Oklahoma City, Chet Holmgren agree to five-year max contract extension

After helping the Oklahoma City Thunder to its first title, the team’s core is being rewarded. First, Shai Gilgeous-Alexander was rewarded with the largest contract in NBA history (four years, $285 million).

Now it’s Chet Holmgren’s turn. The Thunder and Holmgren have agreed to a max rookie contract extension, reports Shams Charania of ESPN. The report says the contract can be worth up to $250 million over five years, while ESPN’s Bobby Marks notes that, as constructed, this would be 25% of the NBA salary cap (which is at $165 million). This appears to be a straight five, with no team or player options. Holmgren will play one more season on his rookie contract ($13.7 million) before this new deal kicks in.

Holmgren demonstrated his value during the Thunder’s run to the NBA title, averaging 15.2 points, 8.7 rebounds, and 1.9 blocks per game during the playoffs. Last regular season, Holmgren averaged 15 points, 8 rebounds and 2.2 blocks a game but played in just 32 games due to a pelvic fracture.

That is the risk for the Thunder in this — the No. 2 pick in the 2022 NBA Draft, Holmgren did not play his first year after being selected due to a foot injury. He played 82 games the following season and was second in Rookie of the Year voting, but then was limited again this season. The Thunder need him to stay healthy.

With Gilgeous-Alexander and Holmgren locked up, all eyes turn to Jalen Williams, who was also part of the 2022 draft class and is extension-eligible this summer. Williams will also get a max extension coming off an All-NBA season for him. In a couple of years (2026-27), when all these extensions kick in, the Thunder will have some hard choices to make in order to keep their payroll out of the second apron. The NBA’s luxury tax system is coming for the Thunder, but not for a year.