Summary
Cancar has not shown much during his early years in the league, playing just over 350 total minutes of non-garbage time during his first three seasons, according to Cleaning the Glass. However, he played over 800 minutes of non-garbage time in '22-'23, although he was unable to get off the bench during the playoffs. He then tore his ACL playing in the World Cup and missed the entire '23-'24 season.

He has shot well from two thanks to solid finishing at the rim, but has been slightly below-average from three at 35%. The sample size is still pretty small, and he has shot better in the G-League, so there's a chance he could be closer to the high-30s going forward.

Defensively, Cancar has decent size for a forward but isn't the quickest when it comes to lateral movement, and isn't big enough to provide rim protection either. His block rate is poor and he doesn't rebound well on either side of the court.

Overall it's hard to see how Cancar provides value. He isn't the most athletic player, and doesn't do much else other than shoot, so his inability to hit shots at a high rate is even more discouraging. I would be surprised if Cancar gets any guaranteed money as a free agent in 2024, especially coming off a serious injury, but it's possible that the Nuggets just like him enough to keep him around.
 
Cap Considerations
Cancar has a $2.4 million team option for 2024-2025, and if that is declined he will be an unrestricted free agent with a $4.3 million cap hold and Full Bird rights, meaning the Nuggets would have no restrictions on re-signing him. 

Due to the increase in the salary cap, his minimum salary for '24-'25 is about $2k less than his team option amount, but the Nuggets could actually save money more than that by declining his team option and re-signing him to a minimum contract. The Nuggets would save some money toward their salary cap hit if Cancar re-signs rather than exercising his option, since his cap hit would reduce to just the amount for a two-year vet (under $2.1 million), but only if he re-signs on a one-year minimum contract.

If he becomes a free agent, other teams will have multiple ways to sign Cancar as even teams without cap space could possibly use any of the Non-Taxpayer MLE, Room MLE, Taxpayer MLE, or Bi-Annual Exception to sign him. It's also possible that Cancar could be had for the minimum, and he may not even get fully-guaranteed offers.