Two down, one to go. The Oklahoma City Thunder checked off another item on their busy offseason. They signed Chet Holmgren to a five-year, $250 million extension. There are some wrinkles in the deal, but the 23-year-old is under contract with the NBA champion through the 2030-31 season.

Technically speaking, neither Holmgren nor Banchero is actually eligible for the numbers they signed for. A four-year veteran, as both will be after this season when their new deals kick in, is eligible for a new contract at 25% of the cap that comes with 8% annual raises.

Chet Holmgren has agreed on a five-year contract extension worth nearly $240 million to remain with the NBA champion Oklahoma City Thunder, per multiple reports. ESPN, which first reported the deal, citing agent Bill Duffy, said it could eventually be worth $250 million because of various contract escalators.