The OKC Thunder’s Tough Financial Decisions Have Only Just Begun

The Oklahoma City Thunder, once poised for an NBA dynasty, now face significant financial challenges threatening their roster. General Manager Sam Presti recently traded Aaron Wiggins, Lu Dort, and Isaiah Joe for seven second-round picks, citing a "financial decision" to reallocate savings for future flexibility. This move comes as Jalen Williams and Chet Holmgren's max extensions begin, and Shai Gilgeous-Alexander's contract is set to jump by over $20 million next summer, consuming projected cap increases. The team must decide on Cason Wallace's extension by October or risk him becoming a restricted free agent. Further challenges loom in 2028, with key players like Isaiah Hartenstein, Jaylin Williams, Ajay Mitchell, and Jared McCain potentially hitting free agency. Despite a war chest of draft picks, more financially driven roster changes are anticipated in the coming two years as their core salary approaches the second apron.

Thirteen months ago, the Oklahoma City Thunder appeared to be on the precipice of becoming the NBA's next great dynasty. Now, it's unclear if they'll even be able to win another championship before finances blow their roster apart.

This offseason, the Thunder traded Aaron Wiggins and Lu Dort to the Atlanta Hawks and Isaiah Joe to the Detroit Pistons. They received zero players (and zero salary) along with seven second-round picks in return.

General manager Sam Presti told Justin Martinez of The Oklahoman that it was "a financial decision" to trade all three, thereby weakening the Thunder's depth in the midst of what once looked like a wide-open title window.

"The impression I have been given is that the savings generated this summer, and from being out of the tax the last several years, will be reallocated to future teams," Presti said. "Along with other new well-documented revenue streams, this will allow us to make more basketball-related decisions over the next several years.”

The Thunder will need to start doing that as soon as next summer.

Jalen Williams and Chet Holmgren began their respective 25-percent-of-the-cap max contract extensions this offseason, which is what spurred the Wiggins, Joe and Dort salary dumps. Next offseason, it's Shai Gilgeous-Alexander's turn.

The reigning two-time MVP is earning $40.8 million this coming season, which is slightly behind the $41.2 million of Williams and Holmgren. Next season, SGA is set to earn 35% of the salary cap, which is projected to be more than $60 million.

The cap is projected to increase by roughly $9 million in total. SGA's raise wipes out all of that and then some for the Thunder.

If the Thunder had all of their key contributors under contract for the next few seasons, that wouldn't be quite as problematic. They do have most of the roster already signed through 2027-28… with one glaring exception. If they don't sign Cason Wallace to an extension by October, he'll become a restricted free agent next offseason.

The Thunder might be willing to roll those dice. For every Walker Kessler who unexpectedly cashes in as a restricted free agent, there are guys like Jalen Duren, Peyton Watson and Bennedict Mathurin, all three of whom remain unsigned nearly a month into free agency.

As many as nine teams could enter next offseason with significant spending power, according to Spotrac's Keith Smith, but plenty will change between now and June. As top free-agent targets start signing extensions and flying off the board, other teams lose interest in preserving their cap space. Only three teams entered this summer with plenty of money to spend, while the Brooklyn Nets were the lone team to do so in 2025.

At the moment, Stephen Curry, Anthony Davis, Giannis Antetokounmpo, Nikola Jokić, Karl-Anthony Towns, Kawhi Leonard and Kevin Durant are among the players who could become free agents next summer. Plenty of those guys won't wind up testing the market either. As they re-sign, Wallace will rise up other teams' free-agent big boards.

The Thunder have until October to make a decision on Wallace either way. A few other dominoes may still have to fall this offseason before they'll feel comfortable engaging.

Isaiah Hartenstein and the Thunder have a mutual $26.9 million option that summer. If Hartenstein picks his up, it will be fully non-guaranteed on the Thunder's side unless they pick it up as well. His future in OKC may hinge on how fast of learners second-year center Thomas Sorber and rookie center Aday Mara are.

Fellow big man Jaylin Williams is also set to become an unrestricted free agent that summer. He isn't the only one, either. Ajay Mitchell is set to join him in unrestricted free agency, while Jared McCain and Nikola Topić will be restricted free agents.

Mitchell finished fifth in the Sixth Man of the Year race this past season after averaging 13.6 points, 3.6 assists and 3.3 rebounds in only 25.8 minutes per game. It was his second year in the NBA. McCain, a fellow 2024 draftee, averaged 10.4 points in only 18.0 minutes per game for the Thunder following his arrival at the trade deadline.

In the playoffs, Mitchell and McCain were even better. If both again prove to be playoff risers this coming season, their price tags will only go further up.

Topić hasn't gotten much of a chance with the Thunder yet. He tore his ACL ahead of the 2024 draft and missed what would have been his entire rookie season, and he missed the start of this past season after he was diagnosed with testicular cancer. Topić made his NBA debut in mid-February, but he played only 160 total minutes across 10 games.

With Wiggins, Joe and Dort gone, the Thunder might need to lean more heavily on Mitchell, Wallace, McCain and Topić alongside Gilgeous-Alexander. They also added a rookie point guard in No. 16 overall pick Bennett Stirtz, whom they traded up to acquire. Throw in Alex Caruso, and the Thunder's overall backcourt depth is still fine.

But when SGA's contract jumps by $20 million next offseason, can they afford to keep Wallace? If so, how many of Mitchell, McCain, J-Will and Topić will they pony up to retain in 2028?

The Thunder still have a sizable war chest of draft picks, so they could consider bigger shakeups if they fall short again. SGA, Holmgren, J-Dub, Hartenstein and Caruso alone are projected to cost $195.7 million in 2027-28. Add in the rest of the players whom they either have under contract or have team options on, and they're already hovering around the projected second apron.

Between larger roles for Wallace and Mitchell and the additions of Mara and Stirtz, the Thunder might not skip a beat despite salary-dumping Wiggins, Joe and Dort this offseason. But those won't be the last financially driven moves that the Thunder make over the next two years, no matter what Presti says.

Unless otherwise noted, all stats via NBA.com, PBPStats, Cleaning the Glass or Basketball Reference. All salary information via Spotrac and salary-cap information via RealGM. All odds via FanDuel Sportsbook.