Oklahoma City opens at San Antonio tonight with a 0-0 record and a set of figures that still describe the club: a 64-18 season, a net rating of 11.1 and a payroll of $214.8M. The Spurs bring a 62-20 record and a net rating of 8.4 of their own, so the gap the Thunder are defending is real but narrower than the banner suggests.
The margin was defense
Last season the Thunder scored 117.6 points per hundred possessions and allowed 106.5, which is where the 11.1 net rating came from. The offense was good; the defense was the separator. Shai Gilgeous-Alexander's 31.1 points, 4.3 rebounds and 6.6 assists in 68 games carried the scoring, and Chet Holmgren's 17.1 points and 8.9 rebounds anchored the other end. What the number does not prove is that the group repeats it. Jalen Williams played 33 games last season, Holmgren was cleared only on October 19, and Nikola Topic and Thomas Sorber are out until October 22 at the earliest. The 1-4 preseason, including an 89-116 loss at the Rockets, is noise, but the rotation that posted 11.1 has not yet played together this fall.
The bill and the picks
Payroll is $214.8M, past the $200.4M tax line and in first-apron territory. Jalen Williams and Holmgren cost $41.5M apiece, Gilgeous-Alexander $40.8M, Isaiah Hartenstein $23.1M and Alex Caruso $19.6M. Cason Wallace's five-year, $139MM extension, agreed October 19, adds to that structure down the road; Thunderous Intentions has already argued it sets up a painful summer. The pick sheet tells the other half: swaps on both rounds in 2027 and 2028, then the club's own firsts and seconds in 2029 and 2030. That is less outgoing capital than a trade-built contender usually carries, and it does not prove the front office will spend it. It means the option exists.
San Antonio by comparison
The Spurs went 62-20 last season with a net rating of 8.4, scoring 118.7 and allowing 110.4. Their offense outpaced Oklahoma City's; their defense trailed it by roughly four points. Victor Wembanyama averaged 25.0 points and 11.5 rebounds in 64 games, and Stephon Castle added 16.7 points and 7.4 assists. The Athletic lists the two clubs as co-favorites for the 2027 title. Tonight San Antonio is without Tobias Harris and Jayden Quaintance, while the Thunder arrive on four days of rest. None of this settles a game in October. It does say the 2.7-point gap in net rating last season is the margin Oklahoma City has to keep.
What was the Thunder's net rating last season?
Oklahoma City posted a net rating of 11.1 last season, with an offensive rating of 117.6 and a defensive rating of 106.5, on the way to a 64-18 record.
Which draft picks does Oklahoma City still control?
The Thunder hold swap rights in both rounds in 2027 and 2028 and their own first- and second-round picks in 2029 and 2030.
