Before the draft, the Denver Nuggets needed forward depth, a defensive-minded big man, or a backup ball-handler. With $203 million in guaranteed money on the books for just eight players next season, drafting the right piece was crucial. However, the franchise’s lack of activity apparently did not go down well with owner Josh Kroenke, or at least, that is what it looked like.

While his billionaire father, Stan Kroenke, is the principal owner of the parent company Kroenke Sports & Entertainment (KSE), Josh has maintained primary executive control over the Nuggets since 2010. He is highly active in the front office, routinely runs press conferences, and even sits in the draft-night war room. On Tuesday, something in the room clearly did not sit right with him, and the cameras caught it all.

As front office members began clapping, likely celebrating trading the No. 26 pick to the San Antonio Spurs for the No. 35 pick and two future second-rounders, Kroenke sat with his chin resting in his hand. He then gave two slow, deliberate claps before throwing his hands out in a “what is going on” gesture. The room went quiet. The applause stopped. He straightened his t-shirt, hand drifting back to his chin, and nobody clapped again.

But the moment may not mean what it looked like.

According to a league source cited by The Denver Post, Kroenke’s visible frustration was directed not at the trade itself, but at confusion on the other end of the phone line as Denver was calling in the 26th pick on San Antonio’s behalf. The front office had already agreed to the deal; the clapping in the room reflected that, and Kroenke’s reaction, in that context, was about execution, not the decision.

The trade itself was part of a deliberate strategy. Co-general managers Jon Wallace and Ben Tenzer, who inherited what was described as the NBA’s most depleted draft asset cupboard when they took over in 2025, felt the 2026 draft class had a substantial drop-off in talent around the 20th pick, making a trade-down an easier call. The Nuggets now control the No. 35 pick heading into Wednesday’s second round, a 2028 Minnesota second-rounder and a 2031 Sacramento second-rounder, with multiple teams already calling to inquire about the 35th pick by the end of Tuesday night. Wallace and Tenzer have less than 24 hours to decide whether to use it or flip it for more future capital.

Brendan Vogt, podcaster and reporter with the DNVR Nuggets, tweeted, “The brass have postponed their expected presser to tomorrow so you won’t get their perspective just yet”.

Those second-rounders could still come in handy. Oklahoma City’s Aaron Wiggins was dealt to the Hawks for two second-rounders, a reminder of how that currency moves around the league. With their new picks, the Nuggets could potentially attach Zeke Nnaji and the $7.4 million he is owed this season to another team to shed the salary. The four-year, $32 million extension Nnaji signed in 2023 has become a small-scale albatross on Denver’s cap sheet, and the front office has been looking for an exit ramp. Clearly, they were targeting specific players on Tuesday, but when that door closed, they pivoted to asset accumulation.

What the Nuggets do with those picks will ultimately define how the trade is judged. Second-rounders are regularly used as trade sweeteners rather than to select rotation-ready talent, and Denver’s shortage of them has limited its ability to get into league-wide trade conversations. If the picks get promptly attached to a salary dump without bringing back anything useful, it will be a clear sign that ownership is prioritizing tax relief over roster improvement. If they slowly grow into something more, a trade piece, a future rotation player, then moving off No. 26 will look smarter in hindsight.

Looking back at Josh Kroenke and co’s missing targets

It was an uneventful night for Denver. But they were chasing some names either to bolster their frontcourt depth or add another ball-handler behind Jamal Murray. So co-general managers Ben Tenzer and Jon Wallace had their hands full. Among the prospects linked to Denver throughout the pre-draft process were Koa Peat and Big East Player of the Year Zuby Ejiofor.

In fact, Ejiofor had a workout with the Nuggets. Denver viewed the dominant Big East Player of the Year as a dream defensive anchor and a perfect small-ball center pairing for Nikola Jokic. However, the Atlanta Hawks selected Ejiofor at No. 23 overall, snatching him off the board just three picks before Denver’s slot.

Peat’s situation was different.

The highly regarded forward remained available much later than expected before eventually landing with the Phoenix Suns. Rather than selecting him, Denver chose to prioritize additional draft capital and future flexibility.

Whether that proves to be the correct decision will depend largely on how Wallace and Tenzer use the newly acquired assets. The Nuggets now enter the second round with picks No. 35 and No. 49, while also possessing a larger collection of future draft capital than they did when the night began.