The Bucks have catapulted into the pole position in the Peyton Watson sweepstakes, but that standing initially came with a double-edged sword, as the Nuggets sought two first-round picks in return for Watson. Denver has quickly shifted towards a more reasonable request, as ESPN's Shams Charania reported Tuesday that the price has reduced to "a really good high level player as well as a first round pick". Milwaukee may now be able to justify a trade for Watson, or at least should be encouraged that the asking price keeps going down.
Shams on Peyton Watson negotiations with the Nuggets:
— Oh No He Didn't (@ohnohedidnt24) July 28, 2026
"In a potential sign and trade, the Nuggets initially had set a price this off season of similar to the Walker Kessler deal of two first and two swaps in any potential deal. Now that price, my understanding is a really good… pic.twitter.com/9xDiDhiiyr
The Bucks will benefit from the Nuggets' shift
If Watson were to end up with another team this offseason, it seems clear that the Bucks have emerged as a top contender. Milwaukee has a trade exception that fits perfectly into an appealing contract for Watson and will have plenty of opportunity for him to showcase his full skillset. For Watson, there's a lot to love about the Bucks compared to a lowball deal with the Nuggets.
However, the Bucks are technically at the Nuggets' mercy since they can only acquire Watson in a trade, rather than being able to extend an offer to him directly. Normally this restricted free agency situation would play out in Denver's favor, but the Nuggets' extremely tight financial bind gives away all their leverage. Even though the Nuggets have to approve any sign-and-trade of Watson, they can hardly afford to pay him a reasonable contract so opposing front offices have a leg up.
The Nuggets' new ask of a solid player and a pick is already far more appealing to the Bucks than their previous demands for two unprotected first round picks, and even additional pick swaps on top of that. Depending on what the Nuggets define as a good high level player, the Bucks could already have plenty of candidates who fit the bill. For example, even guys like Kyle Kuzma and Caris Levert, can be playoff contributors in the right matchup, although they shouldn't play a big role in Milwaukee next season.
It makes sense for the Bucks to stay patient
However, there's no reason for the Bucks to rush because they have few rivals for Watson's services. Most teams cannot afford to add another contract in the $20-25 million per year range, which is what Watson seeks. But the Bucks got a stroke of luck when they traded Giannis Antetokounmpo that positions them perfectly to absorb Watson.
In just a couple days since the Nuggets entered dangerous financial territory by matching an offer sheet for Spencer Jones, the asking price for Watson has already dropped. The Bucks could see it drop even more to something completely within their wheelhouse without even lifting a finger. As the season gets closer, the Nuggets should only get more desperate to avoid the second apron.
If the asking price for Watson drops all the way to a protected first-round pick or just another solid young player, such as Ryan Rollins, it'll be very tempting for the Bucks to pull the trigger. For now, Milwaukee fans can only wait and hope to see Watson become more attainable.
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