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Oklahoma City Thunder forward Chet Holmgren agreed to a five-year extension worth $250 million, which surprised some, as Holmgren will earn an annual salary of over $41 million after missing three months of the 2024-25 campaign. That figure leaps to over $51 million on the backend of year four and five of the season. The second overall pick in the 2022 NBA Draft is technically coming off his sophomore year with the Thunder.
Holmgren will join the likes of Philadelphia 76ers All-Star Joel Embiid, Denver Nuggets All-Star Nikola Jokic, and New York Knicks All-Star Karl-Anthony Towns as bigs making $50 million or more next season despite never making an All-Star team. However, he was a key catalyst in the Thunder capturing its first title in franchise history, and a hefty raise is a byproduct of that, as well as Oklahoma City’s championship window.
After missing his entire rookie season due to a foot injury, a hip fracture left Holmgren sidelined for the first half of last season before returning without missing a step post-All-Star break. Still, could signing Holmgren to such a deal turn out to be a devastating mistake, considering his history with long-term injuries, or is he on the cusp of ascending into a star?
That was the question Thunder GM Sam Presti and his front office had to ask themselves heading into free agency, coming off a championship run with a historically elite defense — one that Chet played a significant part in. He contested 93% of opponents’ shot attempts as the closest defender, the second-highest rate in the league since the start of last season. He led the NBA in field goal percentage allowed on layups and dunks in the previous season among players to contest 100-plus shots, according to GeniusIQ.
And, Holmgren allowed the lowest field goal percentage (33%) of anyone who defended at least 40 shots in this year’s NBA Finals, per ESPN tracking.
After averaging 15.0 points on 49% shooting, including 37.9% from deep, 8.0 rebounds, and 2.2 blocks in 32 regular-season games, Holmgren’s offensive production dipped in the postseason. Still, his presence was often most felt on the opposite end of the floor for the Thunder. Most memorably, his five blocks out of 11 total in the NBA Finals against the Indiana Pacers occurred in Game 7, setting a new record for blocks in an NBA Finals Game 7.
And, his plus-169 plus-minus was the best mark of any player in the 2025 postseason, according to ESPN Research. While some may view Chet Holmgren’s $250 million figure over five seasons as overpay, or a risk for Oklahoma City, it’s one worth taking in the 23-year-old champion big with plenty of upside as the Thunder’s third option to their reigning MVP Shai Gilgeous-Alexander and All-NBA star Jalen Williams.
Grade: B
Will Jalen Williams receive the next Thunder rookie max extension?
Thunder All-Star Jalen Williams is eligible for a rookie max extension as he and his teammate Chet Holmgren were selected in the same draft class in 2022. Williams blossomed into an All-Star in the 2024-25 season, earning his first selection before being named to the All-Defensive Second Team and the All-NBA Third Team.
After the Thunder captured the 2025 NBA championship, analysts were waiting to see how the front office would approach the two 2022 first-round draftees who helped MVP Shai Gilgeous-Alexander, who became the highest-paid player in the NBA this summer, lead the Thunder to glory, per ESPN’s Bobby Marks.
“Holmgren and Williams are eligible to sign up to a five-year, $247 million extension. The total value could increase to $296 million if MVP, All-NBA, and Defensive Player of the Year escalator clauses are included,” Marks wrote. “The increase in salary will only occur if either player reaches one of the three criteria for the 2025-26 season.”
Williams and the Thunder should be heading toward a new extension sometime soon.
