What happened: The Denver Nuggets have tendered qualifying offers to Peyton Watson and Spencer Jones, making both restricted free agents this summer. Watson's qualifying offer is set at $6.5 million and Jones' at $2.65 million. Denver enters free agency sitting right at the second apron.

Why it matters: Keeping Peyton Watson and Jones tests Denver's books, though teams are permitted to exceed the threshold to re-sign their own restricted free agents. The bigger weight is the repeater tax: Denver projects as a repeater team in four of the last five seasons, with the penalty standing at $51 million. That escalating bill shapes how aggressively the front office can build around its core.

What to watch: Watch whether Watson and Jones accept their qualifying offers, sign longer-term deals, or draw outside offer sheets Denver must decide to match against its apron and tax constraints.