The Denver Nuggets are 28-19 after three straight losses on their current five-game road trip. Currently sitting at fourth place in the Western Conference, the Nuggets have mostly bounced back from an inconsistent start to the season, though weaknesses on defense continue to show.

Nikola Jokic is playing at a historic level. Jamal Murray has averaged 21.8 points and 5.8 assists per game on 58.3% True Shooting in the last 24 games. Aaron Gordon is back in the rotation consistently after several games missed due to a calf strain. Overall, the Nuggets are back to being a consistently good team.

However, it’s important to distinguish between good and great.

The Nuggets are not a great team. While the offense remains exceptional, the defensive inconsistencies have plagued the Nuggets all season. In Denver’s 19 losses this year, the Nuggets are allowing a 122.0 Defensive Rating, which ranks 27th in the NBA. When the Nuggets aren’t defending, they aren’t good.

In games when the Nuggets hold opponents to under a 115 Defensive Rating, they have a 21-5 record. It seems pretty obvious that when a team defends well, they win. For the Nuggets, it’s especially true because of Nikola Jokic. In games that Jokic has played this season, the Nuggets have been under a 110 Offensive Rating a grand total of six times. What that means is they will always have a chance if they can find a way to defend. They will always be within striking distance, and then you have one of the better clutch players of this generation orchestrating things down the stretch.

Unfortunately, the Nuggets don’t have enough defense on their roster. Aaron Gordon, when healthy, is a good defender. Christian Braun and Russell Westbrook are solid. Peyton Watson has flashes of greatness but also extreme inconsistencies due to youth and size. Outside of those four, none of Denver’s other rotation guys can be considered a positive defender this season, including Jokic. Given Jokic’s workload, he gets a pass of sorts, knowing that he can ramp it up when the playoffs arrive. For Murray, Michael Porter Jr., Julian Strawther, and DeAndre Jordan (when he plays) that’s less of an excuse.

The fundamental question the Nuggets must ask themselves heading into the NBA Trade Deadline in one week: how good is the current formula? Denver won a championship with the current core four just two seasons ago. That hasn’t changed, but as time goes on and the NBA continues to evolve, it’s fair to wonder whether the Nuggets still strike the same mix of unstoppable offense and athletic, sometimes dynamic defenders on the wings as it had before.

Does Denver’s current rotation win a championship? Can the Nuggets count on Russell Westbrook as a playoff starter? He started last night against the Knicks, and how long that continues is anyone’s guess. Do Christian Braun, Julian Strawther, and Peyton Watson fit together in Denver’s rotation as different variations of bench wings? Is DeAndre Jordan enough of a backup big man? Those are all big ifs.

Can the Nuggets expect any help from anyone else that hasn’t been named? Dario Saric was brought in to be the backup center. Zeke Nnaji was expected to compete in the frontcourt. DaRon Holmes II is hurt and isn’t coming back before the playoffs. Perhaps Vlatko Cancar will, but expecting him to move the needle isn’t fair. Jalen Pickett has had solid fringe minutes but hasn’t been trusted to do more than that. Hunter Tyson has had a disappointing second season.

And that’s it. That’s Denver’s roster as it stands today.

There are a lot of questions. I don’t think Denver, as currently constructed, will win a championship. Are they talented enough to beat any team? Yes. Nikola Jokic is that good, and Denver’s veterans can absolutely step up in the right moment. Are the odds of Denver winning four playoff series with their current mix high? No. There will be a matchup, whether it’s the Oklahoma City Thunder, or the Dallas Mavericks, or the Memphis Grizzlies, or the Houston Rockets, or the Minnesota Timberwolves, or someone else, that will probably be Denver’s downfall. They just don’t have enough juice.

So, can they acquire the juice? Can they improve their team enough to be confidently in that championship mix?

Probably not.

My apologies for being a killjoy, but here’s the asset list the Nuggets have to work with to entice an opposing team to trade the Nuggets a winning player to add to their current rotation:

  • One first round pick, their 2031 first round pick in just over six years, which only conveys if Denver’s 2025 pick conveys this season (top five protected), their 2027 pick conveys on time (top five protected) AND their 2029 pick conveys on time (top five protected)
  • First round draft pick swaps in 2026, 2028, 2030, or 2031 (if they don’t trade the 2031 pick by itself)
  • Zero second round picks. None. Zilch
  • Zeke Nnaji’s contract, which has an additional three years, $23.1 million after this season
  • Dario Saric’s contract, which has a $5.4 million player option for 2025-26 that he probably picks up
  • Jalen Pickett and Hunter Tyson on guaranteed contracts in 2025-26 with team options in 2026-27
  • Vlatko Cancar’s expiring contract
  • An injured DaRon Holmes II recovering from a torn achilles (they’re not trading DaRon)

With all due respect, about 29 other teams can come up with a better list than that.

