As the 2025 NBA Finals approach, the playoffs have already showcased numerous highlights, competitive series, and notable performances that have shaped the narratives of this era. While more memorable moments are expected, the postseason has provided ample material for analysis. This review will delve into the key stories through the lens of 'winners and losers.'

In the nearly five decades since the NBA-ABA merger in 1976, franchises like the Boston Celtics, Chicago Bulls, Golden State Warriors, Los Angeles Lakers, and Philadelphia 76ers have dominated the Finals landscape with 43 total appearances. However, this season has been notable for the absence of some of these storied teams: Philadelphia and Chicago did not qualify for the playoffs; the Lakers were eliminated in the first round, and both Golden State and Boston fell in the second round. Meanwhile, the New York Knicks, representing the league's largest market, reached the conference finals but ultimately saw their postseason end there. Unlike the NFL, which has thrived on parity, the NBA has historically been characterized by dynasties and major markets asserting their dominance. The 2025 Finals, featuring the Indiana Pacers and Oklahoma City Thunder from the 22nd and 26th largest markets respectively, defies this long-standing trend usurping the traditional presence of elite franchises on the biggest stage.

The notion that success hinges on possessing the best player in a series or a powerful trio has also come under scrutiny. Owen Phillips of The F5 newsletter has emphasized this observation throughout the season, arguing that basketball is a 'strong link sport.' This concept posits that the team with the best player typically secures victory—historically exemplified by legends like Michael Jordan or LeBron James. Conversely, in 'weak link sports,' a team's weakest player can be the determining factor in success or failure, particularly in the playoffs where defensive weaknesses and lack of offensive contributions can become glaringly apparent. This season's playoffs highlighted the importance of depth, showcased by the Thunder and Pacers, both of which have relied on deep rosters with nine or ten players consistently contributing. Looking towards the future, identifying younger talent that can deliver at a lower salary will become increasingly crucial, especially in an era where building a team solely around a few stars may leave a franchise vulnerable.

LeBron James and Stephen Curry, faces of the aforementioned glamour markets, have hit an intriguing juncture in their careers. James has made ten Finals appearances, while Curry has featured in six; however, neither came close to competing for the championship in 2025. Their contemporaries, including Kevin Durant and Chris Paul, also did not qualify for the playoffs, while notable stars such as Damian Lillard, James Harden, and Kawhi Leonard were eliminated in the first round. Russell Westbrook served as a reserve for a team that was ousted in the conference semifinals. As a result, it is evident that the era dominated by James and Curry may be nearing its conclusion. Teams like the Thunder, Pacers, Houston Rockets, and Minnesota Timberwolves appear to be on the rise, diminishing the chances of these superstars contending for another championship.

The future of the NBA remains promising, with a burgeoning cohort of potential stars emerging. Just as Magic Johnson and Larry Bird transitioned into Michael Jordan's reign, and Kobe Bryant followed closely after, the landscape is evolving again. Shai Gilgeous-Alexander, who turns 27 this July, along with teammates Jalen Williams and Chet Holmgren, both in their early twenties, Anthony Edwards (24), and Tyrese Haliburton (25), signify a bright future. Giannis Antetokounmpo and Nikola Jokić have only recently entered their thirties, while Luka Dončić and the Boston Celtics duo of Jayson Tatum and Jaylen Brown remain key figures despite earlier playoff exits. The league will eventually identify the next leading figure, and this season’s playoffs may provide insight into who that star could be.

As discussions surrounding the NBA's regular season persist, there are those advocating for the league to maintain its traditional 82-game format. This structure has become a hallmark of the NBA over the years, with the challenges of navigating a full season complemented by extended playoff runs. While individual and career records may not hold the same weight in basketball as they do in baseball, they still matter. A shortened regular season could result in Stephen Curry's three-point record remaining unchallenged and LeBron's career scoring totals standing the test of time. However, the recent playoff injuries to prominent players, including Tatum and Lillard, along with the Cavaliers sustaining significant injuries, bolstered the argument for a reduced season length. Fewer games could arguably lead to fewer injuries, resulting in healthier teams and a more competitive playoff climate, justifying potential short-term revenue losses from a reduced schedule.

Amid the discussions of season length, the NBA's introduction of recent expansions has gained some traction in the public eye, although full acceptance of the in-season tournament remains to be seen. Nevertheless, the competition could have provided an intangible advantage to younger teams entering the playoffs. The Pacers and Thunder excelled in this tournament, culminating in their Finals matchup this year. Despite the fact that both teams faced injury challenges, the Cavaliers emerged as one of the disappointment narratives of this postseason. Finishing the regular season with a 64-18 record, they showcased postseason potential, especially after dominating the Miami Heat in the first round. Yet, they were ousted by the Pacers in just five games, leading to a reassessment of roster configuration, particularly regarding potential trades involving key players like Garland, Mitchell, and Allen.

The Pacers have demonstrated resilience following their unexpected conference finals run in 2024. Rather than making hasty decisions post-defeat, they opted for a patient approach. Trusting their acquisition of Pascal Siakam and playing through a challenging start to the season, they now find themselves in the Finals. The narrative surrounding the Pacers emphasizes the virtues of depth and player movement in the league. Shai Gilgeous-Alexander remains a centerpiece figure, helping to dispel notions of being overrated, while Rick Carlisle's coaching continues to challenge conventional wisdom about the league's best coaches. Siakam's achievements have bolstered his Hall of Fame candidacy, and role players such as Aaron Nesmith and Andrew Nembhard showcased their value on both ends of the court. Regardless of the Finals outcome, the Pacers stand out as significant winners of this playoff cycle.

In contrast, the Denver Nuggets, despite entering the postseason with high expectations, were eliminated in the second round after parting ways with both their head coach and general manager shortly before the playoffs commenced. The team found itself in turmoil, leaving Nikola Jokić's prime without a championship run yet again. However, barring an exceptional performance by the Pacers in the Finals, the Nuggets may still emerge as one of the strongest teams of this playoff season. Jokić's personal performance—including averages of 28.4 points, 13.9 rebounds, and 5.9 assists—was instrumental as the Nuggets pushed the Thunder to seven games, coming agonizingly close to victory in the series. This performance may indicate that they remain a title contender in the not-so-distant future.

While calls for drastic roster changes, including potential trades involving Jamal Murray or Michael Porter Jr., may arise, a more prudent approach during the offseason could provide a stable path forward. Throughout the playoffs, the Oklahoma City Thunder asserted their dominance with remarkable consistency, breaking records for average point differential and total wins. With the league's MVP in their ranks, the Thunder demonstrate both depth and productive acquisitions, positioning themselves well for a successful future. As they prepare for the Finals, the Thunder stand as the most formidable success story of this postseason.