Nuggets must do everything to keep hold of two-time NBA champion

Kentavious Caldwell-Pope boasts a $15.4M player option for next season, which he will likely decline. He could sign another long-term deal to take him deep into his thirties. 

Due to his championship pedigree — having won two rings in the last four years — he will have significant interest from around the NBA.

The Denver Nuggets can offer Caldwell-Pope a contract extension. If he re-signs with Denver, he will avoid free agency. However, if a deal doesn't materialize, Denver could lose one of its most important role players.

"Sources say Philadelphia and Orlando are weighing runs at Caldwell-Pope with their cap space if, as increasingly expected, he declines his $15.4 million player option with the Nuggets to enter free agency and field richer offers," NBA insider Marc Stein reported on Sunday. 

Caldwell-Pope is a connector. He makes his teammates better and is also a reliable two-way presence on the wing. In his 76 regular season games for the Nuggets, he averaged 10.1 points, 2.4 rebounds, and 2.4 assists on 46% shooting from the field and 40.6% from three-point range.

Given his elite skillset, veteran know-how and clear fit within the Nuggets rotation, they must do everything to keep Caldwell-Pope around longterm. His defense and floor spacing is essential to Mike Malone's overall rotation, and his presence and production will be hard to replace. 

However, inking him to a new contract does come with some financial drawbacks.

"Caldwell-Pope is likely to become an unrestricted free agent in a week if KCP and the Nuggets don't come to terms on an extension before the marketplace opens next Sunday at 6 PM ET. An extension would take Denver into second-apron luxury tax territory," Stein continued.

As such, the Nuggets must decide if retaining Caldwell-Pope is worth the punitive restrictions of being over the second tax apron. 

If he leaves Denver, the Philadelphia 76ers could offer Caldwell-Pope a direct route to championship contention. He would be leaving one team with an MVP big man and joining another. He would also fit the player profile that Daryl Morey is likely looking for in terms of being an elite 3-and-D wing. 

Caldwell-Pope's fit with the Orlando Magic is less clear-cut. He would likely join that roster to provide leadership on and off the court but would have limited opportunity to win a third championship ring. 

If Denver wants to return to the NBA Finals in the near future, it has to find a way of keeping Caldwell-Pope on the roster. Otherwise, it will find it difficult to replace him. 

The Nuggets have a big decision to make, a decision that could affect their ability to contend for a championship next season. 

It will be interesting to see how this plays out.