The clock is ticking on the Nuggets. 

Restricted free agent Spencer Jones agreed to a two-year contract with the Oklahoma City Thunder worth $12 million, according to reports Saturday. Per the rules of restricted free agency, the Nuggets have two days to decide if they will match the offer to retain the 25-year-old forward. The two sides could also agree to a sign-and-trade deal if Oklahoma City wants to further incentivize the Nuggets not to match the offer.

Matching the salary offered by the Thunder isn’t as simple as agreeing to match the salary. If the Nuggets want to retain Jones but stay in the luxury tax, the bill paid by ownership is reportedly set to increase by $32 million.

Jones was something of a revelation last season. After going undrafted in 2024, he joined the Nuggets on a two-way contract and returned to the franchise for a second season. In February, the former Stanford forward received a standard contract for the remainder of last season. He appeared in 64 regular-season games, starting in 37, and all six of Denver’s playoff games, including three more starts. He averaged 5.5 points and 3.3 rebounds per game while shooting 39.6% from 3-point range. He shot nearly 70% from deep and averaged 6.5 points in his first playoff experience.

Denver also relied on his versatile defense when Aaron Gordon and Peyton Watson missed chunks of the season with injuries. The Nuggets added forward depth in the draft, selecting Trevon Brazile and Bryce Hopkins in the second round. Brazile has signed a standard contract, while Hopkins remained unsigned.

Watson is also a restricted free agent, and he’s expected to command a salary in the range of $25 million annually, further complicating the franchise’s decision whether to retain Jones or let him walk.

Denver’s clock to make a decision on Jones’s future expires late Sunday night.