The Oklahoma City Thunder enter the offseason as NBA champions and the betting favorites to repeat, but early moves across the league are already reshaping the odds.
Teams have wasted no time making aggressive deals through trades and free agent signings, creating a completely different competitive environment from just weeks ago.
The Denver Nuggets have emerged as one of the biggest winners in the early going, according to odds from BetMGM, via The Athletic.
The Thunder are still the clear favorites to win the NBA title again next season, but the start of the offseason has seen a number of top contenders make bold moves — and the odds reflect it.
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— The Athletic (@TheAthletic) July 2, 2025
Denver’s odds to win the 2026 NBA championship moved from +1600 to +700 after a series of transactions designed to address last season’s depth issues.
The front office made a statement by trading Michael Porter Jr. and a future first-round pick to the Brooklyn Nets for Cameron Johnson.
Denver didn’t stop there, adding veterans Bruce Brown, Tim Hardaway Jr. and Jonas Valanciunas to create a more balanced roster.
Yet no team made a more dramatic leap in the odds than the Atlanta Hawks, who went from +25000 to +2500 following an impressive string of acquisitions.
The Hawks pulled off a three-team trade to land Kristaps Porzingis while also signing Luke Kennard and getting Nickeil Alexander-Walker in a sign-and-trade deal.
The moves provide defensive upgrades and additional scoring around Trae Young.
The Orlando Magic also improved significantly. Their title odds moved from +1800 to +1200 after adding Desmond Bane and Tyus Jones, bringing veteran leadership to complement their young core.
Not every contender benefited from the early offseason activity. The Boston Celtics’ odds plummeted from +1400 to +4000 following several significant departures.
The 2024 champions lost Porzingis, Jrue Holiday and Luke Kornet while dealing with Jayson Tatum’s season-ending Achilles injury.
The betting market will continue to adjust as teams reshape their rosters, but the early moves suggest the upcoming season will feature a wide-open title race with multiple contenders.
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