While some talented players remain available, the biggest moves have taken place, leaving a clear indication of which teams have become far better than they were two weeks ago. Similarly, whether because of luxury tax or apron considerations, or because of differences in roster building, it’s clear teams that lost key players aren’t quite as strong as they had been.
In any case, all teams are chasing the 2025 NBA Finals champion Oklahoma City Thunder, who are returning their young core.
Here’s a look at four NBA teams whose stock is up after the NBA draft and free agency and four teams whose stock is down.
Stock up
Houston Rockets
They are clearly making a move to win an NBA title. The trade for Kevin Durant will generate the most discussion, but Houston also made a few corresponding moves that set it up for contention. Re-signing Steven Adams was huge, as the Rockets thrived with their double-big lineup alongside Alpren Sengun. To bolster that even further, the Rockets signed Clint Capela, where he played the first six seasons of his career. But perhaps the sneakiest expert move was nabbing 3-and-D forward Dorian Finney-Smith, who now gives Houston coveted depth and length at the wing.
Denver Nuggets
In a league that is often called a copycat league, trying to replicate what another successful team did, you need the right personnel. The Nuggets are trying to do what Oklahoma City did — building a team with players who provide depth and offensive and defensive versatility and anchored by an MVP-caliber player (Nikola Jokic in the Nuggets’ case). Denver traded for Cam Johnson and Jonas Valanciunas, and signed Bruce Brown and Tim Hardaway Jr. Valanciunas provides much-needed help with the non-Jokic minutes, Cam Johnson is two-way upgrade over Michael Porter Jr. whom the Nuggets traded to get Johnson, Brown is back in his comfort zone where he helped the Nuggets win the 2023 title, and Hardaway was a starter and 36.8% 3-point shooter for a 44-win Pistons team last season. Denver was 50-32 last season, and new coach David Adelman will have a deep roster to try and win a title with Jokic and Jamal Murray leading the way.
Atlanta Hawks
The Hawks have had a tremendous offseason. From getting Kristaps Porzingis at a discount, to solid depth pieces in free agency like Nickeil Alexander-Walker and Luke Kennard, Atlanta has put itself in position to compete in a wide-open East. The Hawks did lose Clint Capela, though Onyeka Okongwu had taken his starting spot and also lost Caris LeVert, but the Alexander-Walker move offsets that. The move that was a stroke of genius, though, might not be felt for another year. The Hawks traded down 10 spots in the draft and landed an unprotected first-rounder from the New Orleans Pelicans that could become a lottery selection. And, Atlanta still came away with a talented forward in Asa Newell at No. 23.
Detroit Pistons
The Pistons added depth with Caris LeVert and Duncan Robinson, and they are in the mix for Malik Monk, who was second in Sixth Man of the Year voting in 2023-24. Paul Reed returns to Detroit, providing front-court depth. Regardless of the Monk situation — the Pistons might acquire him as part of a sign-and-trade that sends Dennis Schröder to Sacramento, Detroit supplemented its roster with shooting, playmaking and depth, and it has availability to add more players in free agency. As Cade Cunningham progresses as an All-NBA guard, the Pistons are in position to take another jump in the East.
Stock down
Los Angeles Lakers
It’s a strange time in Lakers Land. They lost Dorian Finney-Smith in free agency, LeBron James’ future with the franchise is unclear and while DeAndre Ayton has the physical tools to help, will he be available enough and have the necessary motivation and dedication with Los Angeles? The Lakers have been running on two tracks — win now with James and Luka Doncic, and prepare for a future without James. It’s getting more difficult for the Lakers to have it both ways. With Oklahoma City loaded and Houston and Denver making moves, where do the Lakers fit in the West? Are they any closer to championship contention than they were when the lost in the first round in April?
Indiana Pacers
Losing center Myles Turner, who had been the longest-tenured Pacer, is one thing; losing him to a fiercely hated rival is another. But because the Pacers seem unwilling to dip into the luxury tax, they have been limited with the moves they can do. Indiana was also without a first-round pick, though trading early in the second round for guard Kam Jones was a decent move. Still, with no reliable option at center, and with star point guard Tyrese Haliburton expected to miss all of next season with a torn Achilles, it has been a rough go since the middle of the first quarter of Game 7 of the NBA Finals.
Sacramento Kings
The Kings are in transition with a new front office led by vice president of basketball operations Scott Perry and new head coach Doug Christie. The Kings will acquire Dennis Schröder, and they’re still in the mix for other deals/potential roster improvements (Golden State Warriors restricted free agent Jonathan Kuminga is a player to watch), but will it be enough to make a difference for a team that was 40-42 in a deep Western Conference last season? Is he the answer at point guard after losing De’Aaron Fox at the trade deadline? The Kings could also lose Malik Monk’s scoring punch. Trading Jonas Valanciunas for Dario Saric is also a downgrade.
Minnesota Timberwolves
The good: Minnesota re-upped with a pair of its key contributors in Julius Randle and sixth man Naz Reid. The bad: they reportedly lost defensive wing Nickeil Alexander-Walker in a sign-and-trade, getting a 2027 second-round pick and cash considerations in return. Alexander-Walker was a significant part of the team’s identity, but the biggest issue facing the Timberwolves is that — after making consecutive trips to the Western Conference finals but falling short — the status quo doesn’t appear to be the answer. And No. 17 overall draft pick Joan Beringer, 19, is a project.
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