After finishing the 2023-24 season as the top seed in the Western Conference, expectations were high for the Oklahoma City Thunder in 2024-25. Eliminated in the second round of the playoffs, Oklahoma City made a few key additions during the offseason, signing Isaiah Hartenstein and acquiring Alex Caruso in exchange for Josh Giddey. Even with their lack of experience, Mark Daigneault's team entered this season loaded and had the look of a potential title contender. Sure enough, Oklahoma City took a significant step forward. Once again, they finished atop the Western Conference, winning 68 games during the regular season.
Shai Gilgeous-Alexander won his first MVP award and Jalen Williams took another step forward in his development. Boasting one of the deepest squads in the NBA, Oklahoma City won its first NBA title, outlasting the Pacers in a classic, seven-game series. Given the draft capital at lead executive Sam Presti's disposal and the amount of talent that remains under contract for the foreseeable future, did a dynasty begin when Adam Silver handed Oklahoma City the Larry O'Brien trophy?
Oklahoma City Thunder 2024-2025 Season Review
Record: 68-14 (1st, West)
Offensive Rating: 119.2 (3rd)
Defensive Rating: 106.6 (1st)
Net Rating: 12.7 (1st)
Pace: 100.90 (5th)
2025 NBA Draft Picks: 15 (from Miami via LA Clippers), 24 (from LA Clippers), 44 (from Atlanta)
Some questioned whether or not a second-round playoff exit was enough experience for the Thunder to draw on as they looked to win an NBA title this season. However, Hartenstein made multiple playoff appearances in his prior stops, and Caruso was part of the Lakers' championship team in 2020. And while experience can be the best teacher, talent and depth are just as important, especially in an era in which seven different franchises have won the title in the last seven years.
Oklahoma City won its first seven games and never looked back. Daigneault's team would rip off a 15-game win streak in December, which did not include their loss to Milwaukee in the In-Season Tournament final (that game did not impact official records or stats). During the regular season, the Thunder enjoyed five separate win streaks of at least seven games, and they finished atop the Western Conference standings by a staggering 16 games.
After sweeping Memphis in the first round of the playoffs, Oklahoma City needed seven games to dispatch the Nuggets in the second round. Back in the Western Conference Finals for the first time since 2016, the Thunder eliminated Minnesota in five games to make their first NBA Finals appearance since 2012. While the finals shifted for good when Tyrese Haliburton suffered a ruptured Achilles tendon during the first quarter of Game 7, this was an elite series filled with high-level performances. Gilgeous-Alexander won series MVP, but Jalen Williams' 40-point Game 5 won't be forgotten by Thunder fans anytime soon.
From a fantasy standpoint, the Thunder roster boasts a lot of quality with SGA and J-Dub leading the way. Chet Holmgren was limited to 32 games this season due to injuries, most notably a fractured hip, but he's a safe bet to provide excellent fantasy value when available. Based on his ADP, Hartenstein exceeded expectations, as did second-year guard Cason Wallace. With the key contributors from Oklahoma City's run to the title all under contract for next season and the team holding two first-round picks in Wednesday's draft, this could be the start of a dynasty in Oklahoma City.
Fantasy Standout: Shai Gilgeous-Alexander
After finishing fifth and second in the Most Valuable Player voting the prior two seasons, Gilgeous-Alexander took another step forward in 2024-25. He became the first player since Shaquille O'Neal in 2000 to lead the league in scoring while also winning MVP and NBA Finals MVP, and those who drafted SGA certainly reaped the rewards. In 76 regular season games, he averaged 32.7 points, 5.0 rebounds, 6.4 assists, 1.7 steals, 1.0 blocks and 2.1 three-pointers, shooting 51.9 percent from the field and 89.8 percent from the foul line.
Gilgeous-Alexander also shot 37.5 percent from three, his highest percentage since the 2020-21 campaign (40 percent), on a career-high 5.7 attempts per game. He entered the 2024-25 season with a Yahoo! ADP of four, and that number should be higher in 2025-26. Is SGA worthy of consideration for pick 1.1 in fantasy drafts? Nikola Jokić may remain the preferred option of many, but Gilgeous-Alexander's name should come up, especially if San Antonio's Victor Wembanyama remains in the conversation despite being limited to 46 games due to injury.
Fantasy Revelation: Cason Wallace
After recording modest numbers during his rookie season, Wallace was not on the radar for many fantasy managers ahead of the 2024-25 campaign. However, Holmgren's hip injury opened the door for him to provide far greater value than many anticipated. Starting 43 of the 68 games he appeared in, Wallace averaged 8.4 points, 3.4 rebounds, 2.5 assists, 1.8 steals and 1.1 three-pointers. He would finish the season as a top-100 player in nine-cat formats.
