It took until the final hours, but Christian Braun and the Nuggets agreed to a big contract extension Monday.

Braun and the franchise that selected the wing with the 21st pick of the 2022 draft agreed to a five-year extension worth $125 million. There reportedly are no team or player options as part of the deal.

“I’m really excited that we got the deal done,” Braun said in a video the team shared on social media. “I’m excited and looking forward to playing winning basketball. Obviously, this is the place I want to be. I wouldn’t want to win anywhere else. I’m excited to be a Nugget, excited to get the season started.”

The 24-year-old is coming off a breakout third season in which he joined Denver’s starting lineup and finished fourth in the Most Improved Player race after averaging 15.4 points, 5.2 rebounds, 2.6 assists and 1.1 steals. He also posted new career-bests in field-goal percentage (58%), 3-point percentage (39.7%) and free-throw percentage (82.7%).

Nuggets forward Peyton Watson, the 30th pick in the 2022 draft, was also eligible for an extension, but no deal was reached prior to Monday’s deadline. Watson will be a restricted free agent next summer, meaning other teams will have the ability to offer him a contract that the Nuggets will have the opportunity to match before losing the talented 23-year-old.

Braun’s expected $21.6 million salary for next season occupies just under 13% of the salary cap. That leaves the Nuggets a few million dollars short of the second apron for the 2026-27 season. Jonas Valanciunas’s $10 million contract for next season is not guaranteed, so the Nuggets could get to roughly $13 million under the second apron and use some of that money to retain Watson, but that won’t be resolved until next summer.