As the 2025 NBA Finals approach, the playoffs have already delivered an array of stunning highlights, competitive series, and memorable individual and team performances. While several thrilling moments are yet to unfold, the postseason has offered ample storylines worth exploring. This article will delve into the most significant narratives seen through the lens of 'winners and losers.' Since the NBA-ABA merger in 1976, the Boston Celtics, Chicago Bulls, Golden State Warriors, Los Angeles Lakers, and Philadelphia 76ers—among the league's major franchises—have collectively made 43 Finals appearances. However, this season has seen notable absences: both Philadelphia and Chicago did not qualify for the playoffs, the Lakers were eliminated in the first round, and Golden State and Boston were both ousted in the second round. The New York Knicks, representing the biggest media market in the NBA, made it to the conference finals but subsequently exited.

The NBA has long emphasized dynasties and legacies over parity, which has marked its historical landscape. Yet, the upcoming Finals will feature teams from markets that rank 22nd and 26th, demonstrating a break from tradition. This season, the narrative that having the league's best player can tilt a series in favor of a team has come under scrutiny. Owen Phillips, an analyst for The F5 newsletter, articulates that basketball can be viewed as a 'strong link' sport, where the presence of a superstar such as Michael Jordan or LeBron James often determines the outcome. Conversely, in 'weak link' sports, the performance of the lowest-performing player is more critical. Poor defenders are targeted in the playoffs, and teams that lack depth risk being exploited, diminishing the impact of their star players. In this postseason, the Oklahoma City Thunder and Indiana Pacers emerged as strong contenders, showcasing significant roster depth and minimizing weak links.

The narratives surrounding LeBron James and Stephen Curry, who represent two of the most prestigious markets, reveal a shift in the league's landscape. Both players have seen significant success, with James appearing in the NBA Finals ten times and Curry six. However, their recent performance underscores a transition. Many of their contemporaries, including Kevin Durant and Chris Paul, did not participate in the playoffs, while stars like Damian Lillard and Kawhi Leonard faced early exits. The emergence of teams like the Thunder, Pacers, Minnesota Timberwolves, and Houston Rockets suggests rising competition and challenges the longevity of the current elite players.

While the league may experience a period of transition following the exits of established stars, a new generation is beginning to take shape. Players such as Shai Gilgeous-Alexander, Jalen Williams, and Chet Holmgren are demonstrating their potential, while the likes of Giannis Antetokounmpo, Nikola Jokić, Luka Dončić, Jayson Tatum, and Jaylen Brown continue to shine. The NBA's evolution promises the emergence of new stars who will carry the league forward.

In the midst of these dynamics, there is ongoing debate regarding the league's 82-game schedule. Historically, this format has been a staple of the NBA, with the grueling regular season being an integral challenge for teams. Yet, injuries to key players, such as Tatum and Lillard, have sparked discussions about the potential benefits of a shortened season. Fewer games could mitigate injury risks, enhancing player health and competitiveness. While some advocate for maintaining the traditional schedule, the prospect of a shortened season is gaining traction, particularly after a postseason marked by significant injuries.

Additionally, the introduction of the in-season tournament has provided a fresh narrative. The Pacers and Thunder, who performed well in the tournament, have seen that experience translate into playoff success. This connection underscores the value of competition throughout the season and its potential impact in the playoffs. Despite injuries taking a toll on rosters, particularly for the Cleveland Cavaliers, who finished the regular season with an impressive 64-18 record yet failed to make a deeper playoff run, the NBA landscape remains vibrant. The Cavaliers had high expectations but were quickly ousted by the Pacers in five games, leading to questions regarding roster cohesion and potential trades.

On the other hand, the Pacers' steady progression has exemplified the benefits of patience in roster management. After an unexpected conference finals run in 2024, the Pacers remained steadfast, trusting in their prior trades and bolstered by the contributions of Pascal Siakam and Tyrese Haliburton. This commitment to developing a cohesive squad focused on ball movement has proven effective, defying earlier criticisms and establishing them among the postseason's notable winners.

The Denver Nuggets, despite experiencing playoff elimination in the second round and subsequently firing their head coach and general manager, have provided compelling arguments regarding the concept of a 'strong link' sport. Nikola Jokić delivered stellar performances throughout the postseason, exemplifying the potential of individual excellence within a team context. While dramatic changes may be proposed for the Nuggets, incremental adjustments could prove more beneficial moving forward, suggesting that they remain a contender beyond this postseason.

The Thunder's playoff journey has been characterized by remarkable predictability, culminating in their impressive performance leading up to the Finals. The team recorded multiple season records for scoring and has effectively leveraged its roster composition to emerge as a dominant force. As they prepare for the Finals, they stand as significant favorites, with expectations of continued success. Regardless of the outcome, the upcoming matchup promises to be a pivotal moment in the NBA's evolving narrative.