to sign-and-trade Watson to Cleveland for two draft picks.

“We’ll see,” an expressionless Gordon said simply when asked what he thought of Denver’s moves.

Watson signed a four-year, $88 million contract with the Cavaliers at the end of a tense non-negotiation with the Nuggets, who held his rights as a restricted free agent this summer. Watson and Gordon had vacationed together earlier in the offseason, celebrating former teammate Michael Porter Jr.’s birthday in France.

“Peyton is like my brother,” Gordon continued. “I’m happy for him, the situation that he’s in. Obviously, we would have loved to have him. But it worked out the way that it should have, that it was supposed to.”

As the churn of free agency took place around him, Gordon spent most of his summer in Denver, which he’s called home for more than five years now. The power forward turns 31 on Wednesday, and he’s coming off a second consecutive season in which soft tissue injuries limited him during the NBA playoffs. Team sources told The Denver Post that Gordon has been a consistent presence in the Ball Arena practice gym. “It’s been a lot of soul searching and training,” he said Sunday. “So I’ve got my mind right, my body right, and I’m ready to go.”

According to those sources, Gordon was also responsible for orchestrating a recent team bonding trip to Puerto Rico, where Nuggets assistant coach JJ Barea has repurposed an abandoned private school into a sports complex.

“My dream is to one day have either the Denver Nuggets or the Dallas Mavericks have training camp in Puerto Rico,” Barea told The Post last year. “It’s like an NBA practice facility. … We just finished building it, so I’m really excited about that.”

“(We held) a mini-camp,” Gordon said. “I thought we could do something out of the norm. Everybody goes to LA all the time. I wanted us to do something that was out of our comfort zone as a team, and it ended up being a good exhibition.”

Jokic, Murray and Christian Braun had prior engagements that prevented them from joining, but Gordon was able to wrangle most of Denver’s roster for the trip, including Cam Johnson, Spencer Jones, Julian Strawther, Tyus Jones, DaRon Holmes II, Alpha Diallo, Zeke Nnaji and rookies Trevon Brazile and Bryce Hopkins.

“The rookies are good,” Gordon said. “Bryce is really good. TB is really good. They can play. I’m not entirely sure where they’re gonna fit in, but they can go.”

Players have gone their separate ways since the mini-camp to enjoy their last weeks of summer freedom before training camp, which begins Sept. 29 in Boulder. Johnson journeyed to England and took in a Premier League match last weekend. Jokic has been competing with the Serbian national team in World Cup qualifiers — “I talked to him a bit,” Gordon said, adding with a smile: “Not much.” And Murray has spent some of his summer in Japan, holding .

Gordon has found himself pulled back toward home in Colorado.

“It would be nice to do more of these,” he said before the second session of Sunday’s camp. “This is just a one-day thing. Hopefully we can do multiple of them. This is like an inaugural. So hopefully I can do more. Denver has shown me love since the I moment I got here, and I’ve tried to repay the favor by showing passion and playing my heart out and playing the game the way I know how to play. Being the person my parents raised me to be. So hopefully I can be a role model for these kids.”

Ben Tenzer and Jon Wallace had taken a measured and conservative approach in the draft. Instead of selecting a player 26th overall, they had traded back nine spots to acquire two future second-round picks, prioritizing asset accumulation over an immediate gamble on late first-round talent. They were walking away with two new rookies, but the real prize was their mini-stash of draft capital. New trade pieces to be used later. Patience for the sake of future aggression.

Meanwhile, it was time to talk about Peyton Watson.

“We feel good about where that’s at,” Tenzer told reporters, reiterating a recent stance. “And we hope Peyton is here a long time.”

As it turned out, Denver’s draft strategy foreshadowed the eventual outcome for Watson, a restricted free agent whose seven-week stalemate with the Nuggets ended in a sign-and-trade to Cleveland on Aug. 19. Denver relinquished the rights to Watson in exchange for a 2031 unprotected first-round pick and a 2032 second-rounder. The Cavaliers signed a four-year, $88 million contract agreement with the 23-year-old wing, who was drafted 30th overall in 2022.

After four years of gradual development and one brilliant month of exploding star potential, Watson’s time in Denver was over. And the Nuggets hadn’t received a player back in the trade, controversially eroding their roster depth ahead of a pivotal 2026-27 season. After feeling out the market, they viewed Cleveland’s first-round pick as a more valuable asset than any player available to them, team sources told The Denver Post. It’s intended as a trade piece to be cashed in well before 2031. Patience for the sake of future aggression.

But what changed between January, when keeping Watson skyrocketed up the Nuggets’ priority list, and August, when their homegrown success story was cut short? Behind the scenes, several factors contributed to the most significant move of Denver’s 2026 offseason — painting a nuanced picture of why the team decided to move on from Watson after a negotiation that was nearly dead on arrival.

“Stan Kroenke is a shark in the water,” as one league source familiar with the sign-and-trade put it. “So is Rich Paul.”

A salary cap crunch

The Nuggets were always prepared for the likelihood that they would lose at least one starter-level player this summer, as The Post previously reported.

The first time they firmly chose a different player over Watson was Oct. 20, 2025. It was the day before a new season tipped off, and the deadline for teams to sign contract extensions with their 2022 draftees. Watson and Christian Braun were entering the final year of their respective rookie-scale contracts. The Nuggets had enough room for only one of them to be added to the 2026-27 payroll. They were anticipating a salary cap crunch, with four starters already under contract and one of them, Aaron Gordon, set for a $9 million raise.

Signing both Braun and Watson would push Denver’s payroll over the projected second apron ($222 million), triggering not only a historic luxury tax bill for owner Stan Kroenke but also a series of roster-building penalties that would render it immensely difficult to negotiate with other teams and make changes. The front office was already concerned by its shortage of trade-eligible draft capital; finishing 2026-27 in the second apron would cause Denver’s 2034 pick to be “frozen” by rule, temporarily forbidden from being traded.

And so it was Braun or Watson. Braun was far more established — a playoff rotation piece on the 2023 championship team, an NBA Most Improved Player candidate in 2025, a durable 15-point-per-game starter. Watson was a work in progress three years into his career, an upside bet whose role on offense remained ambiguous. Was he a secondary ball-handler? A corner spot-up shooter? A dunker spot heir to Gordon? A screener and roller? The Nuggets were hesitant to offer him an average annual value north of $10 million to $12 million at the time.

They focused instead on their negotiations with Braun. With a vote of approval from Nikola Jokic, they signed the guard to a five-year, $125 million deal, planning to take Watson to restricted free agency — a process that traditionally allows teams to squeeze their incumbent young players. The snub left a sour taste for Watson’s camp.

