Stephen A Smith Floats Chet Holmgren Trade Idea After Game 1 Loss to Spurs

The Oklahoma City Thunder entered Monday night's Western Conference Finals opener looking like the deeper, younger, steadier contender.

They left Paycom Center with a bruising double overtime loss to the San Antonio Spurs, and with a fresh wave of questions surrounding Chet Holmgren.

While Victor Wembanyama delivered a historic playoff performance, finishing with 41 points, 24 rebounds, three assists, and three blocks in 49 minutes of action, Holmgren struggled to counter him on either end.

The Thunder big man ended with just eight points, eight rebounds, and two blocks on 2-of-7 shooting, and failed to impose himself on offense or defense.

Holmgren had trouble matching Wembanyama's length and physicality throughout the game, and became a lightning rod for criticism as Oklahoma City watched Game 1 slip away.

And on Tuesday morning, ESPN's Stephen A. Smith didn’t hold back, saying that if the Thunder lose this series largely because Holmgren doesn't rise to the moment, Oklahoma City should consider flipping him in a blockbuster trade for Giannis Antetokounmpo.

"Chet Holmgren… new salary kicks in at $41 million next season," Smith said, before floating a hypothetical package centered on Holmgren, two rotation players, and draft capital for Giannis.

“How about if I told you that, your Oklahoma City, and you’re willing to let go of Chet Holmgren and one of those young dudes, whether it’s Ajay Mitchell, Cason Wallace, Isaiah Joe, or whomever. If anybody can afford to let go of two players that are in the rotation, it is Oklahoma City, along with two first-round picks and two second-round picks for Giannis Antetokounmpo.

“Giannis in Oklahoma City with a (Isaiah) Hartenstein, with a Shai Gilgeous-Alexander, with a J-Dub, potentially with an Ajay Mitchell, potentially with a Cason Wallace, you’re only talking about two players, two first round picks, two second round picks for Giannis Antetokounmpo,” he added.

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Oklahoma City locked Holmgren into a five-year rookie max extension last offseason, a deal projected around $240 million, with the first year beginning in 2026-27 at roughly 25% of the salary cap.

That means the Thunder are rapidly approaching the expensive phase of roster building, with Shai Gilgeous-Alexander, Jalen Williams, and Holmgren all set to command premium money.

So far, Oklahoma City has not fully felt that financial pressure.

Holmgren is still playing on the final season of his rookie-scale contract, earning a fraction of what his extension will soon pay him. But beginning in 2026-27, his salary is expected to jump north of$40 million annually.

If Holmgren continues to underperform deep in the playoffs, it raises a difficult question: would now be the time for Oklahoma City to cash in its former No. 2 overall pick? And what if doing so meant landing a two-time NBA MVP and generational superstar in Giannis Antetokounmpo?

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For years, Oklahoma City's advantage has been flexibility, with young stars, depth, and a treasure chest of picks. But once max contracts start stacking, "potential" becomes more expensive than ever.

Enter Giannis.

Antetokounmpo has repeatedly surfaced in league speculation involving teams like the New York Knicks and Miami Heat, two franchises frequently mentioned as possible destinations.

Smith, however, insists that OKC might actually have a cleaner path than most suitors.

From a cap perspective, Holmgren's incoming $41.2 million salary creates a workable matching anchor, with Giannis set to earn roughly $58.45 million in 2026-27.

Add a pair of rotation contracts, like Cason Wallace, Isaiah Joe, or Ajay Mitchell, as Smith suggested, plus draft compensation from OKC's enormous stockpile, a dozen first-rounders through 2032, and the Thunder could build a legally viable, highly competitive offer.

A "win now" Thunder core of Giannis, Shai, Jalen Williams, and Isaiah Hartenstein would be terrifying.

But the long-term implications are equally glaring.

Trading Holmgren would mean abandoning a 24-year-old All-Star whose timeline naturally aligns with Shai and J-Dub.

It would also mark a dramatic departure from Oklahoma City's blueprint. The Thunder have spent years preaching patience, development, and sustainability. Going all-in for Giannis would send a different message entirely.

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This story was originally published May 19, 2026 at 12:44 PM.