Examining Nuggets' Salary Cap, Decisions for 2024 NBA Free Agency After Wolves Loss

An unceremonious second-round exit to the Minnesota Timberwolves has ended the Denver Nuggets' pursuit of a repeat NBA title.

Nikola Jokic won a third straight MVP this season, and Denver amassed 57 victories—level with the Oklahoma City Thunder for most in the Western Conference—to secure the second seed in the playoffs.

After a gentleman's sweep of the Los Angeles Lakers, though, the Nuggets fell to the Wolves in a seven-game thriller.

Denver is set to return a bulk of its roster in 2024-25, but there are a few variables to know as the offseason begins—and a couple of uncomfortable questions to ask.

Before even diving into a pair of important options, the Nuggets have about $170 million committed to 11 players.

Such is the cost of success.

Denver will undoubtedly be hovering in second-apron territory, which is projected for $190 million next season. Assuming that remains true, the Nuggets will only be able to offer minimum contracts in free agency.

Kentavious Caldwell-Pope ($15.4 million) and Reggie Jackson ($5.25 million) hold player options for 2024-25. Denver certainly doesn't want to lose either of them, given that KCP is a full-time starter and outstanding three-pointer shooter while Jackson runs the second unit.

However, if KCP declines his option and leaves in free agency, it's possible the Nuggets will have the $5.2 million taxpayer mid-level exception (TMLE) to use on the market.

Although the Nuggets will have little flexibility in free agency, the core of their roster is intact for the 2024-25 campaign.

Caldwell-Pope and Jackson need to exercise or decline their player options. Beyond them, however, the top free agents are reserve guard Justin Holiday and seldom-used center DeAndre Jordan. Denver also holds a $2.3 million team option on Vlatko Cancar.

Pretty favorable outlook, I'd say.

The only other looming free agents—Collin Gillespie, Jay Huff and Braxton Key—all played on two-year contracts this season.

As a result, the toughest conversation is whether the Nuggets should entertain trading Michael Porter Jr. or Aaron Gordon this offseason. Doing so could bolster Denver's depth and lighten the cap sheet before Jamal Murray's seemingly inevitable max extension.

Sure, the 2023-24 season ended in disappointing fashion, but Denver is only a year removed from winning an NBA title.

That's a decent recruiting pitch, even considering the team's financial constraints this offseason. Some veterans are willing to accept a minimum deal in order to chase a ring, and other free agents can do worse than building their profile as a contributor to a great team.

So, it's a matter of who the Nuggets might be able to convince.

In the backcourt, they should be targeting a playmaker such as Delon Wright. He averaged 2.5 assists in a 15-minute role between the Washington Wizards and Miami Heat this year. Patrick Beverly, who dished 2.9 assists per game, is a viable option, too.

Denver also needs to find a center to improve the Jokic-less minutes in the frontcourt. Andre Drummond and Mason Plumlee stand out as potential low-cost veterans.