FRIDAY, 8:19am: Miller's deal is worth about $2.2MM over three years, according to Marc J. Spears of Yahoo! Sports (via Twitter). It sounds like it's a minimum-salary deal, which would pay Miller $2,177,719 if he remained under contract for all three years. It's unlikely the deal is fully guaranteed.
Because the minimum salary exception can only be used to sign players for up to two years, the Nuggets figure to have used part of their mid-level exception to bring Miller on board.
THURSDAY, 4:22pm: The Nuggets have officially signed Miller, according to a team press release. It's not clear whether Miller simply accepted the team's required tender or whether the two sides worked out a different agreement, but either way, the Baylor product is now under contract.
9:53am: The Nuggets have ensured that Quincy Miller won't hit free agency this week by submitting a required tender for the 38th overall pick, according to Nate Timmons of Denver Stiffs. Agent Dwon Clifton confirmed to Timmons that Denver has tendered his client a non-guaranteed offer.
September 6th is the last day that NBA teams can tender contract offers to unsigned second-round draft picks in order to retain their draft rights. The player then has the opportunity to accept that one-year required tender, if he so chooses. By submitting the offer, the team also buys itself a little more time to negotiate further with the player, if he's unwilling to accept the tender.
According to Timmons, Clifton is confident that the two sides will work out a deal in the coming days, which seems to suggest that Miller isn't leaning toward just accepting the one-year, non-guaranteed deal. With 14 players on board so far, the Nuggets do have room to guarantee Miller's deal for their 15th roster spot.
As Chuck Myron of Hoops Rumors noted this week when he looked at the contract statuses of this year's second-round picks, the Baylor wing is one of a few second-rounders that remains unsigned.