The offseason has created nearly as many problems as the one it was supposed to fix.
The Nuggets won 54 games and still could not survive the first round of the playoffs, falling to Minnesota in six games despite leading the league in scoring.
That result demanded an aggressive summer of roster upgrades, but Denver has instead spent July watching key contributors walk out the door while the luxury tax bill climbs toward a number that could reshape the franchise for years.
The early returns have earned low marks from nearly every national outlet, with The Athletic issuing a D-minus and CBS Sports handing out a C-minus, and it is not difficult to see why.
Losses That Add Up Fast
Tim Hardaway Jr. left in free agency after averaging 13.5 points and shooting 40.7 percent from three across 80 games last season, stripping reliable depth from a backcourt that already leaned heavily on Jamal Murray.
Jonas Valanciunas also departed, leaving a hole behind Nikola Jokic that the front office addressed by signing Marvin Bagley III.
Jokic averaged 27.7 points, 12.9 rebounds, and 10.7 assists across a season in which the team put up 122.1 points per game, but even those numbers could not push Denver past the opening round without enough talent around him.
The combination of losing Hardaway's shooting and Valanciunas's size leaves the roster thinner than it has been at any point during the Jokic era, and the replacements so far have not inspired much confidence.
Bagley has bounced between multiple teams in recent years without settling into a consistent role, and his arrival in Denver has done little to quiet concerns about the depth behind the league's best player.
The Spencer Jones Decision
The most pressing question involves Spencer Jones, who signed an offer sheet with Oklahoma City worth a reported two years and $12 million.
Jones posted 5.5 points per game on 50.4 percent shooting and 39.6 percent from three across 64 games last season, and his shooting improved dramatically in the playoffs.
Matching the offer would push Denver's luxury tax from roughly $36 million to nearly $69 million because of repeater penalties, a cost that only climbs if the team also re-signs restricted free agent Peyton Watson at his reported asking price of around $25 million per year.
Watson averaged 14.6 points in 54 games and is widely viewed as a player Denver cannot afford to lose, which makes the math around Jones even more difficult.
What Still Needs to Happen
The Jokic contract extension remains unsigned, adding another layer of uncertainty to a summer that already feels fragile.
Retaining Watson should be the top priority, and letting Jones leave for Oklahoma City might be the financial sacrifice required to make that possible.
Beyond those two decisions, Denver still needs guard depth, wing shooting, and a backup center who can hold up better than Bagley has in previous stops.
The draft brought Trevon Brazile and Bryce Hopkins, but neither is ready to contribute right away to a team that needs help now.
The front office may have found second-round gems who help the long-term picture, but the short-term one still looks incomplete heading into August.
Training camp is less than three months away, and the roster remains a work in progress.