While Wallace was not a player who had to be rostered in standard leagues, due to Holmgren's return and Mark Daigneault's willingness to also use Isaiah Joe and Aaron Wiggins, it was easy to justify having him, especially for fantasy managers who needed defensive stats in their weekly matchups. Wallace will likely be a late-round pick in drafts in the fall due to Oklahoma City's plentiful options. But, as seen this season, he's capable of providing greater value than anticipated.
Fantasy Disappointment: Chet Holmgren
Holmgren being a fantasy disappointment has nothing to do with his production and everything to do with the availability. A fractured hip suffered during a November 10 loss to the Warriors sidelined the second-year forward/center for nearly three months. With the Thunder taking a measured approach to Holmgren's return, and rightfully so, fantasy managers had to craft their rosters with the expectation that minutes would be limited and he would not be available for both games of back-to-backs. The good news is that Chet had solid availability during the fantasy playoff weeks, especially in leagues that ran into early April.
Limited to 32 games, he averaged 15.0 points, 8.0 rebounds, 2.0 assists, 0.7 steals, 2.2 blocks and 1.4 three-pointers, shooting 49.0 percent from the field and 75.4 percent from the foul line. A top-50 player in nine-cat formats, Holmgren was a sixth-round player in eight-cat, per-game value. Unfortunately, the hip injury torpedoed his value in points leagues. Sandwiched in between a foot injury that sidelined him for the entire 2022-23 campaign and this championship season was a 2023-24 in which Holmgren played all 82 games. Fantasy managers certainly hope his availability in 2025-26 will align more with that season than the other two.
Fantasy Recaps/Look-Aheads
Jalen Williams
Based on his Yahoo! ADP of 36, many fantasy managers expected Williams to be a top-50 player at minimum. In nine-cat formats, he exceeded those expectations, finishing the season ranked 24th according to Basketball Monster. Williams appeared in 69 games, averaging 21.6 points, 5.3 rebounds, 5.1 assists, 1.6 steals, 0.7 blocks and 1.8 three-pointers while shooting 48.4 percent from the field and 78.9 percent from the foul line. And J-Dub's versatility was on full display, with point guard being the only position that he was ineligible for in Yahoo! leagues. Due to the injuries suffered by Holmgren and Hartenstein, there were times when Oklahoma City employed Williams as a small-ball center, and he held his own defensively.
Williams finished the regular season with career-high averages in points, rebounds, assists, steals, blocks and three-pointers, earning third-team All-NBA honors. He scored at least 30 points in seven games, headlined by a 41-point effort in a March 2 win over the Spurs. During Oklahoma City's run to the championship, Williams had three games of at least 32 points, including the 40-point night he enjoyed in Game 5 of the NBA Finals. A third-round pick in most drafts ahead of this season, Williams may not be on the board at that point going into the 2025-26 campaign.
Isaiah Hartenstein
Given the Knicks' limitations in what they could offer Hartenstein in free agency last summer, it was unsurprising that Oklahoma City swooped in to sign the 27-year-old center. While limited to 57 regular-season games due to injury, iHart enjoyed the most productive season of his NBA career to date. Making 53 starts, he averaged 11.2 points, 10.7 rebounds, 3.8 assists, 0.8 steals and 1.1 blocks in nearly 28 minutes per game, shooting 58.1 percent from the field and 67.5 percent from the foul line. Hartenstein recorded career-best averages in points, rebounds and assists, providing excellent value in his first season with the Thunder. A sixth-round player in eight- and nine-cat per-game formats, iHart exceeded his Yahoo! ADP (82) by a safe distance.
A non-displaced fracture in his left hand delayed Hartenstein's official Thunder debut until November 20, and there would be a five-game absence in January due to a left soleus strain. Outside of those absences, there would not be another instance in which Hartenstein missed more than two games in a row until Oklahoma City's final three games of the regular season. During the playoffs, he would start all but the first three games of the NBA Finals, with Daigneault going back to his usual starting five ahead of Game 4. Hartenstein's ADP entering this season was fair, but he's likely to go a bit earlier in drafts after a stellar debut season in Oklahoma City.
Alex Caruso
When Caruso was acquired from the Bulls last June in exchange for Josh Giddey and a trade exception, most of the basketball world was stunned that Oklahoma City did not have to give up any of its plentiful draft capital. While injuries limited Caruso to 54 appearances during the regular season, it was evident during the postseason that the Thunder made out like bandits in the trade. The combination of athleticism, strength and toughness makes Caruso a player who can be used in a variety of roles defensively, as evidenced by him taking on the challenge of guarding Denver's Nikola Jokić during Oklahoma City's Game 7 rout in the second round.
