​It sure seems like the Atlanta Hawks have been tied to every trade rumor this summer. As soon as one big-name target gets traded, another name pops up in Hawks trade chatter. First, Jaylen Brown was the most talked-about Hawks target. Once he swapped teams to Philadelphia, the conversation pivoted to Trey Murphy III. That situation remains unresolved, but now the chatter has shifted to another potential target: Denver Nuggets forward Peyton Watson.
There’s a twist this time: Watson is a restricted free agent rather than a traditional trade candidate, and any deal would need to be structured as a sign-and-trade since Denver can match any offer sheet he signs. It’s a nuanced scenario, but still an intriguing one. Watson is a sturdy 3-and-D wing with some upside beyond his current capabilities. So, what would he be worth to the Hawks?
There’s another wrinkle in the Watson discussion. Some have suggested the Nuggets are seeking a return reminiscent of what the Jazz earned this summer for Walker Kessler, which would entail two first-round picks plus two additional first-round pick swaps. For many fans, that felt like a steep price for Kessler. By that standard, paying a similar premium for Watson would be hard to justify for Atlanta.
In the 2025-26 campaign, Watson averaged 14.6 points per game and shot 41.1 percent from three. He’s also a solid defender—an appealing profile for a team looking to add shooting and versatility. But his track record as a shot creator is limited; last season he functioned primarily as a three-and-D wing for Denver. Some observers attribute that to his role beside Nikola Jokic and Jamal Murray. It’s plausible, but without clear proof of concept, the Hawks would be investing in a concept rather than a proven asset. That draft capital is a valuable resource that could be directed toward a more impactful move down the line. In that respect, Watson might not be worth the cost.
Watson performed well last season, but so did Nickeil Alexander-Walker, and the two players profile similarly. Bringing in another player who could slot into a comparable role to Alexander-Walker—and doing so while adding another player Atlanta already added this summer, Aaron Wiggins—could feel like misallocating resources. Simply put, the potential upside doesn’t clearly justify the price tag.
That’s not to say Watson isn’t a reasonable target under the right conditions. A deal could make sense if the Nuggets’ asking price were more modest or if there were a way to structure a package that wouldn’t overextend Atlanta’s assets. Elite sharpshooters who can launch a high volume of threes with accuracy are always valuable, and players like Watson fit nicely into rosters that want spacing without overlapping skill sets.
The key question remains: is the price too steep for Hawks fans to accept? It’s difficult to envision Denver parting with Watson in a deal that would be worthwhile for Atlanta unless the compensation is reasonable and the fit is clear. And while the possibility of a sign-and-trade keeps the door ajar, the likelihood hinges on Denver’s willingness to entertain a package that aligns with Atlanta’s long-term objectives.
But the Hawks don’t need to panic or rush into a move. They’re in an excellent position: one of the hottest teams in the NBA after the All-Star break, with a talented, youthful core that has shown substantial growth. They can take their time, evaluate options, and pursue the path that yields the best long-term value rather than chasing every rumored target. In the end, patience and prudent decision-making may yield a more meaningful upgrade than a name-brand splash this summer. The focus should stay on assembling a cohesive, well-rounded roster that complements their core, rather than chasing a deal simply because a name has surfaced in the rumor mill.