Wallace, 22, was named to the NBA’s second All-Defensive Team in 2025-26.

The six-foot-three guard averaged 8.6 points, 3.1 rebounds, 2.6 assists and 1.9 steals on 43.2 per cent shooting over 77 games with the Thunder last season, helping the 2025 champs rack up 64 regular-season wins and finish atop the Western Conference.

He then played in all 15 of the Thunder’s post-season games during a run to Game 7 of the Western Conference Finals.

Wallace is expected to slot into the Thunder’s starting lineup full time in 2026-27 after the trade of Lu Dort. With Wallace now signed, OKC’s new opening five is all locked up long term.

Wallace was set to hit restricted free agency next summer.

A first-round pick in the 2023 draft, Wallace has appeared in 227 games for Oklahoma City over the past three seasons as a key piece of its rotation during its climb into one of basketball’s top teams.

The Thunder open their 2026-27 schedule on Tuesday with a Western Conference Finals rematch against the San Antonio Spurs.