Shai Gilgeous-Alexander racked up the accolades this week.

The OKC Thunder star was named the 2024-25 NBA Most Valuable Player, becoming the third player in franchise history to receive that honor. He also landed on the All-NBA first team for the third straight season.

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The achievements have significant financial implications for Gilgeous-Alexander, who’s in the third season of his five-year, $179.3 million contract. Here’s what you need to know:

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Gilgeous-Alexander is eligible for a super-max extension.

The 26-year-old guard met that criteria, which requires a player to earn an All-NBA selection in two out of three years, last offseason. However, he was ineligible to sign at the time because he hadn’t met the years of service criteria.

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More: OKC Thunder lands two on All-NBA teams with Shai Gilgeous-Alexander, Jalen Williams

When can Shai Gilgeous-Alexander sign a super-max extension?

OKC can sign Gilgeous-Alexander to a four-year, $293 million super-max extension this offseason. It would keep him with the Thunder through 2030-31.

Gilgeous-Alexander would be the first NBA player to earn over $80 million in one season. This deal would take up 35% of the projected 2027-28 salary cap, according to ESPN front office insider Bobby Marks.

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Financial implications of Shai Gilgeous-Alexander winning NBA MVP

Gilgeous-Alexander is now eligible to sign a five-year, $380 million extension in the 2026 offseason.

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Gilgeous-Alexander would’ve been able to do so if he won MVP or earned an All-NBA selection this season. He did both.

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Who is Shai Gilgeous-Alexander’s agent?

Gilgeous-Alexander parted ways with his agent, Thad Foucher of Wasserman Sports, on Feb. 18. He now represents himself.

According to NBA insider Chris Haynes, Gilgeous-Alexander will continue to be represented in off-court affairs by Simon Gebrelul, founder of Isla Management.

More: OKC Thunder star Shai Gilgeous-Alexander has parted ways with longtime agent, per report

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Justin Martinez covers sports for The Oklahoman. Have a story idea for Justin? He can be reached at jmartinez@oklahoman.com or on X/Twitter at @JTheSportsDude. Sign up for the Thunder Sports Minute newsletter to access more NBA coverage. Support Justin’s work and that of other Oklahoman journalists by purchasing a digital subscription today at subscribe.oklahoman.com.

This article originally appeared on Oklahoman: SGA contract: How NBA MVP award affects Thunder star’s max extension