NBA free agency remains ongoing, but at this point most of the top players have come off the board. Next season’s NBA championship picture is already taking shape, and there are some clear winners and losers from the offseason.
The reigning champion Oklahoma City Thunder will head into next season as the favorites to repeat, but they will have some stiff challengers out West after some moves made this summer. The Eastern Conference looks considerably more wide open thanks to season-ending Achilles injuries from Jayson Tatum, Tyrese Haliburton, and Damian Lillard. Two teams that were in the play-in last season suddenly feel like legitimate contenders in the East. After the Indiana Pacers’ surprising Finals run, nothing is really off the table.
Check out our free agency tracker, free agency grades, and running list of best available free agents. Now, let’s hand out our winners and losers of the 2025 NBA free agency period.
Winner: Denver Nuggets
The Nuggets pushed the Thunder to a Game 7 this past season, and they might have won it if Aaron Gordon was healthy. Denver didn’t seem like they had much flexibility for upgrades heading into the offseason, but they somehow pulled off a massive free agency coup thanks to one bold trade and a few smart signings. The Nuggets traded Michael Porter Jr. and an unprotected 2032 first-round round draft pick to the Brooklyn Nets for Cameron Johnson, who immediately slots in as a highly-efficient off-ball scorer with elite shooting ability. Johnson should feast off open looks created by Nikola Jokic, though it’s fair to wonder how MPJ’s departure hurts Denver’s rebounding. The Nuggets didn’t stop there: they brought back old friend Bruce Brown on a minimum deal, traded for Jonas Valančiūnas to be their backup center, and signed another great shooter in Tim Hardaway Jr. Add in last year’s first-round pick DaRon Holmes potentially joining the rotation after recovering from injury, and Denver’s depth is a lot better this year. If Jamal Murray can be the best version of himself, the Nuggets can talk themselves into a real shot at the championship.
Winner: Atlanta Hawks
The Hawks have been a play-in team since their surprising run to the Eastern Conference Finals in 2021. Trae Young is still around, and now he’s surrounded by a team of big, athletic, defensive-minded role players after Atlanta’s moves this summer. The Hawks nabbed one of the best players to change teams in free agency in Nickeil Alexander-Walker, a big guard with two-way ability who was a critical part of the Timberwolves’ back-to-back conference finalist teams. Alexander-Walker will be joined by Luke Kennard in the bench backcourt, and he can provide three-point shooting and a dash of playmaking on a one-year deal. Atlanta already made a nice trade to rescue Kristaps Porzingis out of Boston, and if he’s healthy (always a huge if with Porzingis), he gives the team a new dimension as a stretch five who doesn’t sacrifice rim protection. If Jalen Johnson can get healthy and continue his All-Star trajectory, and Zaccharie Risacher can make a leap in year two, the Hawks look the part of a serious Eastern Conference contender. By the way, they also should have a decent chance at landing a top-3 pick in a loaded 2026 NBA Draft thanks to their brilliant draft day trade to acquire the Pelicans’ 2026 unprotected first-round pick.
Loser: Detroit Pistons
It’s not that the Pistons have had a terrible offseason — it’s just that other teams in their tier in the Eastern Conference have clearly leaped them. With Orlando and Atlanta making bold moves to open up a path to the conference championship, Detroit feels like it’s slightly regressed with the changes to the lower-half of the rotation. Malik Beasley sure feels like he’s unlikely to be on this team after getting caught up in a federal gambling investigation, Tim Hardaway Jr. is off to Denver, and Dennis Schroder is now on the Sacramento Kings. They will be replaced in the rotation by Caris LeVert and Duncan Robinson, and that doesn’t feel like an upgrade to me. Detroit can still talk itself into anyone from their young core taking a leap, and that includes Cade Cunningham, who still has plenty of room to grow coming off an All-NBA season. Jaden Ivey, Ron Holland, Ausar Thompson, and Jalen Duren should all get better just based on the age curve, but if it doesn’t happen quickly, it feels like Detroit will be in the market for a consolidation star trade next summer.
Winner: Houston Rockets
The Rockets started the offseason with a bang by landing Kevin Durant for a reasonable price. Houston has continued its solid offseason in free agency by locking up Dorian Finney-Smith and Clint Capela to contracts. Finney-Smith can replace Dillon Brooks (who went out in the Durant trade) as a 3-and-D wing in Houston’s rotation, while Capela gives them a third playable center for a team that likes double-big lineups. The Rockets were the No. 2 seed in the West this past season even with a shaky halfcourt offense, and replacing Jalen Green with Durant is going to be a major boost. The Rockets still have plenty of assets if they want to swing a big trade. It wouldn’t totally shock me to see Giannis Antetokounmpo end up here eventually.
Loser: Minnesota Timberwolves
The Wolves had to deal with three key rotation players all hitting free agency this summer, and it just wasn’t realistic to expect all of them to be retained. Minnesota struck quickly with a $125 million deal for Naz Reid, then extended Julius Randle to a three-year deal. Nickeil Alexander-Walker became the payroll casualty as he moved on to Atlanta, and that’s a tough blow for the rotation. Terrence Shannon Jr. and Rob Dillingham feel ready to step into bigger roles, but given the way Houston and Denver improved, it feels like the Wolves are getting left behind a bit in the West. Reid’s deal feels a tad rich to me, and I also didn’t love their draft. I wouldn’t be surprised if there’s another big move coming for Minnesota in the next 12 months.
Loser: Utah Jazz
It feels like the Jazz are still at square one three years after trading Donovan Mitchell and Rudy Gobert in the same offseason. Utah has been taking on young veterans the last couple years to try to increase their trade value, and they’re suddenly coming to the realization it’s not going to happen. The Jazz had to give up a second-round pick just to dump Collin Sexton on the Hornets, they straight up waived Jordan Clarkson after being unable to find a taker, and they are still stuck with John Collins. It feels like they might have missed their window to trade Lauri Markkanen at peak value, too. The Jazz haven’t gotten any lottery luck so far, and last year’s top-10 pick Cody Williams might have been the worst player in the entire league as a rookie. Jazz fans can dream on Ace Bailey for now, but this team remains a doormat in the West without much to hang their hat on.
Winner: Orlando Magic
The Magic only made one minor free agent signing, but they make this list for a blockbuster trade and a smart draft. Orlando took a big swing for Desmond Bane to the tune of four first-round picks going to Memphis, and he gives the Magic everything they needed. Bane is one of the best shooters in the league in going to the worst shooting team in the NBA, and he’s able to run some offense with the ball in his hands. Best of all, Bane will keep the Magic’s defense humming at elite levels. Free agent signing Tyus Jones was a nice move on a one-year deal, giving Orlando a true point guard who can take some playmaking duties away from Paolo Banchero and Franz Wagner. I loved Orlando’s draft, too. I don’t think it’s crazy to believe the Magic can win the East in 2026.