Watson, who had started his career as a client of the same agency as Jokic, geared up for the offseason by hiring new representation: Klutch Sports founder and super-agent Rich Paul, most famous for representing LeBron James. Then came injuries to Jokic, Braun, Gordon and Cam Johnson. Dismal luck for Denver. Opportunity for Watson. He seized it, amassing stats worthy of an All-Star for one tantalizing month: 22 points per game on 49% shooting.

An injury dispute

As Watson erupted, Denver’s offseason outlook shifted. A starter’s salary would need to be sacrificed if the Nuggets were going to re-sign their young wing and stay out of dreaded second-apron territory. Johnson was widely considered most likely to go at first, because of his relatively modest contract commitment: one more year at $23 million.

But the final memory of a crushing playoff defeat in April was that of Johnson amassing 27 points and eight rebounds in a road elimination game, desperate to save Denver’s season. Watson was watching from the bench, ruled out with a lingering right hamstring injury.

Whether he could have played is still disputed.

The injury first emerged in February, during a thriller at Madison Square Garden. Watson limped off the court and underwent an MRI later in the week, revealing a grade 2 strain, according to league sources. Denver announced he would be reevaluated in four weeks. He missed 19 games over a 45-day absence. In a recent appearance on ex-teammate Michael Porter Jr.’s podcast, Watson claimed that he returned too soon. “I feel like we kind of rushed it,” he said, “and didn’t take the right approach.” He reaggravated the hamstring after five games back in the lineup. April 1 in Utah was his last game as a Nugget.

The playoffs arrived, and then they ended, far sooner than Denver had ever expected. A 54-win team crash-landed in the first round against Minnesota. Over the six-game series, Denver never publicly ruled out the possibility that Watson might return.

Privately, Watson’s camp had decided he wouldn’t play. The exact state of his health might forever remain murky, as it depends on who you ask. The Nuggets felt strongly that Watson could’ve suited up by the end of the series but was slow-playing his return to protect his contract value, five league sources told The Denver Post both during the playoffs and afterward.

Another source close to Watson, however, said that he was in no position to return at any point during the series, and that Paul had intervened to tell Watson it would be unsafe to play on a bad hamstring with free agency on the horizon. Injury reports suggesting that he might be available throughout the series, the source contends, were merely an example of gamesmanship by Denver in a tightly contested series against a rival. Watson’s plan was to return during a potential second-round series if Denver had advanced, he said on Porter’s podcast.

“I just knew I hadn’t progressed far enough in my rehab,” he explained. “I knew that this is the most intense level of basketball.”

In either case, the upcoming contract negotiation was very much a consideration, leaving people at every level of the Nuggets organization frustrated with how the situation was handled, sources told The Post. It stood in contrast to other recent examples of Denver’s players attempting to play through injuries in the playoffs: Braun in 2026, Porter in 2025, Gordon in both years. The source close to Watson said that Gordon was among the people advising him to be careful with his return.

“I was getting shot up with all types of stuff in my shoulder joint every game to try to hoop. … I didn’t really feel like we were deep enough as a team for me to sit out,” Porter said last month during his podcast conversation with Watson. “If that happened before I had gotten paid, I don’t think I would’ve put myself in that position.”

“When you’re dealing with those (soft tissue) injuries, you have to be very careful in your return,” Paul, Watson’s agent, said on recently. “Guys want to play. You have to protect them from themselves in that moment because you’re up for a contract.”

Claiming that organizational trust in Watson had taken a hit, the Nuggets drew a line in the sand at the beginning of free agency. They offered a four-year contract with an ascending salary in the range of $18 million per year, with a team option, multiple league sources said. Whatever reservations the team had, it still thought highly enough of Watson to pursue an extension with him — for the right price. But dependability and maturity were concerns on Denver’s end, while any such assertion was viewed by Watson’s side as a sign of disrespect, casting a shadow over the negotiation. The initial offer was turned down immediately. The Nuggets kept it on the table but never returned with a new one.

A sparse trade market

Even independent of injury squabbles, it’s fairly common for teams to hold a hard line in restricted free agency. They’re often comfortable letting these negotiations turn into staring contests, especially when no outside suitors extend an offer sheet (as Oklahoma City did for Denver’s Spencer Jones). But by the time this particular staring contest unfolded, the Nuggets had already gauged the trade market on other potential sacrifices they could’ve made to keep Watson.

Rival teams eyed Denver’s cap sheet and tried to take advantage of it. Hoping the Nuggets were desperate to avoid the second apron, those teams asked Denver to give up draft picks along with Johnson, multiple sources said. It wasn’t necessarily because Johnson’s contract genuinely has negative value. He ranked eighth in the NBA with a 43% 3-point clip last season. It was a matter of leverage and opportunism. The Nuggets rebuffed any such efforts.

They also received at least one legitimately good offer for the 30-year-old wing, according to a league source. They still turned it down, viewing Johnson as an impactful starter. He was Denver’s third-leading scorer in the Minnesota series, averaging 14.2 points on 50% shooting to finish strong after a checkered regular season.

Meanwhile, the Nuggets and Watson were nowhere close to a contract agreement. Watson’s side had asked for north of $25 million annually at the outset, believing him to be worth more than Braun, who was coming off his worst season. Both sides began to explore sign-and-trade options. Denver took calls from the Clippers, Bucks, Hawks and Trail Blazers.

Nothing gained much traction. Sixth Man of the Year runner-up Jaime Jaquez was floated in preliminary talks with Milwaukee, but those conversations were entirely conceptual — the Bucks never made an official sign-and-trade offer, league sources said. Denver would’ve been intrigued by the possibility of adding him if an offer had materialized.

Kris Dunn was another potential player brought up in conversations with the Clippers, but Denver wouldn’t have agreed to a deal involving the 32-year-old guard without also getting draft capital back from Los Angeles, a source said. Pulling that off would’ve been difficult because for the Nuggets, taking back any salary in a sign-and-trade would hard-cap them at the second apron by rule, meaning they would need to send out another player in addition to Watson. Zeke Nnaji’s $7.5 million salary would’ve made the most sense within the CBA framework, but he has been viewed as a negative-value contract around the league for years at this point; asking a team to give up draft picks, an attractive player and to take on Nnaji’s contract was always going to be an obstacle.

The conversations with Los Angeles and Milwaukee were also in awkward positions from the beginning because of league investigations into cap circumvention involving both teams. The uncertainty of their situations made it difficult for talks to advance past the conceptual stage.

If Watson were to be traded, it was becoming increasingly clear that an entirely pick-based return was both the most feasible path forward and the Nuggets’ preferred outcome, rather than a player who would likely slot into the back end of their rotation.

A change of scenery

Then along came the Cavs. They were the last team to get involved, a surprise late entry to the Watson sweepstakes. In the end, they were also the only team to offer Denver an unprotected first-round pick — a coveted asset with high-lottery potential, if Cleveland’s championship window is closed five years from now. No teams had offered an unprotected first-rounder for the older Johnson when he was available earlier in the summer, league sources said.

