The Milwaukee Bucks are firmly in the mix of the most prominent Peyton Watson suitors, and they'd better hope he doesn't accept his qualifying offer. Per insider Marc Stein (subscription required), the Denver forward is indeed contemplating accepting his $6.5 million qualifying offer, which would be a one-year deal to stick with the Nuggets and hit unrestricted free agency next summer.
That decision would ruin Milwaukee's plans then and there.
Bucks need a sign-and-trade to land Watson
As noted by ESPN's Shams Charania, the Nuggets are currently in a financial crisis after matching the offer sheet to free agent Spencer Jones. Currently, they are the NBA's only team in the second apron and face a $32 million increase in current luxury taxes. All of this comes while Watson is still treading the waters of restricted free agency.
By matching Jones' sheet, the Nuggets face a $32 million increase in current luxury taxes ($36M to $68M) and enter the second apron. They are deep in tax bills but could shed money via trades in season.
— Shams Charania (@ShamsCharania) July 27, 2026
Next Denver order of business: Navigate retaining RFA Peyton Watson while… https://t.co/N5arhPRTjM
If Watson takes the qualifying offer, Denver can make moves, such as trading Cam Johnson and/or Christian Braun to shed some money. While acquiring Johnson could be a nice backup plan for the Bucks if their Watson dream doesn't come to fruition, they should hold out hope for as long as they can that Watson doesn't cave. If they want him, he needs to hold a firm desire to get a raise.
With Charania reporting that the Bucks, Clippers, and Hawks are all in pursuit of Watson, it would be shocking if someone wasn't willing to pay him handsomely. Of course, Denver has to play ball and go through with a sign-and-trade, but right now, they might not have a choice. The impending payments they would face are unfathomable.
Bucks need Nuggets to feel the pressure
If the Nuggets indeed reluctantly part with their prized youngster, the Milwaukee Bucks have the tools to make everyone happy. They can offer Watson a nice raise and opportunity as a starter while giving Denver an assortment of assets. Milwaukee, much like Atlanta and Los Angeles, is simply waiting on the Nuggets to actually make their stance on Peyton Watson clear.
Denver will fight tooth and nail to keep their youngster. Understandably so, as the 23-year-old boasts so much potential and is still developing. Any team that gets him will land an up-and-coming two-way wing, and you can never have too many of those in today's NBA. If Watson knows his worth, he won't accept that offer, but there is no telling how this saga will end. For now, the Bucks are still in it.
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