Offseason analysis: Thunder spend big, Suns extend Booker, Heat land Powell
We've already covered the biggest transactions from the first couple days of NBA free agency and explored the underrated deals you may have overlooked, but summer is just heating up. Here are a few thoughts on the biggest deals of the offseason's second week.
Thunder extend J-Dub, Holmgren
Thunder sign Jalen Williams to 5-year extension worth up to $287M
Thunder sign Chet Holmgren to 5-year extension worth up to $250M
Thirteen years ago, the Thunder haggled over whether to give James Harden, the third member of their original Big Three, a max contract following Oklahoma City's first Finals berth. That financial conflict led to Harden's departure, and a Thunder team led by Kevin Durant and Russell Westbrook never got back to the Finals. Thirteen years later, there was no such haggling; the defending champion Thunder signed all three of Shai Gilgeous-Alexander, Williams, and Holmgren to maximum extensions over the last week. Those deals could be worth a combined $822 million in salary alone, with additional costs related to the NBA's luxury-tax system.
It should be well worth it, with the Thunder better positioned to reign atop the Association than any team since the Durant-era Warriors. Williams is already perhaps the league's best second option, a ruthlessly efficient three-level scorer and All-Defensive team selection. Meanwhile, Holmgren's been hampered by injury issues, making his extension the riskiest of the three, but the lithe 7-footer has been incredibly impactful when healthy. He is one of the best rim-protectors and floor-spacers among big men, an extremely sought-after combination in the modern game.
The Thunder will feel the tax and apron implications beginning in 2026-27, when extensions for Williams and Holmgren kick in (SGA's extension kicks in the following year). The team can try to skirt those punitive restrictions by declining a number of team options on important role players like Isaiah Hartenstein and Lu Dort. In addition, OKC can use its bevy of draft picks to restock the roster with cost-controlled rotation players on rookie-scale contracts.
It will be difficult to replicate the type of championship-level depth the Thunder enjoyed in 2024-25 and will enjoy again in 2025-26, but retaining their three stars for the foreseeable future was the most important thing. They can worry about the rest later.
Suns add 2 years to Booker's deal
Suns sign Devin Booker to 2-year, $145M extension
Usually, I'd tell anyone complaining about an NBA star's new contract that they're overreacting and they should think about the deal in terms of a percentage of the salary cap rather than as a raw dollar figure. However, that perspective doesn't quell my own concerns about this particular extension.
The Suns are in asset hell and NBA purgatory - not good enough to contend in the short term and lacking the draft capital required to tank or plan for the long term (they don't control their own first-round pick until 2032). That desperation clearly played a part in this decision, as Phoenix felt a need to lock up its franchise star for as long as possible. By extending Booker, the Suns ensured the four-time All-Star will be under team control for all but one of the seasons in which they owe their pick to a rival club. But Booker is also the fading Suns' only blue-chip trade asset, and they've severely diminished the value of that asset.
Booker still had three years left on what was a manageable contract for his age and stature. He's now owed a record average salary of $72.5 million in his age-32 and age-33 seasons. Other than the Suns themselves, who's going to want that deal on their books?
Kudos to Booker for cashing in and likely ensuring he'll spend the rest of the decade in the only NBA home he's ever known, but from a team perspective, this unnecessary extension seems like the definition of the sunk-cost fallacy.
Pelicans extend Jones
Pelicans sign Herb Jones to 3-year, $68M extension
While New Orleans' offseason has been puzzling thus far - from acquiring Jordan Poole to trading an unprotected 2026 first-rounder so the team could draft Derik Queen - extending Jones makes plenty of sense. The 26-year-old forward is coming off a down year that was derailed by a serious shoulder injury, but when healthy, Jones is one of league's best 3-and-D role players. In 2023-24, his third season, he finished fifth in Defensive Player of the Year voting and shot 41.8% from deep. Even if his shooting hovers around league average (his career mark is 36.6%), his all-world defense should make him a valuable starter for years to come.
The Pelicans now have him under contract through at least 2029 (Jones holds a player option for 2029-30). This was the maximum extension Jones and the Pelicans could've agreed to, and he should prove well worth it for New Orleans; his salaries in the tacked-on years account for only 12% of the cap.
3-team trade lands Powell in Miami
Heat acquire Norman Powell
Clippers acquire John Collins
Jazz acquire Kevin Love, Kyle Anderson, 2nd-round pick
The Heat are the clear winners here, having acquired the best player in the deal for very little (the 2027 second-round pick is from the Clippers). Powell is one of the league's best shooters, can play on or off the ball, and can start or lead Miami's bench unit. He's much more useful and impactful than either of Love or Anderson in the short term, and he'll be on an expiring contract in 2025-26, so there's no long-term risk attached to him either.
Though Collins fills the Clippers' years-long need for a power forward, it feels like Los Angeles has downgraded for the time being. Powell's departure makes the team's offense much more reliant on the aging duo of James Harden and Kawhi Leonard. That said, if this move clears the way for a cheap signing of Bradley Beal (in the event Phoenix buys him out), you could convince me that the Clippers are a more complete squad, especially after last week's signing of Brook Lopez.
Magic max out Banchero
Magic sign Paolo Banchero to 5-year extenstion worth up to $287M
This extension came as no surprise. Banchero's emerged as a franchise-changing All-Star for the Magic (along with Franz Wagner) despite some credible shooting concerns. Banchero's combination of size and creation skills allows him to bully whoever's guarding him, rise up over them, and draw fouls at an elite rate. In addition, his sheer strength has helped him become a better defender than he was projected to be out of college. Banchero's 3-point shooting and overall efficiency may leave something to be desired, but the 22-year-old already has an All-Star selection to his name and averaged at least 20 points per game in each of his three seasons. The former No. 1 overall pick was never getting less than the max with that kind of resume.
Now the big questions are whether he can live up to the expectations that come with this new deal and whether he can play his way into the most lucrative version of this contract. If the last few years are any indication, I wouldn't doubt him.
Spurs add Olynyk
Wizards trade Kelly Olynyk to Spurs for Malaki Branham, Blake Wesley, 2nd-round pick
Olynyk won't garner the attention of lottery picks like Dylan Harper or Carter Bryant, and the veteran center isn't even the best reserve San Antonio acquired in July (see Luke Kornet), but he's a nice buy-low addition to the Spurs' bench behind Victor Wembanyama. A career 37.1% 3-point shooter, Olynyk managed a 41.8% clip from deep between stops in Toronto and New Orleans last season. He averaged 10.7 points, 5.9 rebounds, and 3.6 assists in 25 minutes per game as a Pelican, overcoming back issues that slowed him earlier in the 2024-25 campaign. The 34-year-old will provide spacing, playmaking, and offensive connectivity off the Spurs' bench, teaming with Kornet to form one of the NBA's best reserve frontcourt duos.
Joseph Casciaro is theScore's lead NBA and Raptors reporter.