The Atlanta Hawks have been linked to Peyton Watson for weeks, and the latest report suggests they remain firmly involved in his restricted free agency.
ESPN's Shams Charania reported that after the Denver Nuggets matched the Oklahoma City Thunder’s two-year, $12 million offer sheet for Spencer Jones, Denver’s attention shifted toward retaining Watson, with the Hawks, Los Angeles Clippers and Milwaukee Bucks among the interested teams.
Atlanta’s interest is not a new development, as the Hawks have been connected to Watson since early July. However, the roster has changed considerably since those initial reports, with Atlanta acquiring Lu Dort while Jonathan Kuminga’s future remains unresolved.
While all three interested teams have pieces that could appeal to Denver, the Hawks may possess the strongest combination of affordable contracts, draft compensation and financial relief. If the Nuggets determine they cannot retain Watson, Atlanta could be positioned to present the most practical trade package.
Atlanta has the assets to address Denver’s financial concerns
The Nuggets are currently the only team in the NBA operating above the second apron, creating significant roster-building limitations. Remaining above that threshold can lead to restrictions involving trades, draft capital, cash considerations and access to exceptions that teams normally use to strengthen their rosters.
Denver would understandably prefer to retain Watson, considering his defensive versatility, athleticism and continued development. However, the Nuggets may eventually have to weigh Watson’s value against the escalating financial and roster-construction consequences associated with remaining above the second apron.
That is where the Hawks could become particularly attractive. Atlanta has multiple players on expiring or inexpensive contracts, including Mouhamed Gueye, Ryan Nembhard and Buddy Hield, who could help Denver reduce its financial burden without requiring the Hawks to sacrifice one of their most valuable long-term pieces.
The Hawks could also include second-round draft compensation to strengthen their offer. Watson is unlikely to command a massive return as a restricted free agent, but a combination of affordable players and multiple second-round picks could provide Denver with useful depth, flexibility and future assets.
Atlanta should avoid including CJ McCollum because his expiring contract could be more valuable in a future trade for an established star. His salary gives the Hawks an important matching mechanism that should not be used unless they are pursuing a significantly higher-level player.
Jock Landale should also remain out of discussions because he currently projects as Onyeka Okongwu’s primary backup at center. Moving him would create another roster need, while including Lu Dort would make even less sense after Atlanta recently acquired him and reportedly expressed interest in retaining him long term.
The Bucks and Clippers can still make competitive offers
Milwaukee and Los Angeles also possess assets that could interest the Nuggets. The Bucks received three first-round picks and two second-round pick swaps in the Giannis Antetokounmpo trade, although only two of those first-round selections can currently be moved in another deal.
Milwaukee’s available draft capital could give Denver an opportunity to replenish some of the flexibility it may lose while operating above the second apron. However, the Bucks would have to determine how much premium compensation they are willing to surrender for Watson, especially when Denver’s restricted financial position may weaken its negotiating leverage.
The Clippers could build a package around Derrick Jones Jr., whose expiring contract has reportedly generated interest from Denver. Jones would provide the Nuggets with a proven defensive wing while also giving them a contract that would not create a long-term financial commitment.
Each team can present Denver with a compelling trade framework, but Atlanta may offer the cleanest balance of affordable talent, expiring money and draft compensation. The Hawks would also be able to help the Nuggets reduce their financial burden without forcing Denver to accept a contract that creates another long-term obstacle.
Denver’s first choice will remain bringing Watson back, and no trade currently appears imminent. However, if the Nuggets determine they cannot retain him, pursuing a sign-and-trade would allow them to recover value rather than losing the young forward without receiving anything in return.
Talks could intensify over the coming days or weeks as Watson’s market develops and the Nuggets evaluate their options.
If Denver begins seriously considering outside offers, the Hawks may have enough flexibility and depth to outbid both the Bucks and Clippers without compromising their ability to pursue a star later.
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