As the 2025 NBA Finals approach, the playoffs have already provided a plethora of impressive highlights, intense matchups, and noteworthy performances that are shaping the narratives of the current era. Though several memorable moments are still anticipated, the postseason has already offered ample stories to analyze. This exploration will focus on the significant developments through the lens of classic 'winners and losers.'

In the nearly five decades since the NBA-ABA merger in 1976, flagship franchises such as the Boston Celtics, Chicago Bulls, Golden State Warriors, Los Angeles Lakers, and Philadelphia 76ers—representing some of the largest media markets—have collectively made 43 Finals appearances. However, this season saw the surprising absence of the 76ers and Bulls from the playoffs, while the Lakers exited in the opening round, and both the Warriors and Celtics were eliminated in the second round. In a notable twist, the New York Knicks advanced to the conference finals but also fell short of the Finals. Unlike the NFL, known for its competitive parity, the NBA has been characterized by dynasties and major markets holding sway on the grandest stages. The impending 2025 Finals featuring the Indiana Pacers and Oklahoma City Thunder, originating from smaller markets, deviates from this traditional narrative.

The prevailing belief that a team boasting the best player or a star trio will guarantee success is being challenged this postseason. Owen Phillips, author of The F5 newsletter, has underscored throughout the season that basketball is a 'strong link' sport, where the team with the best player often prevails. In contrast, weak link sports typically see victories for teams that do not possess the weakest player. The playoffs highlight this theory, where subpar defenders are relentlessly targeted, and hesitant shooters are often neglected. Consequently, the effectiveness of a team's star player can be mitigated by a weakness in its lineup. The current success of the Thunder and Pacers, both relying on a deep rotation of effective players, illustrates the growing importance of team depth. Looking ahead, franchises must prioritize finding young talent that can contribute while remaining within budget constraints. Overcommitting resources to a few stars, especially in the current 'apron' era, risks exposing teams to vulnerabilities that can be exploited at critical junctures.

LeBron James and Stephen Curry represent two of the league's prominent markets, yet their paths to the 2025 Finals were obstructed. James, a ten-time NBA Finals participant, and Curry, a six-time finalist, both failed to advance this season. Additionally, several of their contemporaries, including Kevin Durant and Chris Paul, also missed the playoffs, while NBA stars such as Damian Lillard, James Harden, and Kawhi Leonard exited in the first round. Russell Westbrook found himself on a team eliminated in the conference semifinals. This transition period marks a significant shift, as both James and Curry, who have defined this era, now face the reality of their careers approaching an end. On the horizon, emerging teams such as the Thunder, Pacers, Houston Rockets, and Minnesota Timberwolves appear poised for future contention, diminishing the championship prospects for established stars.

During this postseason, several younger players, including reigning MVP Shai Gilgeous-Alexander, along with teammates Jalen Williams and Chet Holmgren of the Thunder, demonstrate the potential for a new generation of stars. Other rising talents like Anthony Edwards and Tyrese Haliburton further contribute to the anticipation for the league's future. Established figures such as Giannis Antetokounmpo and Nikola Jokić have only recently crossed into their thirties, while Luka Dončić and the Boston Celtics duo of Jayson Tatum and Jaylen Brown remain significant forces as well. With a wealth of talent surfacing, the NBA appears set to discover its next gravitational star.

In terms of the NBA's structure, the debate around the adequacy of the traditional 82-game regular season continues. This duration has long been a staple of the league, establishing a rigorous challenge for teams vying for playoff success. While individual and career records hold importance, as seen in baseball, there exists a growing argument to shorten the season in light of recent injuries to key players. Proponents of this change contend that a reduced schedule could enhance player health and improve competitive balance, with fewer games leading to more quality matchups over the course of the season.

Moreover, the concept of an in-season tournament, while still in the early stages of acceptance, has already demonstrated potential benefits. This year's finalists, Indiana and Oklahoma City, enjoyed successful runs in the tournament prior to their playoff journeys. Their engagement in the tournament may have fostered an increased sense of urgency in the playoffs, contributing to their success on the grand stage. Even with injuries affecting rosters, such as the Cavaliers who saw key players depleted, Cleveland remains under scrutiny following a season where they finished with an impressive 64-18 record. Many viewed them as a genuine title contender, yet their exit in the first round at the hands of the Pacers leaves lingering questions around player fit and future adjustments for the franchise.

The Pacers' resilience this season culminated in their surprise run to the conference finals the previous year, prompting management to maintain faith in their strategy. Their experience exemplifies the virtues of patience, as the franchise avoided panic moves in response to setbacks. This steadfast approach allowed them to succeed with the combination of Pascal Siakam and Tyrese Haliburton guiding the team to the Finals. The team's success also highlights the importance of run-and-gun basketball, emphasizing depth, ball movement, and the evolution of young talent like Haliburton, who has earned respect despite being labeled as overrated in previous criticisms. Alongside stellar performances from role players like Aaron Nesmith and Andrew Nembhard, the Pacers have emerged as a significant success story this postseason.

Conversely, the Denver Nuggets face a challenging outlook following their elimination in the second round. Executive changes have ensued as the organization's coach and general manager were both dismissed ahead of the playoffs. Although Nikola Jokić continues to showcase his talent, the season concluded without championship success and was marred by internal dysfunction. Nonetheless, the Nuggets' competitive performance against the Thunder, including pushing them to seven games, positions them as a formidable contender going forward. Jokić's remarkable averages illustrate that the Nuggets may still be close to capturing a title, despite calls for sweeping changes to the roster. These adjustments may include team components around Jokić, but a more nuanced approach could yield better results than a complete overhaul.

Oklahoma City's journey through the playoffs has been marked by high expectations, supported by their incredible success during the regular season. The Thunder set new benchmarks for average point differential and total wins, exemplifying their dominance. With the league MVP leading the charge, their deep roster boasts a wealth of talent, providing a significant advantage as they aim for a championship. The additions of Alex Caruso and Isaiah Hartenstein have bolstered the team further. While their success in the Finals is yet to be determined, the Thunder’s strong showing this postseason positions them as the biggest winners, suggesting that a championship may soon be within their reach.