Why the Spurs have become the Thunder’s kryptonite and the biggest threat to a possible two-peat

OKLAHOMA CITY — The Oklahoma City Thunder met his number one contender and biggest threat to repeat as NBA champion in San Antonio Spurs. After winning six of eight games without All-Star Victor Wembanyama, the Spurs beat the Thunder not once, not twice, but three times in December, including by 20 points two days earlier. a 117-102 Christmas win at the Payko Center. All with a limited Vembanyama coming off the bench.

The Spurs snapped the Thunder’s perfect 14-0 record and are now responsible for more than half of the defending champions’ losses this season. We’re witnessing a power shift in the Western Conference, as the seeds the Spurs planted long before the NBA Cup semifinals blossomed before our eyes in the first of three games in 12 days between San Antonio and the Thunder.

Overshadowed by the Thunder’s near-perfect start and 16-game winning streak, the Spurs continued to improve with and without Wembanyama, who missed a month with a left calf injury. Led by a diverse group of experienced, versatile scorers like De’Aaron Fox, Devin Vassell and Keldon Johnson, combined with promising young talent in Stephon Castle and Dylan Harper, the Spurs’ offense has challenged the best defenses in the NBA.

With at least three keepers who can create their own attack, facilitate and defend at a high level, Spurs’ starting line-up thrives without Wembanyama. Two — Fox and Castle — can score off the dribble, forcing the Thunder defense to crash more often than not. Vassell is making 40% of his 3-pointers and Fox is entering his prime, averaging 21.6 points and shooting a career-best 38.3% from 3-point range.

After Thursday’s loss, Thunder All Star Shai Gilgeous-Alexander talked about what happened already on the minds of some during his media availability after the game.

“You don’t lose to a team three times in a row in a short period of time without them being better than you,” Gilgeous-Alexander said. “We have to be better. Look in the mirror, and that’s everyone from top to bottom, if we want to achieve our ultimate goal.”

Shai Gilgeous-Alexander: “We have to get better as a group. You don’t lose to a team three times in a row in a short period of time without them being better than you.

We have to do better. Look in the mirror, and they are all from top to bottom, if we want to achieve our ultimate goal” pic.twitter.com/g6tBBkGhOZ

— Joshua Pavon (@joe_svai) December 25, 2025

A necessary message from the reigning league MVP, especially after the Spurs handed the defending champions two losses in two days. While ending the Thunder’s undefeated streak at home, the Spurs nearly ended the Gilgeous-Alexander 20+ point streak. They limited him to 22 points on 7-of-19 shooting, including 1-for-6 from deep.

This goes beyond the Spurs’ statement — it’s a threat — that the Thunder need to take seriously as a whole, not just the Wembanyama issue, as noted by head coach Mark Daigno.

“They’re a really good team. He’s obviously a very impactful player, but he missed a lot of time and they didn’t miss a beat when he was out,” Daigneault said. “Then when he’s off the floor, they don’t miss a beat when he’s off the court. So that’s not surprising at all. They got really good players. They play well as a team. They’re well coached.”

“They’re doing very well, and he’s obviously impactful, and that adds to that. But it’s not like him and the rest of the team at all. They have a very good team,” Daigneault concluded.

So have the Thunder, as Oklahoma City’s depth has been one of the many stories surrounding the defending champions’ historic 24-1 start without key players such as All-Star Jalen Williams, who missed the first 19 games. Daigneault’s starting lineup played in just three games combined, resulting in an 0-3 record against a Spurs team with their best player, Vembanyama, coming off the bench.

The fact that the Spurs pulled off a feat — handing the Thunder three losses — that probably won’t be matched by any other team with Vembanjam limited bothers Oklahoma City because Webjam is only going to get better. The same can be said for the rest of the 2025-26 Spurs.

What went wrong for the Thunder in the loss to the Spurs?

Thunder head coach Marc Daigneault must find ways to maximize his frontcourt production against the Spurs, starting with Chet Holmgren finding his offensive rhythm in the fourth quarter, where he has disappeared over the past two games. ESPN’s Kendrick Perkins says the Spurs defense hit Holmgren on Christmas Dayand he is not wrong.

Spurs have done everything they can to disrupt Chet, including physicality, double-teaming and a bit of silliness, as Wembanyama continues his campaign to prove the two are unmatched. Holmgren finished 5-for-9 from the floor but did not attempt a shot in the fourth quarter of Thursday’s loss.

He pulled off a similar shutout in a 20-point (130-110) loss to the Thunder two days before Christmas, going 0-for-1 in the final frame of a game in which Holmgren finished with seven points on 3-for-10 shooting. The Spurs’ suffocating defense has made Chatt a non-factor down the stretch, especially when the Thunder resort to guards taking 3-pointers in a two-possession game where deficits balloon into double digits. Alec Caruso finished 2-for-12 from deep.

Holmgren had promised to earn his first All-Star selection before meeting the Spurs in December. That All-Star caliber production drops to 11.3 points on 41% shooting, including 25% from deep, 7.3 rebounds and 1.0 blocks per game against the Spurs.

The Thunder finished 11-for-44 (25%) from deep against the Spurs, as several of those misses turned into fast-break opportunities, particularly in the fourth quarter. For the third time in 12 days, the Spurs outscored the Thunder in the final frame.

However, unlike the 111-109 NBA Cup loss in Las Vegas, the Spurs outscored the Thunder early in the fourth quarter. To the point where Daigneault, for the second time in two days, emptied his bench as the Thunder’s newfound rivals — the Spurs — once again took the victory lap.

With just a 2.5-game lead atop the Western Conference, the defending champions know the Spurs are not only well ahead of schedule, but also best equipped to reclaim the NBA throne.