Chet Holmgren

OKC · 2025-26Below apron
Contract
$13.7M / yr · 6 yrs · $264M left
Bargainunder these assumptions

Top-4 surplus deal of 178 tracked contracts

Investment Memo

Chet Holmgren projects to 7.7 marginal wins — $27.1M of on-court value — against an apron-adjusted true cost of $13.7M.

Bargainunder these assumptions
AASV (surplus)+$13.4M
Production value$27.1M
True cost$13.7M
Surplus vs. cost+98%
Rank, tracked deals4th of 178

Top-4 surplus deal of 178 tracked contracts

Trade now

Still worth +$13.4M of surplus today, but elevated forward risk on $264M argues for selling into strength rather than riding the decline.

The Memo
Value thesis

For $13.7M this season (6 yr, $264M total), you are buying 7.7 marginal wins of EPM production — $27.1M of value at $3.5M/win. Against an apron-adjusted true cost of $13.7M, that nets +$13.4M of surplus, 4th of 178 tracked contracts — it grades as a bargain.

Upside case / Downside case
Upside case

If wins price up toward $4.2M/win and the apron tax eases, production value climbs to $35.5M and surplus swings to +$21.8M — a bargain in the optimistic case.

Downside case

If a marginal win is worth less and the apron bites harder, true cost rises to $13.7M and surplus falls to +$6.0M — a bargain in the pessimistic case.

Risk factors
Aging / decline (proxy)ElevatedImpact has moved -0.7 across tracked seasons; $264M runs 6 more years. No ages in the data — this is a trend/exposure proxy.
Commitment sizeSevere$264M still owed across 6 years — $13.7M on this season's books.
Apron exposureLowBelow the apron — the $13.7M cap hit and true cost are one and the same.
Assumption sensitivity
Chet Holmgren — AASV under bear / base / bull assumptions+$6.0M+$21.8M
Bear+$6.0M
Base+$13.4M
Bull+$21.8M
What the other desks say
The Consensus

The market's own numbers: a win costs what the middle of the league pays for it.

Bargain
The Accountant

Every apron dollar is real money — the tax ledger, not the highlight reel, decides who wins the summer.

Bargain
The Ring Chaser

Banners hang forever. A marginal win today is worth almost any tomorrow, and the tax is the cost of doing business.

Bargain
The Rebuilder

Wins you buy before you're ready are the most expensive wins in basketball — flexibility is the only asset that never ages.

Fairly priced
The Skeptic

The tenth man is closer to the star than the star's agent admits — pay for scarcity you can prove, not reputation.

Bargain

1 of 5 desks disagree with the verdict above — that disagreement is the story.

Comparable contracts

Similar money band ($15.3M vs $13.7M) and impact (2.3 vs 3.4); his deal grades fairly priced at +$2.2M.

+$2.2M

Similar money band ($6.6M vs $13.7M) and impact (4.6 vs 3.4); his deal grades bargain at +$32.8M.

+$32.8M

Similar money band ($13.9M vs $13.7M) and impact (0.2 vs 3.4); his deal grades albatross risk at −$10.3M.

−$10.3M
The Model

How the model gets there.

The audit trail behind every figure in the memo above — six steps from raw on-court impact to the final surplus verdict, using the same sliders. Drag any assumption and the memo above updates with it.

Model Assumptions

AASV = wins × $/win − cap hit × apron multiplier. Set the knobs to your own front-office judgment — every number on this page updates live.

$3.5M
What one marginal win costs on the open market.
1.50×
How much a first-apron team's dollar really costs (tax bill, shrinking roster tools).
2.00×
The punitive tier — frozen picks, no salary aggregation, repeater tax.
Step 1 · On-court impact

League estimated net rating (per 100 poss. vs. an average player), cached from stats.nba.com (seed snapshot).

Est. Impact = 3.4 · 2025-26 · 68 games · 2,100 minutes

Step 2 · Impact → marginal wins

Impact is credited above replacement level (-2.0), scaled by the possessions he actually played (minutes × 2.08/min), then converted at 30.5 net points per win.

(3.4 − (-2.0)) × 4,375 poss ÷ 100 = 236 net pts
236 ÷ 30.5 = 7.7 wins

Step 3 · Wins → production value

Wins are priced at your $/win setting ($3.5M per win).

7.7 wins × $3.5M = $27.1M

Step 4 · What the contract truly costs
Below apron

OKC is a below apron team, so every Chet Holmgren dollar is charged at 1.00× — your setting for what that tier’s tax and roster restrictions really cost. Contract: 6 yrs · $264M remaining.

$13.7M cap hit × 1.00 = $13.7M

Step 5 · Apron-Adjusted Surplus Value

$27.1M$13.7M = +$13.4M

Chet Holmgren out-produces his true cost under these assumptions — a surplus asset.

Step 6 · Season-over-season impact
Chet Holmgren — est. impact trend
-0.62.04.72023-242024-252025-26

Chet Holmgren's impact is trending down (-0.7 across tracked seasons) — that decline is a direct input into the elevated aging-risk grade on the years still owed.