Has Nuggets’ title window closed? Inside next steps with Nikola Jokic, Jamal Murray, Aaron Gordon

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Has Nuggets’ title window closed? Inside next steps with Nikola Jokic, Jamal Murray, Aaron Gordon

Brett Siegel, ClutchPoints

Sun, May 3, 2026 ·

19 min read

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Has Nuggets' title window closed? Inside next steps with Nikola Jokic, Jamal Murray, Aaron Gordon appeared first on ClutchPoints . Add ClutchPoints as a Preferred Source by clicking here .

As confetti filled Ball Arena in Denver and the final buzzer sounded on June 12, 2023, Nikola Jokic captured all his emotions in an iconic message that perfectly summed up the 2022-23 Denver Nuggets : "The job is done, we can go home now."

The job was securing the franchise's first championship, and Jokic delivered it to the city of Denver with the help of Jamal Murray in the 2023 NBA Finals, a moment that led everyone covering the league to begin bringing up the forbidden word: DYNASTY.

At the time, Jokic was 28 years old and just entering the prime years of his career. Murray had returned from his devastating ACL injury from the year prior and proved he was still growing into an All-Star talent at 26 years old.

With two stars under 30 years old, the perfect No. 3 guy who can do a little bit of everything in Aaron Gordon , and young players like Michael Porter Jr., Christian Braun, and Peyton Watson on the rise, it wasn't hard to imagine that this one championship could be the start of an organization primed to dominate the Western Conference for years to come.

It also helps that one of those stars, Jokic, was viewed as the best player in the world by a wide margin at the time of this championship.

Three years after claiming that championship, Jokic is still looked at by many as the best player in the world at 31. But with the way the NBA has changed regarding the way organizations operate financially, as well as the franchise's rash decisions regarding major decisions, the Nuggets' championship window may have slammed shut on Thursday night in Minneapolis.

For the second time in the last three years, the Minnesota Timberwolves eliminated Jokic and the Nuggets from the playoffs. Unlike in 2024, which ended the Nuggets' bid for a two-peat before the Western Conference Finals, this year's loss stings more for Denver because of what happened in this series.

After leading the league in scoring as the NBA's No. 1 offense during the regular season, the Nuggets were held below 100 points in three different games during this series, including when they lost the series with a 110-98 defeat in Game 6 on Thursday.

Not only did Game 4, a battle that saw Donte DiVincenzo tear his Achilles and Anthony Edwards suffer a hyperextended knee, result in a terrible loss for the Nuggets, but so did the final game of the series, when the Timberwolves were playing without Edwards, DiVincenzo, and Ayo Dosunmu — three of the team's top scoring options, with Dosunmu leading the team in scoring during this series.

Losing 4-2 to the Timberwolves in the first round of the playoffs is devastating and marks the third straight year since their championship run that the Nuggets have failed to reach the conference finals. Throwing around the word "dynasty" after Denver's championship run in 2023 was clearly premature, and now, their chances of winning another title with this core group may very well be over.

A massive offseason approaches in the Mile High City, and the first hurdle the Nuggets will face this offseason revolves around Jokic and figuring out a new contract after he declined the team's extension offer last year.

Nikola Jokic extension & David Adelman relationship

When a player like Nikola Jokic walks through the doors of your facility every day, you need to be committed as an organization to do everything you can to maximize that player's prime years and championship outlook. That is one of the reasons why the Nuggets have been aggressive in their quest to make roster moves around Jokic and Murray since their championship run in 2023.

The problem is that between firing Michael Malone, undergoing front office changes, and tying themselves up financially, Denver is limited in terms of moves to make following the first-round exit against Minnesota.

As of right now, with nine guaranteed contracts (which includes the 26th pick in the 2026 NBA Draft), the Nuggets already have a payroll that exceeds $200 million and are expected to be well above the $200 million luxury tax line. Not only does this cause major questions about the rest of the roster, but it adds more strain for years to come since an extension is on the horizon for Jokic.

Last offseason, Denver offered Jokic a three-year, $212 million extension because he was eligible for it, and as an organization, you might as well present it to him even knowing he would deny it for more money in the future. That is exactly what happened, as Jokic declined the extension since he is now eligible for a four-year deal worth around roughly $290 million.

And for those who have any doubt that Jokic would accept this deal to remain with Denver, not only are you crazy for thinking anyone would give up that kind of paycheck, but the three-time MVP has made it clear he wants to be nowhere else other than with the Nuggets .