Watson’s camp grew increasingly frustrated by how Denver was navigating the summer, especially the team’s perspective on his injury. By the time Cleveland made the $88 million offer, the sense was that Watson’s side would’ve been unlikely to agree to that same offer if it had hypothetically come from the Nuggets, sources connected to both sides told The Post. A change of scenery was preferred at that point.

There was also a question of on-court role that Denver would’ve needed to address if it had increased its offer, two league sources said. Was Watson going to be a starter next season, or did the Nuggets still see him as a bench player behind the same five as last year?

He’s expected to start in Cleveland, where small forward was the last hole to plug in a lineup that reached the Eastern Conference Finals this year. It’s an impressive outcome for Watson, landing on another championship contender for a salary twice what he was worth last offseason. There were hard feelings on the way out of Denver — “anybody who knows Peyton Watson knows the last thing I am is a quitter,” he told Porter — but he also left town with a public message sending thanks to his teammates, the Kroenkes and other Nuggets brass.

“As a young player who was a bit naive and hadn’t seen much of the real world, you guys took care of me better than I could have ever imagined,” he said in an Instagram post Aug. 25. “Thanks for that. Playing this game every night on the national stage is difficult on both the body and the mind, but the love from the fans always makes it so worthwhile. I will miss seeing you at Ball Arena.”

The Nuggets walked away feeling elated by the draft pick they wrangled out of a tough situation. They know well what they gave up: youth, depth, two-way athleticism, scoring upside. Watson’s electrifying hops and friendly personality made him a fan favorite, and he may have been just scratching the surface in January. But one month was always a small sample size to bet $88 million on. After feeling out the market, the Nuggets decided they preferred Johnson’s expiring salary, Spencer Jones’ cheaper extension, and an unprotected first-rounder rather than what they would have had to sacrifice for a long-term relationship with Watson.

Signing DeMar DeRozan to a veteran minimum contract also helps alleviate the short-term sting of what’s been lost, at least offensively.

Anything can change in the NBA overnight, but as of now, Johnson is fully part of the team’s plan for the 2026-27 season, sources told The Post.

A final assessment of the trade for Denver can’t be completed until the next move. Until the Cavaliers’ pick has a new home, and another player has a new home in Denver.

The Nuggets are still thin on trade-eligible picks. They have only the one first-rounder. If they’re out of the second apron by next summer, they’ll add another to their stash. The next stage of the Jokic era depends on whether they can maximize their draft capital better than in past years.

While they wait for that next move, Watson will try to prove them wrong for this one.

From a financial standpoint, it made sense to let Peyton Watson move on, convinced he is not worth the four-year, $88-million contract Cleveland gave him. The Nuggets remain the only team in the second apron. So they were not going to pay Watson.

The problem is that the entire offseason has been lost in translation. The Nuggets appear detached from reality, lacking a clear direction.

One day, they are going for it, matching Oklahoma City’s $11.75 million offer sheet for Spencer Jones, a move that spiked their luxury tax bill by $32 million. The next, they are driving Watson to the airport in exchange for Julian Reese, who will be waived, and a 2031 first-round draft pick and a second-rounder in 2032. 

The first person who can articulate the Nuggets’ plan this summer gets free tickets to Elitch’s and a game-used ice pack and Ace bandage signed by Aaron Gordon.

Unless the Nuggets believed Watson quit in the playoffs — he was officially out with a hamstring injury — then they should have kept him. A disgruntled Watson playing on the qualifying offer is better than what this multi-team, money-laundering deal delivered.

The Nuggets needed Watson’s athleticism, his two-way skillset, his ability to create off the dribble. They provided runway to prove himself when Jokic missed 16 games, and their reward is a cheesy Hotels.com commercial and the bile taste in their mouth every time they realize Zeke Nnaji remains on the roster. 

I would have loved to see Nikola Jokic’s reaction to this move. “So let me get this straight. We got no players. And the draft picks are available when I am 36 and 37 years old?” 

It is a failure.

There is no argument to construct otherwise, save for intel that Watson, 23, could have played in the postseason and staged Operation Shutdown. Eyebrows were raised in April when Gordon was dragging himself up and down the court on one leg, and Watson was watching from the bench.

He played on April 1. And that was it. There was talk that he was working his way back. That he was practicing. Then he wasn’t.

I don’t know what happened. I know the Nuggets’ chances of beating the Timberwolves nose-dived without him.

So after a game of chicken, of the market not responding to Watson, the Nuggets chose the easy way out. Fine. Then, why not demand that Cleveland include Jaylon Tyson in the deal?

For those saying the Nuggets had no other choice because the luxury tax bill would have exceeded $200 million. That is not the case. They could have shipped out Cam Johnson early in the offseason, leaving room to absorb Watson’s new contract.

As depressing as it sounds, it would have been easier to stomach a bad deal for Johnson than Watson. Watson was their guy. They drafted him. They developed him. They deserved to benefit from a few prime years.

Instead, they get to flash fake smiles that they love Christian Braun — hopefully he bounces back from his ankle injury — Julian Strawther and DaRon Holmes II.

Is it possible for the Nuggets to rehire Calvin Booth so they can fire him again?

In an offseason that demanded improvement given the upper crust in the Western Conference — San Antonio, Oklahoma City, Minnesota — the Nuggets lacked creativity and imagination.

They brought the band back. This was admirable a year ago. Not this summer.

Jamal Murray, Jokic, Gordon and Johnson are terrific — when healthy.  Murray, Jokic, Gordon and Johnson are dynamic — when available.

Sequels rarely live up to expectations. And as Hollywood themes go, the Nuggets are giving off tiki idol Brady Bunch vibes. 

Sure, they could use the first-rounder to acquire a better player than Watson. But the way this offseason has transpired, it is more likely they attach the pick to move Nnaji.

According to reports, the Nuggets have turned their attention to signing free agent DeMar DeRozan. He is 37.

When Josh Kroenke said everything was on the table at the end of the season presser, did he mean Bengay, heating pads, insoles and arch supports?

DeRozan can still score. But not sure if you are aware, putting the ball in the basket is not the Nuggets’ problem. Preventing it from going in is the issue.

I am not going to bore you with the apron problems the Nuggets are facing. The NBA demands that fans be CPAs to understand the salary cap.

However, one thing is easy to see. By not going for it — and keeping Spencer Jones and signing DeRozan does not qualify — they are wasting another year of Jokic’s prime.

What makes this different is that he could leave this time.

When Jokic did not agree to a contract extension, kicking the can down the road again, it means he can sign a $359.5 million contract extension next summer. That would be the largest in league history and bring his career earnings within squinting distance of one billion.

Jokic clearly likes money. Not as much as horses. But his affection for the dollar is real. Good for him. And no one can pay him more than Denver.

