The Denver Nuggets have been involved in a slew of offseason rumors, although nothing has truly come to fruition just yet. As the NBA offseason drags on, questions continue to be asked about restricted free agent Peyton Watson, and it becomes clear that Denver's offseason is far from over.

While it feels like the Nuggets nearly have a set roster, with Watson as the exception, they could still have a much different look by training camp. Here is a look at the Nuggets' three most likely trade candidates, if they decide to shake things up before the 2026-27 season:

Peyton Watson

Of course, the Nuggets' most obvious trade candidate is Watson. The 23-year-old wing is coming off a breakout season, and his new contract demands have made it much more difficult for the Nuggets to re-sign him. Granted, the Nuggets can re-sign him to any deal, but they do not seem willing to give him the $25 million AAV contract he is reportedly asking for.

Now, as his restricted free agency drags on, a sign-and-trade becomes increasingly likely. If neither side is willing to budge in contract talks, the Milwaukee Bucks, Cleveland Cavaliers, L.A. Clippers, and Atlanta Hawks have all been mentioned as potential sign-and-trade suitors ready to swoop in.

It remains unclear exactly what the Nuggets would get in return for a Watson sign-and-trade, but ideally, they could add an impactful rotational player and a first-round pick.

Cameron Johnson

If the Nuggets re-sign Watson, they will owe a historic luxury tax bill and be well over the second apron. To decrease their tax bill and attempt to get below the second apron, the Nuggets would need to part with one of their more expensive contracts. Cameron Johnson is on an expiring $23 million deal, making him a prime trade candidate.

Granted, even if the Nuggets re-sign Watson and want to cut costs, they would not need to do so before the season starts. They would have until the trade deadline to make a money-saving move, but there is a chance the Nuggets could find better value out of Watson now than later.

Johnson is a valuable sharpshooter with high basketball IQ, making him an ideal role player for any contender. While it would be great for the Nuggets to keep Johnson for a Finals-hopeful 2027 playoff run, they might have their hands tied, and they would rather trade him than Aaron Gordon or Jamal Murray.

Zeke Nnaji

It is clear that the Nuggets have been trying to trade Zeke Nnaji for a while, but they have had no luck. The Nuggets handed the former 22nd-overall pick a four-year, $32 million contract extension that has come back to bite them, as he is practically untradeable without attaching him to more valuable assets.

Still, trading Nnaji could be Denver's only way to get below the second apron. Even if the Nuggets part with Watson, they will still be above the second apron, but with a much better opportunity to get under. Could Denver get away with attaching a pair of second-round picks to get off Nnaji's contract?

While it still seems unlikely that the Nuggets will find a suitor to take on the final two years of Nnaji's contract, they will undoubtedly try. There is also a chance that they can find a way to trade Nnaji as part of a potential Watson deal, with the Bucks previously mentioned as a team willing to take on the 25-year-old forward.

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