After winning an NBA Championship in 2023, many looked at the Denver Nuggets as the next potential dynasty to dominate the NBA.

However, their dynasty hopes came to a screeching halt at the hands of the Minnesota Timberwolves, who knocked the Nuggets out in seven games to advance to the Western Conference Finals.

The Nuggets, who entered this postseason as the odds-on favorite to win it all, are now on the outside looking in after failing to get it done in this year's playoffs and are looking ahead to the 2024 offseason.

Denver will have some big decisions to make if they'd like to make another NBA Finals next year.

Offseason Plans

The Nuggets have several things to figure out this offseason. One includes re-signing Kentavious Caldwell-Pope.

He has a player option for next season and could see a bigger money deal coming his way. With the expectation that Caldwell-Pope will opt out, becoming either an unrestricted free agent or re-signing with the Nuggets are his options.

Kentavious Caldwell-Pope can still hit threes at a high rate and is one of the better defenders on the roster.

Given the state of this year's free agency market and his significance towards Denver's hopes for another championship; the Nuggets are projected to be into the tax with no space to sign any significant free agents this year except for their own, so bringing back KCP should be a high priority for them.

Nuggets Lack of Depth

The Nuggets lacked depth, something that hurt them throughout the postseason.

Whenever Nikola Jokic and Jamal Murray were unable to keep up scoring, Denver had difficulty finding someone else to step up when it counted.

Michael Porter Jr. in particular failed to step in when the Nuggets needed him the most. He had a terrible series against the Timberwolves, shooting just 37.1% from the field and 32.5% from three.

The Nuggets could add more quality role players throughout the offseason to complement their two stars, possibly looking to move off Porter Jr., who has a massive contract which could help alleviate Denver's cap situation.

NBA Draft

The Nuggets also have to hope to strike gold in the NBA Draft this year.

They currently own the 28th and 56th picks in this year's draft.

Even though this year's draft is not as talented as others, Denver should of course try to find a couple key role players with their two picks.

Over the years, the Nuggets have found some success picking late in the draft. Outside of Michael Porter Jr. and Jamal Murray, they did find some quality role players like Peyton Watson and Christian Braun in the late first or second round.

It doesn't hurt to add that Three-time MVP Nikola Jokic was also a player found in the second round.