But his future is now a story as the Nuggets more closely resemble the unraveling of the Bucks in the last years of Giannis Antetokounmpo than the championship team of 2023.

In some ways, the bloated contracts made this a likely conclusion.

But barring Watson bailing on his teammates, the Nuggets are not better without him.

Nonetheless, it is one of the noisiest lingering NBA storylines of the summer — mostly because Watson is in a tight spot. After attempting to set his average annual value north of $25 million, the 23-year-old wing was unable to obtain an offer sheet from any of the three teams with salary cap space at the beginning of the offseason. The Lakers, Nets and Bulls went about their business without throwing their hat into the ring for Watson. Los Angeles even chose to aggressively pursue a different restricted free agent instead. Basically, Watson’s representation tested the market, and the market didn’t respond.

That doesn’t mean he’s not viewed as a valuable player. It just means he had limited pathways to a lucrative offer given the league’s financial landscape, and the few teams with the resources to extend one decided against it because of other roster priorities or the risk of it being a waste of time. The Nuggets would’ve had up to 48 hours to match any offer sheet, as they eventually did to keep fellow restricted free agent Spencer Jones.

An offer sheet is highly unlikely at this point because most of the money has dried up around the NBA. That’s good news for Denver; not so much for Watson. Now for him to get paid, his camp must either come to the negotiating table — there’s no indication that Denver’s offers to this point have exceeded $20 million annually — or convince another team that Watson is worth not only what he desires financially but also a trade package that will satisfy Denver.

This is the cruel reality of restricted free agency. It’s designed to favor the incumbent team. The Nuggets effectively have the rights to Watson, their 2022 late first-round draft pick who revealed glimpses of star potential in his fourth season. Playing the long game has positioned them to benefit from this process in some form, regardless of the outcome.

But what are the remaining outcomes, and what do they mean? As the awkward situation drags out and Watson’s side is left feeling increasingly disrespected, here’s a breakdown of the three main possibilities.

Sign-and-trade

Let’s start with the complicated stuff. Most of the recent national speculation about Watson has been focused on the possibility of a sign-and-trade. This is probably the preferred outcome for his camp at this point, because it’s the clearest path to a higher salary.

For the Nuggets, it functions as a solid contingency plan if they decide the negotiation is a lost cause. While they’re certainly in a position to squeeze Watson down to a more team-friendly contract extension, they’re in a position to flip him for other assets by the same token; they can make another suitor pay them for the right to sign Watson. He’s a young two-way wing who seems to be on an upward trajectory as a shot creator. Every team wants that, for the right price.

The dilemma with this option is purely logistical. Denver’s payroll — already the most expensive in the league without Watson on the books — is $2 million over the second apron. That presents more than just a financial obstacle. Among the many convoluted rules of the NBA apron system is this: If a team takes back any salary in a sign-and-trade, that team becomes hard-capped at the second apron for the remainder of the league year. You can be over the second apron before executing the sign-and-trade, but you must be under the apron when the transaction is completed. Otherwise, it is not legal under the collective bargaining agreement.

In the Nuggets’ case, that means if they want to receive a player in return for Watson, they have to send a second player out in the sign-and-trade, and the incoming player must have a 2026-27 cap hit $2 million less than the second outgoing player. (Keep in mind that Watson’s outgoing salary for trade purposes would be $0, given that trading him would not be getting rid of any money that already exists on Denver’s payroll; it would merely be getting rid of the rights to a free agent.)

Still following? This introduces all kinds of problems. Who’s the second player? If it’s a bigger contract like Cam Johnson or Christian Braun to create more wiggle room on the incoming salary, you’re suddenly giving up two starter-level players, not just one. If it’s Zeke Nnaji’s $7.5 million cap hit, which is considered a negative-value contract around the league, then you’re willingly diluting the quality of your return. And if the Nuggets find themselves deciding to trade Watson, they must net a substantial return.

The easier sign-and-trade concept to grasp is an entirely picks-based package — Denver could simply try to obtain as much draft capital as possible for Watson, without taking back a player. As counterproductive as that sounds for a win-now team, it would have its merits. Since the draft in June, the Nuggets have been trying to replenish their war chest of future picks so they can eventually flip those picks back into win-now players at the right time. They’re currently operating without a single trade-eligible first-round pick, preventing them from pursuing prominent players on the trade market. They have very little maneuverability, unlike other Western Conference contenders (OKC, San Antonio).

A picks-based package has its own difficulties, of course. One of the teams actively showing interest in Watson, a league source confirmed to The Post, is Milwaukee. The Bucks officially embraced a rebuild six weeks ago when they traded Giannis Antetokounmpo. Even if Watson makes sense for them as a long-term building block, teams in their position don’t traditionally cough up first-round picks to acquire a player. Denver’s best hope of completing a solid deal with Milwaukee would more likely need to involve one of the Bucks’ young players, such as Ryan Rollins, Jaime Jaquez Jr. or Kasparas Jakucionas.

The Clippers, Cavaliers and Hawks have been the other teams to reportedly engage the Nuggets in sign-and-trade talks. The Clippers, whose interest The Post can also confirm, would make sense as a desirable destination for Watson; they play in his hometown. Derrick Jones Jr. has been floated as a return candidate for Denver, but his $10.5 million salary complicates matters, as it’s more than Nnaji’s cap figure. Kris Dunn’s $5.7 million is closer to the potential sweet spot.

Denver could technically avoid a second apron hard cap by splitting a sign-and-trade into multiple transactions — Watson for picks, then a separate player-for-player deal. But even in that scenario, the apron rules dictate that Denver’s incoming salary would need to be less than the outgoing money in the player-for-player portion.

It might be a moot point, because if the Nuggets are willing to be a second-apron team, they might as well use their Bird rights to pay Watson instead of jumping through hoops to flip him for a different player.

Qualifying offer

The other two outcomes are much simpler. At the end of June, the Nuggets tendered Watson a predetermined qualifying offer of $6.5 million — “a standing offer for a one-year guaranteed deal.” Teams are required to submit a qualifying offer to trigger their restricted free agency rights. It basically gives the player a thin layer of protection in an otherwise unfair situation. If negotiations go poorly, they can take the cheap one-year contract and become an unrestricted free agent next summer.

Watson is reportedly considering the possibility of playing next season on the qualifying offer if the Nuggets don’t pay up or find a sign-and-trade soon. That could be the truth, or it could be a bluff. The qualifying offer route would be an extremely risky vote of self-confidence by Watson. He would be passing up millions of dollars to enter another contract year and to bet on himself. He would be motivated to play well, but he would also be one injury away from costing himself a life-changing amount of money.

Whether or not he’s actually considering the QO, it doesn’t hurt to insist that he is. Applying public pressure on the Nuggets is one of the only ways his camp can squirm for leverage here. And this is the one outcome the Nuggets might feel most pressured to avoid.

