As the 2025 NBA Finals approach, the playoffs have already showcased an array of highlights, competitive series, and standout performances that echo the narratives of the current basketball era. While there are more memorable moments yet to come, the postseason has already provided ample material for analysis. This article explores the most significant stories through the lens of 'winners and losers.'

In the nearly five decades since the NBA-ABA merger in 1976, storied franchises such as the Boston Celtics, Chicago Bulls, Golden State Warriors, Los Angeles Lakers, and Philadelphia 76ers have collectively made 43 Finals appearances. However, this season saw both the 76ers and Bulls missing the playoffs entirely, while the Lakers were eliminated in the first round. Golden State and Boston were ousted in the second round. The New York Knicks, representing the league's largest media market by reaching the conference finals, ultimately faced defeat. Unlike the NFL, known for its competitive parity, the NBA has historically revolved around dynasties and major markets. The upcoming Finals seem set to break this pattern, as both the Indiana Pacers and Oklahoma City Thunder hail from smaller markets, ranked 22nd and 26th, respectively.

Owen Phillips, an analyst with The F5 newsletter, has emphasized a notable trend this season: the importance of team depth over star power. He explains that while basketball is traditionally viewed as a 'strong link' sport where a superior player often leads the team to victory, the role of weaker links can dramatically alter outcomes. Players who struggle defensively or offensively can hinder a team’s performance, especially in the high-pressure playoff environment. The depth of a roster has become increasingly crucial, as evidenced by the Thunder and Pacers, who both displayed strong benches during their playoff runs. Looking ahead, teams must consider how to balance star players with a deep and versatile supporting cast to avoid becoming vulnerable to exploitation by opponents.

LeBron James and Stephen Curry, representing two prominent franchises within the aforementioned markets, have historically been the faces of the league. James has made 10 Finals appearances, while Curry has reached the Finals six times. However, neither player positioned his team as a serious contender in 2025, joining the ranks of other contemporaries like Kevin Durant, Chris Paul, Damian Lillard, James Harden, and Kawhi Leonard, who also struggled during the postseason. The twilight of the LeBron and Curry era appears imminent, as emerging teams such as the Thunder, Pacers, Houston Rockets, and Minnesota Timberwolves threaten to dominate future seasons. This shift indicates that the dominance of veteran players may be waning, with a new generation ready to take center stage.

Current stars like Shai Gilgeous-Alexander and Jalen Williams, alongside young talents such as Chet Holmgren, Anthony Edwards, and Tyrese Haliburton, have energized the league's landscape. While Giannis Antetokounmpo and Nikola Jokić have just transitioned into their 30s, players like Luka Dončić and the Celtics’ Jayson Tatum and Jaylen Brown remain significant figures to watch. The NBA is poised to identify its next leading star, with this postseason showcasing several contenders that could shape its future.

There remains a debate among analysts and fans regarding the NBA's traditional 82-game schedule. The endurance required to navigate a full season and deep playoff runs has long been a defining aspect of the league, much like in baseball where record pursuits often capture attention. However, the increasing frequency of injuries calls into question the viability of maintaining the current format. Some advocate for a compressed schedule, arguing that it could mitigate injury risk and enhance the quality of competition during both the regular season and playoffs.

Furthermore, an emerging discussion revolves around the league's recent in-season tournament format. The notable performances of the Pacers and Thunder, who both participated in the inaugural tournament, suggest that this new competition may foster greater motivation for postseason success. These teams displayed a heightened sense of urgency that may have positively influenced their playoff trajectories.

Cleveland Cavaliers were positioned as serious playoff contenders following an impressive 64-18 regular season and significant performances from All-NBA player Donovan Mitchell. However, their swift exit in the first round against the Pacers was unexpected and raised many questions regarding their strategic core. The Cavaliers are now faced with evaluating the compatibility of their backcourt, featuring Garland and Mitchell, as well as their frontcourt with Mobley and Allen, ahead of a critical offseason period.

In contrast, the Pacers showcased resilience following an unexpected conference finals appearance in 2024. They retained trust in their scheme while capitalizing on the growth of their roster, which included important contributions from Pascal Siakam and Tyrese Haliburton. Their playoff run has not only emphasized the significance of depth but has also illustrated successful adaptation strategies without panic-driven reactions to previous losses.

As the Denver Nuggets conclude their playoffs in the second round amidst internal changes, they too are undergoing critical assessments of their roster dynamics. Despite the early exit, Nikola Jokić continued to deliver remarkable performances, making a strong case for the Nuggets' potential future success. Critics may call for significant roster changes, yet minor adjustments could yield better results moving forward while maintaining the core of their existing talent.

Looking at the Thunder's playoffs, their dominance has been reminiscent of well-scripted narratives in superhero films, where their combination of depth and star talent made them a formidable opponent. With a record-breaking season in terms of point differential and a collection of accolades for Shai Gilgeous-Alexander, Oklahoma City's trajectory appears bright, making them the presumptive favorites as they advance to the Finals. Their postseason success highlights the evolving landscape of the NBA, setting the stage for what lies ahead.