Former Gonzaga star signs lucrative contract extension with Oklahoma City Thunder

Chet Holmgren is staying in OKC for the foreseeable future

Oklahoma City Thunder forward Chet Holmgren (7) holds the NBA Finals Larry O'Brien Championship Trophy at the end of game seven of the 2025 NBA Finals at Paycom Center. | Alonzo Adams-Imagn Images

The Oklahoma City Thunder locked in an important piece to the franchise's future championship aspirations Wednesday, signing former Gonzaga standout Chet Holmgren to a five-year max rookie contract extension.

About two weeks after guiding OKC to its first NBA title, Holmgren inked a new fully guaranteed deal that could make him the highest-paid Gonzaga player in the NBA. The 7-footer's contract could reach up to $250 million in value, agent Bill Duffy of WME Basketball told ESPN's Shams Charania on Wednesday.

The Sacramento Kings signed Domantas Sabonis to a five-year, $217 million deal back in July 2023.

Holmgren, 23, played a pivotal role in helping the Thunder become the second-youngest team in NBA history to win a championship when it defeated Holmgren's former Gonzaga teammate Andrew Nembhard and the Indiana Pacers in Game 7 of the 2025 NBA Finals last month. He was especially stout on the defensive end of the floor with his ability to protect the rim and switch onto smaller guards out on the perimeter.

Breaking: Oklahoma City Thunder star and NBA champion Chet Holmgren has agreed to a fully guaranteed five-year maximum rookie contract extension that could reach $250 million, agent Bill Duffy of WME Basketball told ESPN. pic.twitter.com/PsdxZq275C

— Shams Charania (@ShamsCharania) July 9, 2025

With Holmgren's contract settled, the Thunder will look to lock in former Santa Clara standout Jalen Williams to a rookie extension, according to ESPN. The team signed league MVP and Finals MVP Shai Gilgeous-Alexander to a four-year, $285 million contract extension through the 2030-31 season.

Holmgren has battled through injuries since entering the league as the No. 2 overall pick in the 2022 draft, missing the entirety of his rookie season due to a Lisfranc fracture before being sidelined for three months with a hip injury he sustained early on in the 2024-25 season.

Holmgren returned to action in February, just in time to help lead the Thunder on a deep postseason run as the No. 1 seed in the Western Conference. He nearly averaged a double-double through the first two rounds of the playoffs with 15.7 points, 9.7 rebounds and 2.2 blocks per game against the Memphis Grizzlies and Denver Nuggets.

Holmgren finished with 20 or more points in three of OKC's five conference finals games against the Minnesota Timberwolves, propelling the Thunder to its first NBA Finals berth since 2012.

Holmgren recorded back-to-back double-doubles in the Finals against Indiana, becoming the first Gonzaga player to do so in a championship series since John Stockton. He saved his best defensive performance for last, blocking five shots — an NBA Finals Game 7 record — and adding 18 points and eight rebounds in the 103-91 series-clinching victory.

Holmgren averaged 15.0 points, 8.0 rebounds, 2.2 blocks and 2.0 assists across 32 appearances in the regular season. He shot 49.0% from the field, 37.9% from 3 and 75.4% from the free-throw line.

Holmgren is one of just three players in NBA history with 150 made 3-pointers and 250 blocks through their first two NBA seasons, along withVictor Wembanyama and Kristaps Porzingis.