Why? It’s not like it would be an abject disaster. Even amid their efforts to low-ball Watson and utilize their leverage in the RFA process, the Nuggets clearly value him at a way higher number than $6.5 million. They would be getting him at an obvious discount for the 2026-27 season.

Then, in all likelihood, they would lose him in free agency next summer for nothing in return. Maybe if the Nuggets are bullish that they can win the 2027 championship, that’s worth the risk. But Denver is widely viewed now as a second-tier contender after losing in the first round of last season’s playoffs. The most tantalizing short-term option for the Nuggets is also the least favorable long-term outcome.

Contract extension

And so we finish here, with the most self-explanatory of these three outcomes, the one that has been Denver’s goal all along — signing a young homegrown talent to a long-term extension that would make him part of the core alongside Nikola Jokic.

As of now, the Nuggets and Watson seem worlds apart on deciding a fair salary. The Nuggets have taken a patient approach, as is the blueprint for front offices in this situation. Their determination to land a team-friendly deal stems from the possibility that other key players might be sacrificed for cap relief if Watson stays.

But Denver might need to budge at least a little to convince Watson’s camp to compromise. If this eventually ends in an extension, there’s a decent chance it’s for an average annual value that neither side is thrilled about. Could $20 million per year be suitable for everyone under the circumstances? Would it have to be more for Watson not to take the qualifying offer? Would he really pass up that much money?

The answers aren’t clear yet, as everyone is looking for an upper hand in the negotiation. One month in, it’s a stalemate.

One of those transactions is more important than the others. Denver’s 48-hour dance with Oklahoma City over the rights to Spencer Jones was one of the most intriguing under-the-radar dramas to play out all summer in the NBA. After the Thunder extended an aggressive two-year, $12 million offer sheet, people around Jones didn’t expect the Nuggets to match due to their uncomfortable salary cap crunch. Doing so would mean entering the fearsome second apron with Peyton Watson’s situation still unresolved. Jones even shared to his followers a social media post by his agency depicting him in a Photoshopped Thunder jersey.

But the Nuggets stood firm. As the clock dwindled and speculation swirled, they matched Oklahoma City’s offer, automatically retaining the 25-year-old restricted free agent. It’s the only contract they’ve signed for more than a minimum salary this offseason (so far), and it made them the only team in the NBA with a payroll exceeding the $221.7 million second apron.

Here are three takeaways from the transaction, which leaves other questions unanswered more than a month after the start of free agency.

1. Denver’s skewed roster

Keeping Jones revealed a willingness to at least temporarily exacerbate the roster imbalance that already existed between Denver’s frontcourt and backcourt. With 13 roster spots filled, the Nuggets have barely addressed ball-handling, which they publicly claimed was one of their most glaring needs at the beginning of the offseason.

�ҳܲ������:��Jamal Murray, Christian Braun, Julian Strawther, Tyus Jones.

Forwards: Cam Johnson, Aaron Gordon, Spencer Jones, Alpha Diallo, Zeke Nnaji, Trevon Brazile, DaRon Holmes II.

Consider also that Denver’s other draft pick, Bryce Hopkins, is another wing. His contract status hasn’t been determined yet, with the Nuggets seemingly trying to keep their options open. For example, they don’t want to give him a standard deal now only to find themselves regretting it a few weeks later if they’re out of roster spots while trying to complete a trade. But if they end up in a position where they’re narrowly under the apron and needing to fill one more roster spot to meet league requirements, perhaps the low salary of a second-round pick would make sense.

The over-index on forwards doesn’t even account for Watson, who still could end up back in Denver next season. That would add another wing. The Nuggets’ pursuit of shot creation depth has also steered them to target veteran small forward DeMar DeRozan in free agency, according to a league source.

At least five of the seven forwards already under contract (including Jones) are players who likely won’t be expected to operate the ball much, if at all.

What does it all indicate? One, that Jones clearly was highly valued by the Nuggets for them to willingly wade deeper into their state of positional lopsidedness. Two, that the roster’s other, more expensive forwards (Gordon, Johnson, Nnaji) aren’t entirely safe in Denver yet. Something eventually needs to be done to address the lack of guard depth behind Murray.

2. Death, taxes and frozen picks

Another reason that re-signing Jones might foreshadow an eventual trade or two? Finances, of course.

Because they’re a repeater tax team for the 2026-27 league year, every dollar the Nuggets add to their payroll above the luxury tax line ($200.4 million) results in an exponential increase to their tax bill. In addition to those heightened penalties, the Nuggets will also have to pay harsher luxury tax fees if they finish the season above the second apron. They’re checking both boxes after matching the offer sheet for Jones.

That means an astronomical $68 million tax bill as the roster currently stands, according to ESPN front office expert Bobby Marks. Denver must add at least one more player to have a legal roster. In the unlikely scenario that Watson plays next season on his $6.5 million qualifying offer to become an unrestricted free agent in 2027, Denver’s tax bill would blimp to a record-shattering $112 million — even with such a team-friendly salary. It’s also possible that Watson could sign an extension with the Nuggets at an average annual value three-times more lucrative than the qualifying offer.

The second apron also imposes roster-building penalties. Perhaps most consequential in this case would be the maneuverability of Denver’s 2034 first-round pick. Teams are allowed to trade first-rounders up to seven years in advance, meaning 2034 firsts will generally become trade-eligible next July, when the 2027-28 league year begins. But if the Nuggets finish 2026-27 in the second apron, their 2034 pick would be “frozen” by rule — temporarily forbidden from being traded.

That might not seem important, but for a team in their specific position, it is. The Nuggets are clinging desperately to a win-now timeline with limited resources to meaningfully improve their roster — they’ve burned through all of their trade-eligible future first-round picks already. The 2034 pick could be a vital asset for them at a high-stakes moment; the 2027 offseason is when Nikola Jokic ���������he will sign a long-term extension in Denver. What if they need to make a significant move to show him a 2027-28 roster worthy of contending for the championship before he’s willing to follow through on his word?

Since the 2023 CBA took effect, the second apron has been unpopular with league observers because the roster-building restrictions provide team owners with a convenient non-financial excuse to spend less. It’s not just the Kroenkes. Last season, only the Cleveland Cavaliers finished the season in the second apron. The other 29 teams avoided it.

As things stand, the Nuggets have both financial and basketball reasons to want to avoid this threshold. The only way to do that is via trade, whether this offseason or at the trade deadline next February. They’re $2.03 million over the second apron now.

If they indeed want out, salary-dumping Nnaji looks like the easiest way on paper, but that would require the sacrifice of even more precious draft capital to convince a team to take his poorly perceived contract. And even then, the Nuggets wouldn’t have any room under the apron for a Watson extension, so they would still need to either lose him (via sign-and-trade) or another chunk of salary to make room for him.

