Summary
As a 29-year old rookie, Campazzo brought some experience to the Nuggets and helped fill in for Jamal Murray and Monte Morris, who both missed some time during the '20-'21 season. Campazzo continued to get steady minutes in '21-'22, as Murray missed the entire season recovering from his torn ACL. Campazzo's size limits him offensively, as he has trouble getting to the rim or getting shots off inside the arc. Over 60% of his attempts have come from three-point range. After having close to league-average efficiency in '20-'21 by posting an eFG% of 50.7%, his eFG% dipped down to 47.3% in '21-'22, driven by him only hitting 23% from three.

Campazzo is a solid play-maker, and while he didn't rack up a ton of assists, his assist to usage ratio (which measures how often a player gets an assist given how much they get the ball) is well above-average, according to Cleaning the Glass. Due to his size, he has the potential to be a target defensively in the playoffs, but he has fared decently on that end. He will hound ball-handlers, get into their body, be physical, and make life difficult. He also is pretty quick laterally, and has been near the top of the league in steal rate. As a backup point guard I think you can get away with him for limited minutes against second units, although his offensive limitations would be more glaring when the games matter most and teams decide not to guard him.

Campazzo will already be 31 as a free agent in 2022, so I wouldn't expect him to get any long-term offers, but teams could see him as a reliable point guard that can fill in during the regular season when injuries occur.
 
Cap Considerations
Campazzo will be a restricted free agent with a $4.2 million cap hold, a $4 million Qualifying Offer, and Early Bird rights. However, the Nuggets may not tender him a QO, which would make him an unrestricted free agent. If the Nuggets re-sign Campazzo using the Early-Bird Exception, they could offer him a starting salary of up to 105% of the average salary this past season (roughly $10.9 million). 

Since Campazzo will only have two years of service, he will be subject to the Gilbert Arenas provision if he is a restricted free agent. This means that any offer sheet he signs with a team besides Denver can have a starting maximum salary of $10.3 million, but the third and potentially fourth years of that contract can have a large jump (up to the max). His cap hit would then be the average salary over the life of the contract.

If the Nuggets match, they could choose for his cap hit to either be his actual salary per season or the average over the life of the contract, provided the average fits within the Early Bird Exception. I do not expect the Gilbert Arenas provision to come into play for Campazzo, as I think the Nuggets may not tender him the QO with Jamal Murray returning and Monte Morris still under contract, and even if they do I would expect any offers for Campazzo to within the full Non-Taxpayer MLE. I would also expect Campazzo to only get offers within the Taxpayer MLE, so even teams over the cap and into the tax have a shot at signing him. There's also a chance he could be signed for the minimum.