"I still want to be a Nugget forever," Jokic stated at least three times verbatim after the Game 6 loss to the Wolves when questioned about this offseason, the uncertainty surrounding the organization, and his upcoming contract extension talks.

"I want to be a Nugget forever."

The Nuggets would never, and don't ever plan to, trade Jokic. You might as well cross that one off on your favorite team's wish list because that is never happening. He will finish his career with Denver, and this new contract extension he will receive in the summer will signal such.

As for everyone else on this roster, their futures are yet to be determined.

Head coach David Adelman, who replaced Malone near the end of the 2024-25 season, signed a multi-year contract with the Nuggets last summer.

Despite some of the growing pains he will face with this team and the mentality of constantly being a title contender with Jokic, there has been no internal feeling at this very moment that Denver will move in a different direction regarding the young head coach this offseason, league sources told ClutchPoints.

With this said, leadership will evaluate this past season as a whole in the coming weeks and conduct exit interviews with the team before coming to final decisions on what the immediate future looks like for everyone outside of Jokic.

One of the reasons the Nuggets ultimately moved on from Malone was out of fear of losing Adelman to another team, as sources said he had long been viewed internally as the franchise's next head coach once Malone moved on. That time came last season, and despite all the struggles faced this season, Denver does not appear prepared to go through another coaching change in the immediate future.

While season reviews will be conducted, Jokic has certainly added some pressure to the organization with his postgame comments on Thursday, especially when he said that the Nuggets are not currently a championship-contending team.

"We just lost in the first round, so I think we are far away," Jokic said of the team's chances of winning another championship right now. "If we were in Serbia, we would all be fired."

In terms of Jokic's confidence in Adelman as the team's head coach, the three-time MVP took accountability for the Nuggets' failure to make it out of the first round of the playoffs. Aside from saying that he is taking a lot of the blame, Jokic made it clear that Adelman was not the one on the court doing everything wrong that led to the four losses against Minnesota.

"It's not his fault that we couldn't rebound. It's not his fault we couldn't catch the ball very well. There is nothing to blame David Adelman. It was all us."

Change is inevitable for every franchise. Even for those we in the media label as the next dynasty, the light on the candle eventually gets snuffed out — some faster than others.

For the Nuggets, an offseason of mystery now ensues, and perhaps the biggest questions surround Jamal Murray and his future with the team.

Jamal Murray's future

Among the many topics for the Nuggets' brass to discuss this offseason is Murray's performance and long-term future with the organization. In a perfect world, the Nuggets would like to keep Murray alongside Jokic for the remainder of their careers.

These two have long been one of the league's best one-two punches on offense, and their two-man game has defined Denver's approach on offense through the years. Although Jokic is the featured star on the team, the bottom line is that the Nuggets wouldn't have won their championship in 2023 without Murray.

The 29-year-old guard will be entering the second year of his four-year, $208 million max contract extension during the 2026-27 season, and he will be on the books for $50.1 million.

This season, Murray played in 75 games, his most since the 2018-19 season, and with him finally being healthy, the Nuggets' lead guard emerged as a first-time All-Star and likely All-NBA selection once those honors are announced. He averaged career-high marks in scoring (25.4), assists (7.1), rebounds (4.4), field goals made (8.8), and field goals attempted (18.1). He also shot a career-high 48.3% from the floor and 43.5% from 3-point range.

Unfortunately, Murray floundered against the Timberwolves, especially in the season-ending Game 6 loss. A 4-of-17 shooting dud in Game 6 capped off a series in which the guard shot just 35.7% overall and 26.2% on 3-pointers, with Jaden McDaniels making his life difficult throughout.

As a result, the Nuggets' front office has to at least evaluate his situation and ask themselves if paying Murray over $160 million through the 2028-29 season makes the most sense, especially with a mega-extension coming for Jokic and the financial burden this franchise faces becoming a major obstacle when it comes to building a title-contending roster.

While these conversations will likely be brought up in meetings between the Nuggets' leadership, Murray's value extends well past his high-level numbers.

Aside from being one of the best scoring guards in the NBA, Murray's relationship with Jokic, as well as what his presence means to the organization and fans in the stands, would make it awfully hard for the franchise to part ways with him after being together for the last decade.

The Nuggets wouldn't make a franchise-altering decision like this without consulting with Jokic and filling him in on what's going on, and he certainly wouldn't approve of such a move either.

