What happened: Denver's earlier framework called for two first-round picks and two first-round pick swaps, according to Shams Charania. Restricted free agent Peyton Watson remains under Denver's control while negotiations continue.
Why it matters: The revision reduces the draft cost while requiring an established player in return. Denver's $222 million second-apron pressure complicates any resolution that adds salary.
By the numbers: Watson averaged 14.6 points, 4.9 rebounds and 2.1 assists in 29.6 minutes in 2025-26, shooting 49.1% from the field and 41.1% from three.
What to watch: Watch whether the lower price produces a workable offer or moves Denver and Watson toward a new contract.