As the 2025 NBA Finals approach, the playoffs have already provided numerous highlights, intense series, and noteworthy performances that have shaped the narratives of the season. While there are still memorable moments to come, the postseason has already unveiled a wealth of stories worth exploring. A prevailing method for analysis is through the lens of 'winners and losers.' In the nearly 50 years since the NBA-ABA merger in 1976, iconic franchises such as the Boston Celtics, Chicago Bulls, Golden State Warriors, Los Angeles Lakers, and Philadelphia 76ers have made 43 Finals appearances. This season, however, the landscape looks different as both the Philadelphia 76ers and Chicago Bulls failed to qualify for the playoffs, while the Los Angeles Lakers were eliminated in the first round. The Golden State Warriors and Boston Celtics also exited in the second round, and the New York Knicks, representing the league's largest media market, were sent home after reaching the conference finals.

In contrast to the NFL, which has fostered a culture of parity for decades, the NBA has historically revolved around dynasties and significant markets, featuring teams with deep roots in the league's history on the grandest stage. The upcoming Finals reflect a significant shift, featuring the Indiana Pacers and Oklahoma City Thunder, hailing from the 22nd and 26th largest markets, respectively. Additionally, the notion that a team with the best player or a 'big three' is favored to prevail is facing scrutiny. Analyst Owen Phillips discusses this in his newsletter, emphasizing that basketball is a 'strong link sport' where the team with the superior player typically wins. Factors such as the performance of weaker players can heavily impact playoff outcomes, underscoring the importance of depth alongside a superstar talent. Notably, both the Thunder and Pacers have demonstrated remarkable depth throughout the postseason, consistently deploying lineups devoid of glaring weaknesses. As teams navigate roster management during this era, the need to develop young talent and maintain affordable contracts will become increasingly vital.

LeBron James and Stephen Curry, representing the glamorous markets mentioned earlier, have faced notable challenges in 2025. Both players have made significant Finals appearances in their careers; however, neither was close to contention this season. Their contemporaries, including Kevin Durant and Chris Paul, also missed the playoffs, while various high-performing players such as Damian Lillard, James Harden, and Kawhi Leonard suffered first-round exits. The impact of age and competition is becoming evident, as the league transitions towards emerging talent. Although both superstar careers have been prolonged, this season has illustrated an impending shift in the hierarchy of the league, with younger players like Shai Gilgeous-Alexander, Jalen Williams, Chet Holmgren, Anthony Edwards, and Tyrese Haliburton stepping up. The NBA is poised to usher in its next marquee star, and the current postseason serves as a potential showcase of that transition.

While opinions vary regarding the league's 82-game season, the tradition has stood the test of time. The challenges of navigating a full regular season and deep playoff run have long defined the NBA. Important records related to single-season or career achievements deserve recognition, even as some advocate for a shortened schedule to mitigate injury risks. Following a postseason marred by injuries to significant players such as Jayson Tatum and Damian Lillard, the argument for a shorter season gains traction, as healthier rosters could lead to more competitive games. Nevertheless, the NBA has introduced in-season tournaments that may breathe new life into the league, albeit acceptance of these changes will take time.

The Pacers' unexpected conference finals run the previous season was not met with rash decisions; instead, their management exhibited patience. Their strategy of valuing depth and embracing an offensive system based on player movement has resonated positively. Despite facing injuries, Cleveland's Cavaliers are perceived as one of the season's disappointments. With a stellar regular-season performance, they are now left grappling with the fit of their star players amidst their quick exit in the playoffs. In contrast, the Pacers have established themselves as a strong team in the postseason, with Pascal Siakam's contributions earning recognition as a vital component of their success. Their coaching staff, led by Rick Carlisle, has been praised for the team's direction, and several role players have stepped up to prove their impact. The Pacers' collective resilience and approach to team-oriented play will undoubtedly make them winners of this postseason.

On the other hand, the Denver Nuggets, who faced the Thunder in the second round before being eliminated, have become a focal point for potential changes. After a season of high expectations for star Nikola Jokić, the organization now faces scrutiny following their exit and the subsequent dismissal of both their coach and general manager. Despite being eliminated, the Nuggets' performance against the formidable Thunder lends credence to their capabilities, suggesting they may be closer to contention than initially perceived. While the call for dramatic roster changes may arise, a more measured approach could serve them better moving forward. Conversely, the Oklahoma City Thunder have demonstrated consistency throughout their playoff run, shattering records and solidifying their position as a championship contender.

The Thunder's dominance has been complemented by a stellar roster, which has equipotentially fostered their success. Possessing the league's MVP, Shai Gilgeous-Alexander, and a deep lineup, including pivotal contributions from players like Jalen Williams and newcomers such as Alex Caruso, their outlook remains incredibly bright. Although their journey is ongoing, the inevitability of their emergence as champions appears promising, making them a notable winner of the 2025 postseason. As the Finals near, the narratives of this year's playoffs continue to unfold, promising to leave an indelible mark on the annals of NBA history.