Having two players combine to make over $110 million next season, not to mention that number increasing for several more years to come, is a slippery slope to climb, but completely hitting the reset button and giving up on Murray while retaining Jokic as the face of the franchise makes little to no sense unless there is a Godfather-like offer out there for the guard.

That is why, when it comes to the Nuggets' limited assets and potential moves to be made on the trade market, it is almost certain that changes will be made to the team's formidable trio of secondary contributors: Aaron Gordon, Cam Johnson , and Christian Braun.

Trade Aaron Gordon, Cam Johnson, Christian Braun?

Jokic and Murray may be the start of the Nuggets, but it has been Gordon who has proven to be one of the league's ultimate glue guys. Between his defensive versatility, guarding every position, and growth as a shooter and scorer off the dribble on offense, Gordon has been the perfect No. 3 option in Denver.

That is why the team awarded him with a four-year, $133 million extension in 2024 , a deal that resulted in him picking up his $23 million player option for the 2025-26 season. Now, the remaining $103 million from this deal kicks in once the 2026-27 season begins.

Gordon's value speaks for itself, but can the Nuggets afford to keep him?

The immediate belief surrounding Denver is that while the possibility of trading Gordon will be discussed, sources said it would take quite an offer to part with him. Gordon is not viewed as a clear salary-dump option for the Nuggets entering the summer, and the only way they would consider trading him is if they were to retain key draft capital lost in previous trades, as well as another impactful starter.

Despite this notion early on from Denver, several teams are expected to contact the Nuggets as early as before the 2026 NBA Draft with immediate interest in Gordon. Should the Nuggets actually pull the pin on Gordon, many teams in both conferences will begin bidding for his services.

Teams like the Los Angeles Lakers, Phoenix Suns, and Boston Celtics are among the many win-now teams Gordon would obviously fit in with as realistic trade suitors.

One of the main reasons Gordon will be brought up in conversations the Nuggets' brass have over the next few weeks is because of his availability issues. Gordon only played in 36 games this season due to hamstring and calf injuries , and he has missed nearly 47% of Denver's regular-season games over the last two years. The forward missed three games in the Timberwolves series, including the final two, and he battled through injury in last year's playoffs.

Whether now is the time to part ways with him, especially since he is owed $103 million through the 2028-29 season, is a question that will be asked among the Nuggets' leadership as the offseason begins.

However, Gordon is the least likely of the three players to be dealt, as Denver would much rather move Johnson or Braun this offseason, sources said.

When the Nuggets first made the decision to trade Michael Porter Jr. for Cam Johnson , it was not just a cap-saving move so the team could give Braun his extension and have flexibility to add other pieces like Jonas Valanciunas and Bruce Brown. Trading for Johnson was essentially a one-year rental, as the original idea dating back to last offseason was to utilize Johnson's contract in another cost-saving move.

While Johnson played well this season, shooting 48.0% from the floor and 43.0% from 3-point range in his limited role in Denver compared to what it was with the Brooklyn Nets, his expiring $23 million contract for the 2026-27 season was always the appealing aspect of trading Porter.

Teams around the league are always seeking expiring contracts of players making anywhere from $18 million to $25 million in the offseason, and that is especially true for a two-way wing player like Johnson. The Nuggets are prepared to engage in conversations with rival teams about a Johnson trade in the next several weeks, and sources said he is the most likely player in Denver to be on the move this summer.

Johnson thrived in his role as the No. 1 option for the Nets during the 2024-25 season, and Brooklyn will be seeking immediate roster upgrades this summer. As a result, some league personnel have floated around the idea of a reunion between Johnson and the Nets in an offseason trade that would once again involve the two franchises that came together last offseason.

It is hard to imagine that the Nets would even think about including Denver's draft pick received in the Porter-Johnson swap, nor would they likely look to trade any future draft capital with the NBA finalizing new draft lottery rules by the end of May. This year, the Nets do have two second-round picks, with the first being the third pick in the second round, which will be brought up in trade talks at the draft.

Although the Nets are not an immediate known suitor for Johnson, and it's more just league personnel speculating about a potential reunion between the two sides, sources told ClutchPoints that the Los Angeles Clippers are a team expected to express interest in Johnson.

Of course, potential interest in Johnson does hinge on what ultimately happens with Kawhi Leonard, a veteran star multiple teams attempted to trade for in February. The Clippers will engage in trade conversations with teams regarding veterans Bogdan Bogdanovic and Brook Lopez before making a decision on their respective team options in attempts to find an immediate roster upgrade.

