The new deal is for four years and $84 million, according to The Vertical's Shams Charania.
The extension means the Thunder will not only avoid the 24-year-old's becoming a restricted free agent in 2017, but $21 million annually is also a reasonable contract in the new salary-cap climate.
ESPN.com's Royce Young is a fan of the move:
SB Nation's Mike Prada questioned whether the team should've delayed any deal until the end of the season:
The second overall pick in the 2013 draft, Oladipo hasn't been a dynamic offensive threat. He's shot 43.0 percent from the floor in his career, including 33.7 percent from three-point range.
The fourth-year guard has a solid all-around game, though. He averaged 4.8 rebounds, 3.9 assists and 1.6 steals in addition to 16.0 points per contest in his final season with the Orlando Magic last year. According to NBA.com, the Magic were 3.6 points per 100 possessions better when Oladipo was on the floor in 2015-16.
Barring a significant step forward in Oladipo's development, the Thunder need another star-level talent to pair with Russell Westbrook to become title contenders again.
With Westbrook, Steven Adams and Oladipo, though, Oklahoma City at least has a core around which it can build while it regroups in the post-Kevin Durant era.