Because the Nuggets turned their 2025 first round pick into Aaron Gordon, their 2027 first round pick into Peyton Watson, and their 2029 first round pick into Julian Strawther, the Nuggets don’t have extra draft picks lying around to entice teams to make a deal. Ditto sending out three second round picks to move Reggie Jackson and using three second round picks for trading up for DaRon Holmes. That’s fine if you’re good with the group you have and want to continue developing everyone, but if the Nuggets aren’t good enough, they might have to make a tough choice on Watson or Strawther, That seems incredibly unlikely based on Calvin Booth’s long term plan for the Nuggets roster, but what do I know?

Denver’s other alternative is to explore the market for Michael Porter Jr. which they’ve done for the last two months off and on. Names like Zach LaVine and Jimmy Butler were initially discussed as adding to the star power of the team, but the Nuggets have pivoted away from those constructions. Instead, they’re looking at the possibility of adding multiple role players and depth pieces if they do anything at all. Porter’s $35 million contract figure is unwieldy in the new CBA. Most teams are looking for multiple smaller salaries, and the Nuggets understand that the current gap between their biggest tradable salary (Porter’s $35.8 million) and their second biggest tradable salary (Nnaji’s $8.9 million) is simply too large.

So, what would the actual trade market for Porter look like? It’s difficult to tell. Perhaps the Nuggets could get involved in three-team deals where Porter gets sent to a team willing to take on larger salary, but most teams don’t see Porter’s contract as an asset, especially with his limitations and health history.

Could a team like the Atlanta Hawks look past that and try to pair him with Trae Young as a replacement for Jalen Johnson in the short term? Is there a construction that makes sense where Porter goes to a place like San Antonio to provide more scoring and spacing next to Victor Wembanyama? Could Porter be the returning salary in a Cam Johnson trade with the Brooklyn Nets? Could the Nuggets get involved in this Jimmy Butler trade as a facilitator? All seem unlikely to me.

More likely, the Nuggets wait until the offseason to address their large scale problems.

In the short term, look for them to add some bench role players defensively or possibly another shooter. Both skill sets could help dramatically in a playoff run, especially if the Nuggets wouldn’t have to give up any of their current rotation guys.

Here are some names to watch at the price point the Nuggets have allotted to them:

  • Luke Kennard – Memphis Grizzlies in a three-team trade
  • Aaron Wiggins, or Kenrich Williams – Oklahoma City Thunder in a three-team trade
  • Jose Alvarado, Javonte Green, or Daniel Theis – New Orleans Pelicans
  • Josh Okogie or Cody Martin – Charlotte Hornets
  • Jae’Sean Tate – Houston Rockets
  • One of Aaron Nesmith, Obi Toppin, or Jarace Walker – Indiana Pacers
  • Chris Boucher – Toronto Raptors
  • Larry Nance Jr. – Atlanta Hawks
  • Trey Lyles – Sacramento Kings
  • Drew Eubanks – Utah Jazz

Long story short, the Nuggets would have to get really lucky to get a guy that changes their playoff fate at this trade deadline. Are any of those names worth Denver’s final first round pick they can trade for the foreseeable future? One of the Thunder or Pacers players would be. Jose Alvarado would be. Outside of that, Denver’s probably working with swaps to try and facilitate deals for any of the other names.

One final thing the Nuggets could do at the deadline: the Phoenix Suns, in an effort to give themselves more trade flexibility, sent their 2031 first round pick to the Utah Jazz for three separate first round picks expected to be in the low twenties in 2025, 2027, and 2029. A similar deal would be very interesting for the Nuggets. Let’s say they traded their unprotected 2031 first round pick to the San Antonio Spurs for less favorable picks in 2027, 2029, and 2031. That would allow the Nuggets the flexibility to include their 2026, 2028, and 2030 first round picks in future trades, something the Stepien Rule wouldn’t allow unless the Nuggets recovered draft picks in the alternating draft years.

Ultimately, the Nuggets are unlikely to do much of anything and I think that would be a mistake. Calvin Booth and the Nuggets know they’re on the clock in more ways than one. Nikola Jokic is currently the best player in the world, but he also gets older like the rest of us. His patience has also clearly run thin. If the Nuggets hope to do right by him and this moment in the organization, they will do everything they can to put the best team possible around him.

Perhaps that will have to wait until the offseason. Perhaps something surprising will happen within the next week.