Spencer Jones is playing on borrowed time in the Mile High City.
Not because his performance has been lacking — quite the opposite. But because the structure of his two-way contract means Denver has a finite number of games to evaluate him before a decision has to be made. With 22 games already in the books, the Nuggets are approaching the halfway point of the 50-game regular-season limit that comes with two-way deals.
That’s not a lot of runway left. And with every strong performance, Jones complicates the financial calculus for the new-look front office. Wait too long, and his market value climbs. Other teams take notice. The price potentially goes up.
The Nuggets need to act now.
Jones Has Seized His Opportunity
When Christian Braun and Aaron Gordon went down with injuries, the Nuggets needed someone to step up. Enter Spencer Jones. The second-year forward out of Stanford is someone who can defend multiple positions, plays with energy, and has largely looked good during his “trial by fire.”
Spencer Jones says it’s been trail by fire but the bench guys and injured players are helping him a lot pic.twitter.com/i0roLPBFWr
— Jake Shapiro, but festive 👻🦃🎄 (@Shapalicious) December 16, 2025
Through 22 games this season, Jones has averaged 4.9 points, 2.1 rebounds, and 0.7 assists on 56.9% shooting from the floor and 42.1% from deep. Since being elevated to the starting lineup, Jones has upped his numbers to 8.2 points, 3.6 rebounds, and 0.8 assists, shooting an impressive 56.5% from the field and 40.6% from three-point range
Those aren’t eye-popping numbers on their own. You won’t see him atop any stat sheets. But basketball isn’t played in a vacuum, and Jones’ impact extends well beyond the box score. His 0.3 defensive win shares speak to his ability to disrupt opposing offenses, guard wings, and forwards with equal competence, and provide the kind of try-hard energy that playoff teams desperately need.
He’s become a rotation fixture. Not just a fill-in or emergency option but a legitimate piece of the Nuggets’ roster puzzle this season. When David Adelman needs someone who won’t get absolutely torched on defense and will fight for every loose ball, he turns to Jones. The fact that the coach taps a two-way guy vs. someone actually on the roster is not something we should overlook.
Monday’s Matchup Made It Official
In Monday’s game against the Rockets, Jones delivered two massive clutch shots that helped seal the win. More importantly, he matched up against Kevin Durant and held his own defensively. I believe we’re seeing him transform from a “nice story” to a player we cannot afford to lose.
Durant is one of the most unguardable players in basketball history. He’s 7 feet tall, can shoot over defenses, has a handle most guards would envy, and can pull up from pretty much anywhere on the floor. Putting a two-way player on him and expecting competitive defense feels like asking too much, but not for Jones. He contested shots, moved his feet, and didn’t give the Rockets’ superstar sniper much space to operate. The clutch buckets with a minute left in regulation and during overtime were the cherry on top, but the defensive effort was the real statement.
Denver simply doesn’t have another player on the roster who can provide what Jones has during this recent stretch without two starters (and sans Peyton Watson on Thursday), adequately guarding players ranging from Devin Booker, Zach LaVine, and James Harden to bigger bodies like Pascal Siakam and Zion Williamson.
Jones is proving he’s a player who belongs.
The Playoff Problem
The unfortunate thing about two-way contracts that often gets overlooked: They’re great for player development and roster flexibility during the regular season, but they come with limitations. Jones can only be active for 50 of Denver’s 82 regular-season games before he needs to be converted to a standard contract. And he’s nearly halfway there already.
More critically, the Nuggets aren’t just playing for wins in January or February. With how the team has performed thus far this year, it has to be thinking about April, May, and June. Coach Adelman should consider thinking about playoff rotations and matchups against the Lakers, Rockets, Thunder, or whoever emerges from the West. Jones has shown he can contribute in those situations, but only if he’s actually on the roster when it matters most.
If Denver waits too long and burns through his two-way games, it’ll be forced to make a crucial decision before it’s necessary to do so. Or worse, they’ll have to make a move without him being playoff-eligible at all.
I believe Jones will likely sign a new deal with Denver in due time, but the options are limited:
Sign Jones to the open roster spot.
Waive Hunter Tyson and add Jones to the roster, keeping the open roster spot available.
Keep Jones on the two-way deal and make a move for a veteran at the deadline/in the buyout market.
Championship-caliber teams must fully optimize their rosters, so ensuring all rotation pieces are available come playoff time will be critical. And I'm partial to option No. 2.
The Price Only Goes Up
Every game Jones plays well is another data point for rival front offices. Every clutch moment is another reason for his agent to demand more money. The longer our Nuggets wait, the more leverage Jones’ camp has in negotiations. Right now, he’s still a relative unknown on a two-way deal. But that window is closing fast.
Sign him now, and the Nuggets lock in a cost-controlled rotation player who can defend, play with effort, and hit open shots when needed. Wait, and they risk either losing him entirely or paying an avoidable premium to keep him around.
The smart move is obvious. Lock up Spencer Jones before the rest of the league catches on to what Denver already knows: He’s going to work hard and do what’s asked of him. That’s a player worth keeping around.