Thunder Sign Chet Holmgren To Five-Year Max Extension

The Oklahoma City Thunder officially announced Chet Holmgren's contract extension on July 13th.

This follows the July 9th report by Shams Charania that Holmgren agreed to a fully-guaranteed, five-year maximum rookie contract extension. According to Bobby Marks, the deal starts at 25% of the projected 2026/27 salary cap, estimated to be worth $240 million over five years.

Holmgren, the second overall pick in the 2022 draft, overcame significant early career injuries. He missed the entire 2022/23 season with a foot injury. In the 2023/24 season, he started all games, averaging 16.5 points, 7.9 rebounds, 2.4 assists, and 2.3 blocks. A pelvic fracture limited him to 32 games in the following regular season (15.0 PPG, 8.0 RPG, 2.0 APG, 2.2 BPG), but he started all 23 playoff games (15.2 PPG, 8.7 RPG, 1.0 APG, 1.9 BPG), helping the Thunder win their first championship since relocating.

Holmgren joins MVP Shai Gilgeous-Alexander as Thunder players receiving max extensions. The team is also expected to pursue a max extension for forward Jalen Williams this offseason.

Initial reports suggest Holmgren's deal likely does not include the "Rose Rule" language that could increase its value based on individual accolades. While Charania mentioned a potential value reaching $250 million, exceeding even the maximum projected cap increase scenario ($246.6M), this higher figure may be an approximation.