The 2025-26 NBA season is rapidly approaching.
With five teams — the New York Knicks, Brooklyn Nets, Philadelphia 76ers, Pheonix Suns and New Orleans Pelicans — reporting for training camps this week, it’s time to put a bow on the offseason.
And while signings and trades are practically finished — two key restricted free agents in Jonathan Kuminga (Warriors) and Qunetin Grimes (76ers) remain unsigned — some teams are nonetheless catching bad breaks; the Houston Rockets suddenly have to contend with a potential season-ending torn ACL injury to veteran point guard Fred VanVleet.
Here are the winners and losers of the 2025 NBA offseason:
WINNERS
Houston Rockets
One week ago — or even one day ago — Houston’s case as the unquestioned winners of the offseason was secure. The Rockets landed the biggest star available, Kevin Durant, in a trade with the Phoenix Suns. Houston also signed a key 3-and-D forward in Dorian Finney-Smith and bolstered its depth with the signings of Josh Okohie and Clint Capela.
But the Rockets were dealt a massive blow Monday, Sept. 22, when veteran point guard Fred VanVleet suffered a torn anterior cruciate ligament, likely ending his season. VanVleet averaged 18.7 points and 4.4 assists in the playoffs and will be missed. It also means the team will need a lot more from second-year guard Reed Sheppard, the No. 3 overall selection in the 2024 draft, who averaged just 12.6 minutes per game as a rookie.
Denver Nuggets
Trading away Michael Porter Jr. for Cameron Johnson should make Denver’s pick-and-roll game far more effective; Johnson can handle and dish the ball, and this should create more opportunities for Jamal Murray.
Adding Bruce Brown, a defensive-minded veteran and leader who spent time on Denver’s title-winning team three seasons ago, on the cheap was also a key move.
Dallas Mavericks
Losing Kyrie Irving late in the regular season to a torn anterior cruciate ligament was a big blow, but no team was luckier in the draft lottery than the Mavericks, who secured the No. 1 overall pick, despite having just 1.8% of getting the pick.
With it, they drafted Cooper Flagg, who has the potential to blossom into a franchise-altering player for years to come.
Atlanta Hawks and GM Onsi Saleh
Saleh deftly moved down in the draft and acquired an unprotected first-round pick from the Pelicans, and he acquired stretch center Kristaps Porziņģis at a discount because Boston needed to trim its luxury tax payments. Saleh also bolstered Atlanta’s shooting with the signing of Luke Kennard and wing defense with the sign-and-trade of Nickeil Alexander-Walker.
All of this could make the Hawks a sneaky dangerous team in the Eastern Conference.
LOSERS
Golden State Warriors
As of Tuesday morning, the Warriors have not received clarity concerning Jonathan Kuminga’s status with the team. A restricted free agent, the two sides have been at odds on what a viable long-term contract may look like, so Golden State’s offseason has been in a holding pattern. They have not made any move of note, and Kuminga, a 22-year-old forward who has flashed some promise, still hasn’t signed his qualifying offer.
The team’s lack of direction has led to Jimmy Butler reportedly reached out to Golden State’s front office to inquire about its plan. This is an aging roster whose window may be rapidly closing. Did they do enough to contend in the West?
Steve Ballmer, Kawhi Leonard and the Los Angeles Clippers
This was another older roster whose chances to win may be dwindling under the current build. But now, with the NBA-backed investigation looking into allegations of salary cap circumvention, the Clippers might be facing massive penalties — even including the possible voiding of Kawhi Leonard’s contract.
Regardless, Leonard is 34 and often injured, James Harden is 36, Brook Lopez is 37 and Bradley Beal might have his best basketball behind him.
Restricted free agents
Adding to the point above with Kuminga and the Warriors, it was a rough offseason for restricted free agents. With very little salary cap space available, teams were reluctant to sign four key restricted free agents — Kuminga, Josh Giddey (Bulls), Quentin Grimes (76ers) and Cam Thomas (Nets) — to offer sheets. This meant that, essentially, the teams holding the rights of these players had all the leverage in negotiations.
Kuminga and Grimes remain unsigned and might have to bet on themselves before trying their chances at unrestricted free agency next offseason.
Boston Celtics
They were always going to have to shed salary to avoid punitive apron penalties, but losing point guard Jrue Holiday and center Kristaps Porziņģis makes this a transition season — especially when considering that Jayson Tatum will be sidelined with a torn Achilles tendon.
Joe Mazzulla could be the perfect coach to get the most out of Anfernee Simons, but Boston might struggle to be legitimate threats in the East.
Indiana Pacers
The Tyrese Haliburton torn Achilles was a gut punch. Losing previously longest-tenured Pacer Myles Turner was another. Losing him to the rival Milwaukee Bucks in free agency could make fans forget all about their magical run.
The biggest stories, every morning. Stay up-to-date on all the key sports developments by subscribing to USA TODAY Sports’ newsletter.