The Denver Nuggets came into Toronto on New Year's Eve 2025 looking like a shell of themselves. No Nikola Jokic. No Aaron Gordon. No Christian Braun or Cam Johnson. If you’re a betting person, you probably saw the Raptors as a 6.5-point favorite and thought it was easy money.
It wasn't.
Despite missing their three-time MVP and four regular starters, the Nuggets pulled off a 106-103 heist at Scotiabank Arena. It was one of those games that makes you question everything you know about roster depth. How does a team lose its entire identity and still walk out with a win against a healthy, surging Raptors squad?
The Heartbreak at the Buzzer
The ending was pure chaos.
Toronto thought they had forced overtime. Brandon Ingram—who has been absolute lightning for the Raptors this season—banked in a desperate three-pointer as the clock hit zero. The arena erupted. The "We The North" chants were deafening.
Then came the review.
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Slow-motion replays are the enemy of joy. The footage clearly showed the ball was still touching Ingram's fingertips by a fraction of a second when the red light flashed. Basket waved off. Game over. Nuggets win. Honestly, it was a brutal way to end the year for Toronto fans who watched their team claw back from a late deficit.
Toronto Raptors vs Denver Nuggets: The "How Did They Win?" Factor
Most people assume the Nuggets are just "Jokic and friends." That’s the common narrative. But this specific Toronto Raptors vs Denver Nuggets matchup proved that Denver’s developmental system is actually terrifyingly good.
With Jokic sidelined for at least a month with that hyperextended left knee, everyone looked at Jamal Murray to do the heavy lifting. He did his part with 21 points, including a clutch finger-roll layup with 13 seconds left that basically iced it. But the real story was Peyton Watson.
Watson exploded for 24 points. He wasn't just hitting open shots; he was active on the glass and playing "get-into-your-jersey" defense. He filled the void left by Aaron Gordon so well it made you wonder if he's ready for a permanent starting role.
The Scottie Barnes Triple-Double That Didn't Matter
Scottie Barnes is playing like a man possessed lately. He put up a massive triple-double in this game: 20 points, 14 rebounds, and 10 assists. It was his second triple-double in three games.
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When you watch Scottie, you see a guy who is finally comfortable being "The Guy." He was initiating the offense, crashing the boards, and finding Ingram (30 points) for easy looks. But basketball is weird. You can have the best player on the floor and still lose to a team that just refuses to go away.
The Raptors struggled with Denver's bench. Guys like DaRon Holmes and Jalen Pickett came in and played mistake-free basketball. It's frustrating for Toronto because they actually won the rebounding battle and forced more turnovers. They just couldn't buy a bucket when it mattered in the fourth quarter.
The Revenge of Big Val
There was a bittersweet moment for Raptors fans seeing Jonas Valanciunas back in the building. He was starting at center for Denver and looked like the "Big Science" of old, bullying people in the paint for 17 points and 9 boards in just 23 minutes.
Then, disaster struck for Denver (again).
Valanciunas limped off in the third quarter with a strained calf. At that point, the Nuggets were essentially playing without a center. They were small, they were tired, and they were on the road. Somehow, they still held the Raptors to just 103 points. That’s purely about grit.
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Why This Matchup Still Matters for the Standings
Even with the loss, the Raptors are sitting at 20-15. They are a legitimate threat in the East. Bringing in Brandon Ingram has changed their spacing entirely, and Immanuel Quickley (who had 22 in this one) provides that secondary scoring punch they desperately needed last year.
Denver moves to 23-10. They are surviving. That’s the only word for it. In the West, every win without Jokic is worth double in the long run. If they can stay above .500 while their superstar heals, the rest of the league is in trouble come April.
Key Takeaways from the Recent Matchup
If you’re looking at the box score or trying to figure out what to expect for the next time these teams meet, keep these points in mind:
- Peyton Watson is a Star in Waiting: He’s no longer just a "glue guy." His 24 points against Toronto showed a polished offensive game.
- The Ingram-Barnes Connection: It’s real. They are combining for nearly 50 points a night. The chemistry is ahead of schedule.
- Denver's Defensive Versatility: Even without their bigs, the Nuggets' perimeter defense (Bruce Brown and Murray) is stifling.
- The Review System: As much as we hate it, the 0.1-second difference in Ingram’s shot is why the Nuggets are leaving Canada with a "W."
What to do next:
Keep an eye on the injury report for the next two weeks. If the Raptors are going to make a move for a top-4 seed, they need to capitalize on this soft part of their schedule. For Denver fans, the focus is entirely on Jokic's re-evaluation. If he comes back early, the Nuggets might run away with the #1 seed. Check the local listings for the rematch; it's usually one of the most tactical games of the season because of the coaching battle between Darko Rajaković and Michael Malone.