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According to several sources, Chet Holmgren has finalized a five-year contract extension with the NBA champion Oklahoma City Thunder, valued at nearly $240 million.
Chet Holmgren of OKC has secured a rookie max extension – as reported by ESPN: https://t.co/DEyO0xzoU2
— Shams Charania (@ShamsCharania) July 9, 2025
ESPN, which broke the news, referenced agent Bill Duffy and indicated that due to various contract incentives, the deal could eventually reach up to $250 million.
This marks the Thunder’s second significant contract extension since clinching the NBA title last month. Previously, Kia MVP, NBA Finals MVP, and reigning scoring champion Shai Gilgeous-Alexander signed a four-year extension worth $285 million.
Additionally, the Thunder may look to extend Jalen Williams—another key player from their championship roster—thereby securing their entire young core for many years to come.
Holmgren is set to earn $13.7 million in the upcoming season, the final year of his rookie contract, before his salary increases to approximately $41 million for the 2026-27 season as part of his extension.
During the previous season, Holmgren averaged 15 points, 8 rebounds, 2 assists, and 2.2 blocks per game while shooting an impressive 49% overall and 37.9% from beyond the arc.
He was selected as the No. 2 pick in the 2022 NBA Draft, just behind Paolo Banchero of the Orlando Magic, but missed his entire rookie year due to a foot injury. In the 2023-24 season, he participated in all 82 games, contributing to the Thunder’s progression to the Western Conference semifinals, though he was limited to 32 games last season due to a hip injury.
Holmgren played a crucial role throughout the Thunder’s playoff journey, averaging 15.2 points and 8.7 rebounds over 23 postseason games—culminating in Oklahoma City defeating Indiana in a thrilling seven-game NBA Finals.
The way Holmgren recovered from his injury left a significant impression on Thunder general manager Sam Presti during their title run.
“Throughout the season, we faced considerable challenges,” Presti commented last month during his end-of-season debrief with journalists. “Ultimately, these challenges shaped us into the team we became, as we navigated different lineups and adapted to playing without key players, then reintegrating them back into a team that was already performing well. Chet is just one example of this dynamic, but we had many others.”
This report utilized information from The Associated Press.
