There's been a lot of numbers thrown out within the Denver Nuggets' ongoing negotiations with their restricted free agent Peyton Watson, who still remains unsigned now four weeks into the NBA's free agency period.However, the newest batch of rumors surrounding Watson's recent offer from the Nuggets is certainly one to raise some eyebrows.That's because it's not only way lower than the asking price that Watson has been hoping for, but also way lower than many would expect Denver to be offering their rising 23-year-old forward.What the Nuggets' Recent Offer for Peyton Watson Looks LikeAccording to NBA insider Tony Jones of The Athletic, the Nuggets' latest offer for Watson sits around $70 million over five seasons, an AAV of $14 million."The Nuggets have offered Watson, a restricted free agent, $70 million over five seasons, according to league sources who spoke to The Athletic on condition of anonymity because the deal is not final," Jones wrote. "Denver is attempting to move a contract or two to get back under the second apron and clear enough money to retain Watson, the league sources said."While the writing was on the wall for the Nuggets likely offering Watson a bit of a lower rate than his ask, considering that the two sides haven't come close to agreeing on a new offer, seeing that $14 million AAV number is certainly a bit surprising.And if true, it becomes obvious as to why Watson isn't accepting the Nuggets' offer. Because he's worth far more than that.The Nuggets Have to Offer Up a Better Deal for Peyton WatsonJust look at what the market rate for forwards is looking like around the NBA. According to numbers from Spotrac, an AAV of $14 million would place Watson outside of the top 50 highest-paid forwards in the league.That number puts Watson in the range of guys like Rui Hachimura, Obi Toppin, Bobby Portis, and Julian Champagnie. Players who would be getting paid at least $1 million or higher than Watson on that contract include Nikola Jovic, Duncan Robinson, and John Collins.Watson should be a step above those players when it comes to contractual value, no doubt about it. He's only 23, has shown that he's more than capable of being an impactful player on both ends for a winning roster, and exploded for a career-best season last year whenever he was handed an expanded role in the wake of several injuries.Mar 25, 2026; Denver, Colorado, USA; Denver Nuggets guard Peyton Watson (8) reacts after a play in the fourth quarter against the Dallas Mavericks at Ball Arena. Mandatory Credit: Isaiah J. Downing-Imagn Images | IMAGN IMAGES via Reuters ConnectPlayers in that archetype, in this current state of the NBA, should be worth upwards of a $20 million AAV. Add in the fact that Watson's only entering year five, potentially with more room to grow heading into next season, that value could be higher.And it makes sense as to why the Nuggets are playing hardball on their next deal for Watson. They're already in the second apron after paying Spencer Jones, will have a huge tax bill if they sign Watson without any other moves falling into place, and overall, it restricts the financial flexibility of the roster.But the Nuggets can't expect Watson to bend for their own financial situation. He's worth more than what they're offering, and it's already been made clear that his representation––led by Rich Paul and Klutch Sports––is more than happy to wait out the market to get what he's worth on that second contract, even if it results in accepting the qualifying offer to become a free agent in 2027.Bottom LineSo, simply put, the Nuggets need to go back to the drawing board when it comes to finding a new and fair deal for Watson. A $70 million deal over five years just isn't going to cut it as an acceptable offer.If anything, that five-year contract needs to be closer to $100 million in total value, which, to this point, seems pretty far off from what Denver is looking to pay out. So don't be shocked if this contract drama continues to drag out for several more weeks if this is the price that the Nuggets are currently willing to pay.Sign up for our free Denver Nuggets On SI newsletter, and get breaking Nuggets news delivered to your inbox daily!Add us as a preferred source on GoogleFollow