The Oklahoma City Thunder are signing Chet Holmgren to a fully guaranteed five-year maximum rookie contract extension. Agent Bill Duffy of WME Basketball told ESPN on Wednesday morning that Holmgren has agreed to the extension which could reach $250 million. The fully-guaranteed pact, which does not include a player or team option, will tie Holmgren to the Thunder through the 2030-31 season.

This is the second major contract extension the Thunder have extended since defeating the Indiana Pacers in the NBA Finals. Reigning NBA MVP Shai Gilgeous-Alexander agreed to a four-year, $285 million deal on July 1st.

Holmgren, the former No. 2 overall pick out of Gonzaga, has averaged 16.1 points, 7.9 rebounds and 2.3 blocks per game in two seasons with Oklahoma City. After missing three months during the season after he broke his pelvis, Holmgren, 23, returned in February to help lead the Thunder to the NBA title, and finished the season averaging 15 points, 8 rebounds and 2.2 blocks while shooting 49% from the field and 37.9% from 3-point range. He played in all 23 games during Oklahoma City’s title run, blocking a record five shots in the Thunder’s Game 7 NBA Finals victory over the Indiana Pacers.

Holmgren also missed his entire first NBA season due to a ligament tear in his right foot, and played just 46% of regular-season games in his career.

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