That was always the uncomfortable reality, regardless of what happened with Jones. The decision to re-sign him doesn’t change that. But it does indicate that Jones at $6 million per year might be considered more cost-effective by the Nuggets than whatever contract they (hypothetically) choose to shed down the road.

In any case, Denver is directly confronted by the consequences of second apron life now more than ever. The purported lack of a spending mandate is about to be tested.

3. Precedent setter?

Whether or not Jones is worth every bit of that $6 million per year, losing him to Oklahoma City of all teams for nothing in return would’ve been a bad look for Denver.

Burning limited draft assets to get off of Nnaji’s contract to make room for him would be a bad look. Eventually sacrificing a starter-level player to avoid the second apron would be a bad look.

Yet paying the aforementioned tax bill associated with keeping Jones and nearly everyone else from a team that lost in the first round of the playoffs would also be a head-scratcher, if admirable.

All of the outcomes were unsavory as soon as the Thunder laid down that offer sheet. This was and still is a major quagmire for Denver’s front office and ownership group.

Which is why this might become a more common strategy in future offseasons.

Under the rule of this CBA, so many contending teams have been bogged down by the consequences of their contracts that they’re often more vulnerable to offer sheets than ever before. Restricted free agency could be an increasingly viable way for certain teams to take advantage of others. All you need to do is identify another team’s salary cap crunch and make an offer just high enough to make that team squirm a bit.

At the bare minimum in this case, OKC general manager Sam Presti was able to force a rival into an uncomfortable decision after he had dealt with weeks of shedding salary at the behest of his team’s owner. Keeping Jones was a significant triumph for the Nuggets, but offer-sheeting him was at least a minor win for the Thunder as well.

Because if this was David Adelman’s idea, the man’s got some serious crown jewels. Nikola Jokic’s coaching staff got a little bit better this week. Although it’s not hrd to imagine that David Adelman’s job security as head coach just got a little bit worse.

, the Nuggets have landed Dave Joerger to be David Adelman’s “coach-in-waiting.” Sorry. To be Adelman’s “co-coach.” Dang it! I meant “lead assistant coach.”

Whatever. If you’ve been pining for a veteran NBA voice with playoff experience to start whispering in Adelman’s ear, Joerger’s your man.

New Dave has served as a head coach or assistant with five NBA franchises since 2007. The 52-year-old Joerger had a fairly successful run as the head man in Memphis from 2013-16 (147-99, three playoff berths) followed by a less successful run right after that in Sacramento (99-148, no playoff appearances), before he hooked onto Doc Rivers’ staffs in Philly and Milwaukee.

Josh Kroenke gave Adelman the dreaded public vote of confidence a few months back after a team built to win it all couldn’t win four games out of seven against a Minnesota roster that was missing Anthony Edwards.

At first blush, hiring Joerger now feels an awful lot like hedging bets with your head coach — and right after a massively disappointing playoff series during which said coach got schooled on about eight different levels by Chris Finch.

The Nuggets will put on their for David and Dave, of course, the same one they wore for years in front of the cameras while Michael Malone and Calvin Booth were snarling at one another behind the scenes.

All is not well when you’re the only NBA franchise swimming in the second apron of the salary cap. Although, on paper, this is the type of tweak that could actually work.

The presumption is that Joerger is boarding the S.S. Kroenke to serve as Adelman’s Vic Fangio, his Vance Joseph. New Dave is regarded as something of a defensive mastermind in hoops circles, although his units’ statistical results over the last decade have been, shall we say, more inconclusive on that assumption.

Joerger’s Grizzlies ranked among the NBA’s top 10 in defensive rating in 2013-14 (103.8 points given up per 100 possessions) and 2014-15 (101.2), only to slip to 20th (107.1) in Year 3, his last in Bluff City. His defenses over three seasons as the head coach in Sacramento checked in at 26th, 27th and 21st, giving up between 110-111 points per 100 possessions.

As an NBA assistant the last three seasons, the defensive variance has largely continued. While working with Rivers, the Bucks ranked No. 12 in defensive rating (112.7) in ’24-25 but dipped to 26th (118.3) this past season.

a fresh set of eyeballs certainly couldn’t hurt. Especially after Minnesota forward Jaden McDaniels so gleefully stuck his fingers in them this past April.

“Go after Jokic, Jamal (Murray), all the bad defenders,” McDaniels infamously offered after his Timberwolves snatched a soul-crushing 119-111 victory at Ball Arena in Game 2 of Denver’s first-round capitulation. “Tim Hardaway (Jr.), Cam Johnson, Aaron Gordon, the whole team. Just go at them. Yeah, they’re all bad defenders.

“They don’t (have) people that can defend the rim. And if (Jokic) is there, we’re still more athletic than them. And (we’ve) just got to be able to finish when we do (get to the rim).”

Did they ever. During a first-round series loss that rattled the Rockies, the Nuggets allowed 29.8 shot attempts in the restricted area — the most of any Western Conference postseason participant, according to NBA.com tracking data. Their 20.5 field goals given up in the restricted area against the Wolves were also rock-bottom in the West bracket.

History says Joerger should help on that front. And help Jokic, Lord willing.

Fun fact: The new Nuggets assistant’s Memphis teams allowed the fewest field-goal tries in the restricted area of any NBA defense (24.9) during the regular season in ’15-16, and ranked second in fewest allowed in ’14-15 (24.4) and ’13-14 (23.9). Joerger’s first two Kings squads as a head coach allowed the fourth-fewest attempts among NBA defenses in the restricted area in ’16-17 (23.9) and the fifth-fewest in ’17-18 (25.1).

Marc Gasol and Zach Randolph then, Jokic and Aaron Gordon now. Hopefully. If New Dave can somehow get Jamal Murray on board with the whole “grit and grind” part of the equation, don’t just give that man an extension. Hand him a Nobel Prize.

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Sean Keeler: Damned if you match, damned if you don’t. At least the Nuggets have moved their fan base out of “limbo,” Dante’s first circle of Hell. Unfortunately, they’ve landed the franchise in the circle marked “gluttony” by becoming the only NBA franchise, as of Monday, to venture into the dreaded second apron. Thunder general manager Sam Presti was straight-up being cold, man. OKC put the Nuggets in a no-win scenario: Let Jones walk, and your fan base freaks out about you being cheap. Or match the offer sheet, have the fan base rage over the cap implications. Right thing? Let’s just say they did the least-crummy thing. Unfortunately, this is Hades we’re talking about, and every path going forward comes with layers of crummy built in.

