We already know they can't be called the Supersonics because Seattle still holds the rights to that. I would've liked to seem the team choose a name that reflects the Native American culture of Oklahoma...perhaps the Cherokees. But even if the Cherokee officials gave their blessing, it would still be too politically incorrect.
My mother grew up in Oklahoma, and I remember two things about the visits there: the red dirt and my mom's talk about the tornadoes. I also like the name Oklahoma rather than Oklahoma City, since OKC regionalizes the team too much. With that, here's my suggestion:
Oklahoma Tornadoes
Team colors: Red, pewter and white
Pewter, a metal made mostly of tin with trace amounts of copper and antimony, is described as a "dirty silver".