Chet Holmgren and the Oklahoma City Thunder have agreed to a fully guaranteed five-year maximum rookie contract extension that could reach $250 million if he hits certain escalators. Holmgren could qualify for the Rose rule provision by making an All-NBA team or winning Defensive Player of the Year. Holmgren is represented by Bill Duffy and could have become a restricted free agent in 2026. 

Holmgren averaged 15.0 points, 8.0 rebounds, 2.0 assists and 2.2 blocks in 27.4 minutes across 32 games last season with the Thunder. Holmgren returned from his broken pelvis to help Oklahoma City win their first championship in franchise history. In 23 playoff games, Holmgren averaged 15.2 points, 8.7 rebounds and 1.9 blocks in 29.8 minutes with a PER of 18.9. 

Holmgren also missed his entire rookie season due to a ligament tear in his right foot. When healthy, Holmgren has been one of the NBA's best young two-way bigs.

The Thunder selected Holmgren with the second overall pick in the 2022 draft out of Gonzaga. Oklahoma City went on to select Jalen Williams with the 12th overall pick out of Santa Clara. Williams and the Thunder are also expected to agree to a rookie max extension in the coming days. Williams is also represented by Duffy as well as Justin Haynes.