Other rumored teams that had previously expressed interest in Johnson when he was with the Nets include the Lakers, Houston Rockets, and Golden State Warriors. It is unknown at this time whether any of these three Western Conference teams would be interested in giving up at least one draft pick to their conference counterparts for Johnson on an expiring contract entering the 2026-27 season.

The main reason for potentially trading Johnson in the coming weeks from the Nuggets' perspective is to do everything in their power to have the cap flexibility to retain restricted free agent Peyton Watson and remain in good financial standing.

Braun, who is entering the first year of his new $125 million extension with Denver and was quiet against Minnesota, would be a challenge for the team to trade in a potential salary-dump move to try to retain Watson. It is much easier to explore options on the trade market with Johnson's expiring contract, which is exactly what the organization plans to do.

What happens with Peyton Watson in RFA?

By no means do the Nuggets want to watch another team sign Watson to an offer sheet and watch him walk away in restricted free agency without having the ability to match. Although he struggled to remain healthy down the stretch run of the 2025-26 season, Watson proved to be an integral part of Denver's overall success, especially when Jokic missed time during the regular season.

As things stand right now, the Nuggets, in theory, can bring Watson back on any number. However, doing so with this current variation of their roster would result in massive cap penalties, one of which would turn Denver into a second-apron team, crippling the books for the next several years.

In order to bring Watson back, the Nuggets must find a way to open up at least $20 million, probably more, in cap flexibility, which is why Johnson, Gordon, and Braun are all trade options.

Given his athletic, versatile style of play on the wing, there will be no shortage of suitors for Watson this offseason, yet few teams actually have cap space to operate with and potentially sign Watson to an offer sheet.

The Lakers and Nets have long been two suitors lining up for Watson since early in the 2025-26 season because of the cap space they will have.

Other than these two teams and the Chicago Bulls, a mess in the process of an organization overhaul, no other organization will have direct cap space to simply throw money at Watson without moving some contracts around themselves. The Bulls' old leadership had a strong interest in Watson, but until there is a clear direction with a new front office and coach in Chicago, the notion that this team would be a firm suitor for Watson is fabricated. That same Bulls leadership that is now gone also held strong interest in Jonathan Kuminga, which makes sense why they would've wanted to gamble on Watson this offseason.

Of course, there is always the option of a sign-and-trade, but Denver would only explore this option if retaining Watson was no longer an option and he wanted to join a new team.

So far, sources say Watson's side and the Nuggets have had productive conversations throughout the season. Watson and his representation at Klutch Sports understand Denver's ambition to make him a priority in the offseason, and they are prepared to maximize their worth entering free agency.

A return to the Nuggets is certainly still at the forefront of both parties' minds, but it will need to be at the right price.

Two different front-office personnel who spoke with ClutchPoints from teams not expected to pursue Watson this offseason anticipate him signing a new contract with an annual average value that exceeds $24 million, with one stating that the 23-year-old forward could even see a deal in the $30 million per year range because his athleticism and potential are currently being prioritized in terms of what organizations around the league want on the wing.

It is expected that at least one rival team will be aggressive in their pursuit of Watson and try to lure him with an offer sheet early in free agency to put pressure on the Nuggets. That is why the clock starts now for Denver to begin attempting to clear salary to retain Watson.

However, there needs to be a firm commitment from Watson or a secondary plan in place should the team trade away assets like Johnson, Gordon, and/or Braun. Otherwise, the Nuggets will be clearing salary for nothing and be left with major holes on their roster to fill.

One cost-saving move the Nuggets are expected to execute is waiving veteran center Jonas Valanciunas, sources said. Valanciunas' contract is only partially guaranteed for $2 million, but he has expressed interest in returning to Europe and playing overseas . It is possible that Denver can work out some sort of agreement with Valanciunas to lessen the dead money that would hit the books for waiving him should he truly want to depart the NBA for Europe.

Outside of having to negotiate a new contract with Watson, the Nuggets will also be watching Bruce Brown and Tim Hardaway Jr. enter unrestricted free agency with their minimum contracts expiring. Unless they are once again willing to play on this type of contract for the 2026-27 season, Denver faces a scenario where both Brown and Hardaway could leave sizable holes on the bench.

An offseason of mystery begins for the Nuggets, a team whose championship hopes are clinging to the changes that will be made in a matter of weeks.

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