The OKC Thunder Might Have Already Peaked, But Their Reign Isn't Over

BusinessSportsMoneyThe OKC Thunder Might Have Already Peaked, But Their Reign Isn't OverByBryan Toporek,Senior Contributor.Forbes contributors publish independent expert analyses and insights. Bryan Toporek covers the NBA for Forbes Sports.Follow AuthorJun 02, 2026, 02:40pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.OKLAHOMA CITY, OKLAHOMA - NOVEMBER 28: Shai Gilgeous-Alexander #2 of the Oklahoma City Thunder slaps hands with teammate Chet Holmgren #7 and Jalen Williams #8 after a play during the first quarter [P at Paycom Center on November 28, 2025 in Oklahoma City, Oklahoma. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by William Purnell/Getty Images)Getty ImagesThe Oklahoma City Thunder's quest to become the first repeat NBA champions since the Stephen Curry- and Kevin Durant-led Golden State Warriors in 2017-18 is now over. Victor Wembanyama and the San Antonio Spurs made sure of that by beating them in Game 7 of the Western Conference Finals in OKC.Some are rushing to declare that the Spurs have already ended the Thunder's potential dynasty. After all, Wembanyama made mincemeat out of Thunder big man Chet Holmgren throughout the Western Conference Finals, which raised questions about his long-term place in OKC.The Thunder now find themselves at a tricky precipice, as both Holmgren and Jalen Williams are about to begin the 25% max contract extensions that they signed last offseason. Shai Gilgeous-Alexander's 35% supermax deal begins in 2027-28, too.The Thunder are heading into the offseason with 15 players already under contract, and they have the Nos. 12 and 17 picks in this year's draft, too. Since teams can only roster 15 players on standard contracts once the regular season begins, general manager Sam Pres...