Renck: The Nuggets are better with Jones. He is a strong defender, even if he did make two mistakes on overplays that cost the Nuggets games against the Thunder and Lakers. He is a capable 3-point shooter, draining nine of 13 in the opening-round loss to the Timberwolves. Losing him to OKC would have been horrible optics. But given the cost, this move doesn’t make much sense. If the Nuggets were willing to go into the second apron, even if only temporarily, why not re-sign Tim Hardaway Jr., the team’s best bench option and top 3-point shooter? Jones is only 25. He can be viewed as a long-term investment rather than a win-now move after playing the seventh-most minutes last season. So, there are subtle differences. But it sure feels like OKC GM Sam Presti put them in a pretzel, leading them to pay a Michelin restaurant price for a drive-thru meal.

Keeler: The other problem is that the Nuggets, at least in part, did this to themselves. The current CBA doesn’t want teams to keep their rosters together, so what do the Nuggets keep doing? Spending through the nose in order to keep as many of the ’23 champions together for as long as possible. The Jamal Murray contract ($50.1 million next season; $53.8 million in ’27-28) makes him practically unmovable. The Aaron Gordon contract ($31.9 million next season; $34.5 million the following year) is hamstrung by AG’s hamstrings. The Christian Braun contract ($21.6 million next season; $23.3 million the year after that) shot Peyton Watson’s asking price through the roof. The Zeke Nnaji contract ($7.5 million each of the next two seasons) is insanity.

Renck: The Nuggets have never finished the season in the apron. Besides the hefty tax bill, their first-round draft pick in 2034 would become frozen. They can avoid this by unloading salaries during the year, but what does it mean for Watson, their top restricted free agent? If keeping Jones in any way prevents the Nuggets from bringing back Watson, then this offseason is a disaster. The Bucks and Clippers could extend an offer sheet, and agent Rich Paul is reportedly seeking roughly $28 million per season for his client. Are we back to where we started? That the Nuggets will trade Cam Johnson to keep Watson, a younger version of the veteran? Without a deal, if the Nuggets sign him, the tax bill goes up. When it comes to the apron, heed Dante’s words: “Abandon all hope, ye who enter here.”

Keeler: As long as they’re keeping Jokic and Murray together, as long as AG’s health is a coin flip, the Nuggets need people who can actually guard people. And young, athletic players who can actually guard people. Jones ticks that box. Watson ticks that box. Johnson sort of ticks that box. If you want to make a statement to Nikola Jokic, keep everybody. I just have a hard time seeing the Kroenkes picking up that many Michelin checks at once — let alone the tips.

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On the 23rd day since leaving the Lakers — let’s be honest, they pushed him out the door — James made The Decision, Part 3.

He is signing a two-year, $8 million deal with the Philadelphia 76ers. Thank goodness. Our long national nightmare is over. NBA commissioner Adam Silver can finally finish up the league schedule. Get ready for ESPN to treat the Sixers like the Yankees as they seek their first championship in 43 years.

James had the right to handle this with patience, but it doesn’t mean it wasn’t driving us nuts.

The hope is that James jumping to his fourth team will unclog the offseason traffic jam. Will the 41-year-old finding a new home finally create some positive momentum for one of the most depressing Nuggets’ offseasons ever?

The Nuggets were long ago removed from consideration for James.

So why bring it up and drizzle Sea Breeze in an open wound?

James held up other NBA moves. There is no way around it. Please, let this be the push that allows the other dominoes to fall.

James’ slow play connects to Nuggets’ restricted free agent Peyton Watson. The other teams chasing James — Cavs, Heat, Warriors — have not been linked to Watson.

But as the losers of the derby might they join the Bucks and Clippers as interested in the forward?

Klutch Sports, which represents James and Watson, had no problem with the turtle pace. Agent Rich Paul wants a big offer sheet for Watson, and that is more likely if his market expands.

The Nuggets have engaged in a stare down. It was a wise decision. They could end the madness by signing Watson to a contract of more than $25 million per season — it has to be more than Christian Braun — but why would they bid against themselves?

But the time for patience is over. The Nuggets need to apply the screws, to move with pace. Yes, it is complicated.

To sign Watson and stay under the apron, the Nuggets must trade Cam Johnson. The problem? The entire league knows this. So while there have been suitors, the offers obviously have not moved the needle. That should change as market clarity forms for Watson and Jalen Duren.

And it is needed to goose Klutch Sports. The agency has drawn out talks with restricted free agents before like Tristan Thompson, Nerlens Noel and Eric Bledsoe, with varying degrees of success. This becomes a moot point if Watson gets an offer sheet. It will force an outcome.

That is ideal. The last thing the Nuggets need is for Watson to hold out. And it cannot be ruled out since it is his greatest leverage to take the negotiations into October and see who blinks.

The Nuggets could pull the ripcord, and move on from Watson with a sign-and-trade.

That would be a mistake. It is one thing to lose out for James. It is another to let his free agent approach contribute to the Nuggets losing Watson.

He is everything this roster needs going forward: young, athletic, defensively-skilled and capable of creating his own shot.

James not making Denver a finalist was a gut punch. It is time for the Nuggets to crawl off the mat and make sure they get Watson back.

Arch of Texas: No college quarterback is under more pressure than Arch Manning. After an uneven first season as a starter, he has taken a leadership role and been surrounded with offensive weapons, namely receiver Cam Coleman, that screams championship or bust. Manning played loose and effective down the stretch last season. Now, he must show he can read defenses without losing his mechanics. The early prediction is that the Browns draft him next season.

Jake of All Trades: Jake Paul turned from an influencer into a boxer. Can we just stop there? Paul believes he could play in the NFL. I would love to see him at camp so a linebacker could light him up like the Vegas strip. The only thing stupider than Paul playing in the NFL is Tom Brady engaging in a cringey, scripted feud with the faux Hulk. Tom, please. You are a sports legend. This stuff should be beneath you.

Rox progress: The Rockies’ record stinks. But they are making progress in a number of areas. Multiple agents this week left impressed after talking with the Rockies before and after the draft. It was a new experience that Colorado nailed their valuations of players. Now, the onus is on the front office to be similarly shrewd with trades. The difference? There is a growing belief that they can pull off a productive deadline, a sentence rarely uttered over the last decade in Colorado.

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Sean Keeler: The Nuggets’ summer so far could be described my friend. Here’s the thing: There’s the open market, what everybody else thinks your players are worth; and there’s the Nuggets’ internal “reward our dudes” market. Steph Noh’s salary projection while the site has that number between $14-18 million. The latter also notes, though, that it thinks P-Swat will actually get something along the lines of a four-year deal at $80 million to $100 million, or $20-25 million per season. Which would be in line with what his teammates are getting and should justifiably exceed that. If Cam Johnson (12.2 points per game, 43% 3-point shooting rate) is worth $23 million and Christian Braun (12.0 ppg, 30.1% on treys) is worth $21.55 million, then it’s an easy argument from Watson’s camp that their guy (14.6 ppg, 41.1% on treys) should make more, based on last season’s production.

