The Oklahoma City Thunder have locked up another core member of their 2024-25 NBA champion team, as ESPN reported Wednesday that standout center Chet Holmgren has agreed to a five-year maximum rookie contract extension.

Holmgren's new deal will begin during the 2026-27 season and includes $239 m in guaranteed money, and also has incentives that could increase the total value to $250m.

The move comes a week after 2024-25 NBA MVP Shai Gilgeous-Alexander signed a four-year, $285m extension through 2030-31.

Holmgren returned from a fractured pelvis he sustained in November to become a big part of the Thunder's run to their first NBA title since the franchise moved from Seattle to Oklahoma City. The 7-foot-1 forward averaged 15.0 points, 8.0 rebounds and 2.2 blocks despite being limited to 32 regular-season games, but played in all of Oklahoma City's 23 post-season contests and averaged 15.2 points, 8.7 rebounds and 1.9 blocks.

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

During the 2023-24 season, Holmgren finished second to San Antonio Spurs superstar Victor Wembanyama in voting for the NBA's Rookie of the Year award after averaging 16.5 points, 7.9 rebounds and 2.3 blocks and playing in all 82 games.

Holmgren has emerged as an anchor of an Oklahoma City defence that held opponents to a league-low 43.6 field goal percentage in 2024-25, though he has missed extensive time with injuries since being taken by the Thunder with the second overall pick of the 2022 draft.

The 23-year-old missed the entire 2022-23 season recovering from surgery to repair a Lisfranc injury to his right foot, and was sidelined nearly three months this past season after fracturing his pelvis from a hard fall to the court in a game against the Golden State Warriors.

With both Gilgeous-Alexander and Holmgren now signed to long-term extensions, ESPN reports that the Thunder will next turn their focus towards a new deal for Jalen Williams. The All-Star forward is also eligible to sign an extension on his rookie contract this summer.