Coming off the best offensive season of his career, Caruso's scoring dipped in 2024-25, an unsurprising development due to Oklahoma City's depth and his minutes being managed. He averaged 7.1 points, 2.9 rebounds, 2.5 assists, 1.6 steals, 0.6 blocks and 1.1 three-pointers in 19.3 minutes, shooting 44.6 percent from the field and 82.4 percent from the foul line. That production was good for 10th-round value in nine-cat formats and 12th-round value in eight-cat formats, according to Basketball Monster. Caruso did not meet or exceed his Yahoo! ADP (103), but no one would consider him a fantasy liability. Having agreed to an extension in December, he's under contract through the 2028-29 season. The key for Caruso will be to remain healthy, as he's capable of providing top-100 value when available.
Luguentz Dort
One of the NBA's best defenders, Dort has made notable strides as a perimeter shooter. This season, he shot a career-high 41.2 percent from three on 5.8 attempts per game after making 39.4 percent of his attempts in 2023-24. While there can still be moments when Dort struggles, he's been far more consistent the last two years. In 71 games, all starts, he averaged 10.1 points, 4.1 rebounds, 1.6 assists, 1.1 steals and 0.5 blocks while shooting 43.5 percent from the field and 71.7 percent from the foul line.
The improved three-point production has boosted Dort's fantasy value, as he was a 10th-round player in nine-cat formats while his eight-cat value aligned with his Yahoo! ADP of 142. In addition to the three-point production, Dort recorded a career-high average in steals. As good as he is defensively, that does not always result in steals and blocked shots, which may limit Dort's fantasy ceiling. Ahead of the 2025-26 season, he should remain a player who's targeted in the later rounds of standard league drafts.
Aaron Wiggins
In his fourth NBA season, Wiggins took a considerable leap forward in his production. Starting 26 of the 76 games he played, Wiggins averaged 12.0 points, 3.9 rebounds, 1.8 assists, 0.8 steals and 1.7 three-pointers, recording career-best marks in each of those categories. He shot 48.8 percent from the field and 83.1 percent from the foul line and was especially valuable to fantasy managers when Oklahoma City was without Holmgren.
Along with Wallace and Isaiah Joe, Wiggins was one of the options consistently considered by Daigneault to help fill the void. While this led to some maddening times for managers hoping to see one option rise above the rest, all three being capable streamers at various points was a fitting outcome for the eventual NBA champions. Like Wallace, Wiggins will likely be a player who's viewed as being worthy of a late-round roll of the dice in drafts next fall.
Isaiah Joe
Like Wallace and Wiggins, Joe also enjoyed the most productive season of his NBA career in 2024-25. In 74 appearances, 16 being starts, he averaged 10.2 points, 2.6 rebounds, 1.7 assists, 0.6 steals and 2.6 three-pointers in 21.7 minutes. Joe shot 41.2 percent from three on 6.3 attempts per game, and there were ten games in which he made at least five triples. Joe also recorded three 30-point games during the regular season, including a January 10 win over the Knicks in which he shot 8-of-11 from beyond the arc.
His best performance was an April 11 win over the Jazz in which he tallied 32 points, five rebounds, nine assists, two steals and 10 three-pointers, but the season was finished for most fantasy managers by that point. While Wallace and Wiggins were superior options this season, Joe was no slouch, either. Even if he is not selected in standard drafts in the fall, there will be points during the 2025-26 season when Joe will be worth picking up off the waiver wire.
Jaylin Williams
Among the players who received consistent rotation minutes during the regular season, Williams may be the lone question mark for the Thunder heading into the summer as the team holds an option on his contract. However, it's worth a little under $2.2 million, and Jay Will provides another option behind Holmgren and Hartenstein when needed, which should bode well for a return. Due to a strained hamstring, Williams did not make his season debut until just before Christmas. The good news is that he would not miss more than two games in a row again until April, when a sprained left ankle sidelined Williams for four contests.
In 47 games, he averaged 5.9 points, 5.6 rebounds, 2.6 assists, 0.5 steals, 0.6 blocks and 1.3 three-pointers, recording career-best marks in points, rebounds, assists, blocks and three-pointers. While Williams won't be worth selecting in most fantasy drafts, there should be points when he's useful as a streamer.
Restricted Free Agents: Branden Carlson, Alex Ducas, Adam Flagler
Team Option: Jaylin Williams, Ajay Mitchell