Renck: Watson is everything the Nuggets need: a bouncy, young player — just 23 — with defensive prowess and offensive upside. Once Watson showed he could create his own shot, he was worth it. The sample size is chillingly small, but when Nikola Jokic missed 16 games with a knee injury, Watson averaged 22.8 points, 5.8 rebounds, 2.8 assists, 1.1 steals and 1.5 blocks. He emerged as a big reason Denver posted a 10-6 record in Jokic’s absence. It is uncomfortable to pay Watson $25 million per season — heck, it will likely take more — after Christian Braun became injured and ineffective on the same salary last season. But it is not fair to hold Braun’s performance against Watson. Braun might end up as a bench player because of his suspect shooting. Watson has a much higher ceiling after draining 41.1% of his 3-pointers a year ago.

Keeler: The Kroenkes are playing the long game here, which is holding everything else up, and assuming everyone else is as scared of the second apron as they are. That makes sense and cents: , only seven NBA franchises as of Monday were projected to be $20 million or more below the second apron line ($221.69 million) while also not being hard-capped by the first apron ($209.02 million). The Lu Dort trade to Atlanta only makes Watson’s market for potential suitors smaller.

Renck: Agent Rich Paul is using every angle to create interest in his client. But with Lu Dort going to the Hawks, it appears the Clippers and Bucks are the only teams left who can realistically give Watson a hefty offer sheet for between $25 and $30 million. The Nuggets appear ready to match or call Paul’s bluff. I want Watson back, and would be willing to overspend. It also means trading Cam Johnson because there is no reason the Nuggets should become the only team to go into the second apron this season. Don’t like going big for Watson? Here’s what I like even less: executing a sign-and-trade for Watson for another vagabond player — the Nuggets have cornered the market on those this offseason — for draft picks to use when Jokic is in his mid-30s. I would rather risk whiffing on Watson than give Jokic a reason for leaving.

Keeler: Aren’t we looking at this backward, though? In terms of potential and upside, of course you’d be loco to try and move Watson now. But the reality is this: Of the new P-Swat, Cam and CB contracts, the Nuggets are only realistically keeping two of them so as to avoid that dreaded second salary-cap apron. If you want to make a “win-now” statement to Jokic, you keep everybody, eat the money and keep on trucking. But that’s not the KSE Way. So the premise becomes this: Which of those three could I leverage in a trade to get the most return back? Given Braun’s shooting and Cam’s ceiling, there’s only one answer. And it’s the awful, uncomfortable one.

The only thing worse than losing Peyton Watson might be keeping him to go into the second apron.

Nobody loves spending owners’ money as much as I do, but why would the Kroenkes take a $177 million tax hit for this group?

It would be one thing if Denver reached the Western Conference Finals in May. They lost in the first round, pantsed in front of the world as soft, feeble and incapable of anger.

Bring back the same top six players and a compromised bench at “Price Is Right” inflation? Please tell me how it makes sense.

This offseason grows more infuriating and demoralizing by the day.

The NBA headlines remain filled with speculation about where James will sign — the Warriors, 76ers, Heat and Cavs appear in the mix — and the Nuggets are dropping social media posts about rotational players and draft picks.

The kind of guys who look good in the defense-free summer league. The kind of seasoned veterans who stand out in Europe. The kind of gypsies who widen eyes in workouts.

So instead of talking about championships and Nikola Jokic, we are left to talk about players who star in practice. Not a game. Practice. Sorry, AI, Chatbot, and whoever else was offended by this remark.

The Athletic recently released its letter grade evaluation of every team’s offseason. The Nuggets received a D-minus. That seems generous.

Tim Hardaway Jr., a cold-blooded 3-point shooter, left for Miami. Jonas Valanciunas was waived to create salary cap relief, signing with Zalgiris Kaunas, a Lithuanian club. Jalen Pickett was cut.

They have been replaced by backup wing Alpha Diallo, a projected versatile defender at all spots, reserve point guard Tyus Jones, bouncy draft pick Trevon Brazile and this year’s Gatorade break for Jokic, Marvin Bagley III.

Even if the Nuggets remain healthier after setting the single-season record for hamstring injuries, it is hard to see this team eclipsing the Spurs, Thunder, and Timberwolves.

Midway through July, the question hangs over Ball Arena like the Goodyear Blimp: What are the Nuggets doing?

Nuggets Nation, if my email and social media replies can be trusted, would rather keep Watson — to heck with frozen future draft picks and the repeater tax — than sign and trade him. Outside of those on the team payroll, nobody believes the Nuggets can win a championship.

It is more about wanting another strong regular season and accepting the poison pill of the playoffs over the alternative of an underwhelming regular season and an early playoff exit.

The evil of two lessers.

Sure. Whatever.

The reality is that the Nuggets have followed arguably their most humbling playoff elimination with a summer of confusion.

There have been reports that they have no spending limitations, and yet the American Express black card remains in their wallet.

There have been indications that they would prefer to avoid the repeater tax and the second apron. And yet, Cam Johnson remains on the roster, the most likely player to be moved to keep Watson.

These are competing agendas. Spend like on a Vegas bender. Or run the budget like clipping coupons. Both messages cannot be true.

Did the Nuggets leak their desire to spend to stay in the hunt for James? Perhaps. Did they do it to appease Jokic, who they believe will eventually sign a contract extension, even if his delay until next summer creates consternation? Maybe.

Did they do it to send a message to the rest of the league — most notably the Clippers, Hawks and Bucks — that they are prepared to match any offer sheet for Watson? Possibly.

Even if Brown and James were privately fever dreams, Watson is not. He is their guy. They know him. And letting a nimble, 23-year-old defender capable of creating his own shot walk out of the building runs contrary to everything Denver requires to remain a future contender.

The Nuggets need athletes, need the energy and enthusiasm the kid brings.

With the dots loosely connected, the latest sign-and-trade for Watson suggested the Nuggets could acquire the Clippers’ Derrick Jones Jr. and first-round draft picks in 2028 and 2031. That is actually a good haul for Watson, save for the fact that Jokic would be 34 when using the first pick and 37 when making the second.

So again, what are the Nuggets doing? Are they going for it? Or going young?

The mixed messages are harder to translate due to inactivity.

There are those who scream for patience, citing the Broncos. Remember when they did nothing during the first week of free agency before Sean Payton pointed his finger like Sophie Cunningham at critics, myself included, after acquiring electric receiver Jaylen Waddle?

Could this be the Nuggets’ play?

Sort of. Not really. Let’s be clear, keeping Watson is not the equivalent of trading for Waddle.

But maybe there is a big deal out there. As colleague Bennett Durando explained, Detroit, Orlando, Memphis and Golden State have also done little, and must meet roster requirements. Could one of these teams make an aggressive play for Johnson or even Jamal Murray, leaving plenty of room to keep Watson and kickstart the process of trending younger?

There has to be another move. Something. Anything.

Because what has happened so far is nothing short of discouraging and puzzling.

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