The Denver Nuggets made a big move over the weekend, choosing to match the offer sheet presented to restricted free agent Spencer Jones by the Oklahoma City Thunder. 

The deal will pay Jones $12 million over the next two seasons, but put the Nuggets into the second apron and will cost them $32 million in luxury tax. 

Jones' restricted free agency has been overlooked as the Nuggets still have business to attend to with Peyton Watson, who is also a restricted free agent and will cost significantly more than $6 million per season. 

Watson is reportedly seeking $25 to $30 million per season after he exploded this past year to average 14.6 points, 4.9 rebounds, and 2.1 assists while shooting 49% from the field and 41% from three in 54 games.

According to Jake Fischer of the Stein Line newsletter, Denver is holding out for the equivalent of two first-round picks in any sign-and-trade that sends Watson to another team. 

Fischer noted that one source believed the Milwaukee Bucks were the best suitors to get Watson from the Nuggets. 

Since they are operating in the second apron following the re-signing of Spencer Jones, the Nuggets can't take back any players in a potential sign-and-trade for Watson. That means they can only take back draft picks in any trade. 

The other side of that is that a team would have to have the cap space to fit in Watson's new contract.

No team has the cap space to fit Watson's reported asking price. 

Watson doesn't have a lot of leverage at this point because his options outside of Denver are limited.

No team has the cap space to sign him or work out a sign-and-trade where they can't send back players. That means no offer sheet is coming and no sign-and-trade is coming unless a team makes a variety of moves to shed salary. 

The Nuggets reportedly offered Watson a five-year, $70 million deal, which is $14 million per season, well below his asking price. 

Watson could sign his qualifying offer, which is a one-year deal worth $6.5 million, and become an unrestricted free agent next season. There is a risk involved in doing this as he might not have as good of a season, which could lower his number next offseason. It could also earn him more money if he has another good season, or potentially an even better season.