The Nuggets have locked up their star guard alongside Nikola Jokic for the long term.
Denver has signed Jamal Murray to a four-year maximum contract extension ahead of the 2024-25 NBA season, ESPN’s Adrian Wojnarowski reported Saturday. Murray averaged 21.2 points and 6.5 assists last season for the Nuggets.
The deal allows the Nuggets’ core of Jokic, Murray, Michael Porter Jr. and Aaron Gordon, who all won a title together in 2023, to stay together in pursuit of another championship.
Here’s a look at Murray’s new contract and how it affects the Nuggets’ salary cap space going forward.
Jamal Murray contract details
Murray signed a four-year contract extension worth $208 million, according to Wojnarowksi.
The deal kicks in after next season, and Murray is set to make $36 million in 2024-25. When the extension expires, Murray, now 27, will be 32. Here’s a look at his new salary year by year.
| Season | Age | Salary |
| 2024-25 | 27 | $36.0 million |
| 2025-26 | 28 | $46.4 million |
| 2026-27 | 29 | $50.1 million |
| 2027-28 | 30 | $53.8 million |
| 2028-29 | 31 | $57.5 million |
Drafted seventh overall by Denver in 2016, Murray has established himself as a go-to scorer and playmaker alongside Jokic. Last season, the Canadian star tied his career high in points per game and set new career highs in assists per game, three-point field goal percentage and field goal percentage.
The Nuggets are committed to their current core for the foreseeable future with Murray’s extension in the books.
Denver Nuggets salary cap space
Murray’s extension doesn’t go into effect until next offseason, so it won’t impact Denver’s immediate financial situation.
Denver currently sits $10.9 million above the tax threshold, $4.1 million above the first apron and $7.8 million below the second apron, according to ESPN’s Bobby Marks.
THE @BobbyMarks42 breakdown: pic.twitter.com/TLqJ3anahV
— Adrian Wojnarowski (@wojespn) September 7, 2024
Murray could have been a free agent in 2025 if not for his new contract. For the 2025-26 season, Gordon has a $25.4 million player option, making him the only player who can crack Denver’s core in the near future. However, he will soon be eligible for an extension as well.
Before Murray’s extension, Spotrac estimated Denver is projected to be about $54 million over the salary cap in 2024-25. That’s a big reason why the Nuggets weren’t able to add as much talent around Jokic, Murray, Gordon and Porter Jr. this summer, as they let starting guard Kentavious Caldwell-Pope leave for Orlando.
Denver brought in forward Dario Saric and 36-year-old Russell Westbrook as reinforcements.
The financial situation could become more difficult in the future for Denver: Spotrac currently estimates The team is projected to be about $70 million over the salary cap in 2025-26.
The cost of maintaining a championship-caliber team is extremely high in today’s NBA, and the Nuggets are a perfect example. Murray’s extension ensures they’ll retain their core through their prime years, but they’ll be limited in building depth around them.
Denver Nuggets payroll
Here’s a look at every active Nuggets player’s salary cap hit in 2024-25 according to Spotrac, which totals $182.57 million in active salary cap space, ranking seventh in the league behind the Suns, Timberwolves, Celtics, Bucks, Lakers and Heat.
| Player | Hood touched |
| Nikola Jokic | $51,415,938 |
| Jamal Murray | $36,016,200 |
| Michael Porter Jr. | $35,859,950 |
| Aaron Gordon | $22,841,455 |
| Zeke Nnaji | $8,888,889 |
| Dario Saric | $5,168,000 |
| Russell Westbrook | $3,303,771 |
| Christian Braun | $3,089,640 |
| DaRon Holmes II | $3,065,640 |
| Julian Strawther | $2,552,520 |
| Peyton Watson | $2,413,560 |
| ByAndre Jordan | $2,087,519 |
| Vlatko Cancar | $2,087,519 |
| Jalen Pickett | $1,891,857 |
| Hunter Tyson | $1,891,857 |
| Total | $182,574,315 |
