Key keywords: Jonas Valanciunas, Denver Nuggets, NBA waived player, 2024 NBA salary cap, NBA contract guarantees, 2024 NBA free agency, Nuggets 2024-25 roster, NBA luxury tax The Denver Nuggets have reportedly waived veteran center Jonas Valanciunas ahead of the league’s August 1 contract guarantee deadline, according to multiple NBA insider reports first broken by The Athletic’s Shams Charania on Tuesday. The move, which had been rumored for weeks as the franchise navigated record luxury tax obligations, has major ramifications for both the Nuggets’ short-term roster construction and the broader 2024 free agency market. Valanciunas, 32, was acquired by the Nuggets in a four-team trade with the New Orleans Pelicans in February 2024, and appeared in 32 regular season games for the franchise, averaging 12.1 points, 8.5 rebounds and 1.2 assists per game while shooting 55.2% from the field. He also played a key rotational role during the Nuggets’ 2024 playoff run, appearing in 13 postseason contests and averaging 9.7 points and 6.2 rebounds per game as the team reached the Western Conference Semi-Finals. The 7-foot Lithuanian’s 2024-25 contract was set to pay him $15 million, but only $2 million of that sum was fully guaranteed if he was waived prior to the August 1 cutoff. By waiving Valanciunas now, the Nuggets will only be responsible for the $2 million guaranteed sum, which will count against their 2024-25 salary cap, while the remaining $13 million will be erased from their books entirely. For a Nuggets franchise already facing an estimated $85 million luxury tax bill following the recent extension of two-time MVP Nikola Jokic, the move will generate approximately $42 million in total savings between avoided salary and reduced luxury tax payments. The extra cap flexibility will allow the Nuggets front office to pursue low-cost veteran depth to fill their backup center vacancy, as well as address thin wing depth ahead of the 2024-25 regular season. For Valanciunas, the waiver immediately makes him one of the most coveted unrestricted free agents on the market, with teams including the Dallas Mavericks, Golden State Warriors, New York Knicks and Orlando Magic all reportedly already expressing interest in signing the 12-year NBA veteran. League analysts project Valanciunas will command a multi-year contract worth between $8-12 million annually, a significant raise from the $2 million guaranteed sum he was set to earn with the Nuggets. The move also highlights the growing importance of non-guaranteed contract structures in the modern NBA, as teams look to balance competitive roster construction with the rising costs of the league’s salary cap and escalating luxury tax penalties for teams that exceed the upper spending limit.