The initial phase of the NBA`s 2025 free agency period is now behind us (for those on the East Coast, at least), and while the activity might have taken a little longer than anticipated to pick up pace, there have certainly been some significant developments.
With the first wave of transactions settled, let`s take a look at the teams that appear to have come out ahead, and those that seem to have stumbled, in these early stages of 2025 NBA free agency.
Loser: Milwaukee Bucks
- Key additions: Myles Turner, Gary Harris, Vasilije Micić
- Key losses: Damian Lillard, Brook Lopez, Pat Connaughton
- Re-signed: Kevin Porter Jr., Bobby Portis, Gary Trent Jr., Taurean Prince, Jericho Sims
There are moves born of desperation, and then there are moves that feel entirely divorced from reality. The Bucks` decision to waive Damian Lillard and stretch the remaining $113 million of his contract over five years, seemingly just to clear cap space to pay Myles Turner $107 million over four years, arguably falls into the latter, delusional category.
Yes, Turner might have been considered a top player in this year`s relatively thin free-agent class, but context and cost are paramount. Adding Turner to a team like the Lakers at a reasonable price would be a major coup. Him staying with Indiana while Tyrese Haliburton recovers also makes sense. However, given the sheer financial cost Milwaukee incurred by stretching Lillard`s contract and the limited future roster flexibility they sacrificed, this move appears questionable.
While the Bucks deserve credit for attempting to build a roster capable of keeping Giannis Antetokounmpo happy, it`s unclear if this sequence of moves achieves that goal. Turner represents a marginal upgrade, at best, over Brook Lopez. Is that worth paying Lillard $22.5 million annually for the next five years to *not* play for them? In an era where teams are acutely aware of the salary cap and luxury tax implications, especially the “aprons,” calling this a debilitating financial move might be an understatement.
Having committed to this path, the Bucks might feel compelled to go even further, perhaps pursuing Anfernee Simons from Boston. On paper, Simons could potentially step into Lillard`s role, and in the somewhat weakened Eastern Conference, this *might* offer a narrative (albeit a stretched one) that convinces Giannis the team can still compete.
Regardless of the potential future moves, the initial decision looks poor. To be fair, Milwaukee had few easy options. They invested heavily, first in Jrue Holiday, then in Lillard, in an effort to surround Giannis with a championship-contending roster. The moves since the Holiday trade have increasingly seemed desperate, but this one crosses the line into delusional, a decision they will likely feel the repercussions of for years, potentially even if Giannis eventually departs.
Winner: New York Knicks
- Key additions: Jordan Clarkson, Guerschon Yabusele
The Knicks finally hired Mike Brown as their new head coach, a quietly successful coach who could potentially inject more diversity and movement into New York`s offensive schemes. Brown has a track record of success wherever he`s coached, including multiple championships as an assistant and leading teams like the 2007 Cavs to the Finals and the Sacramento Kings to their first playoff berth in 16 years.
If Brown`s tenure achieves nothing else, reducing the team`s reliance on Jalen Brunson creating everything through isolation and improving the utilization of the bench would represent significant progress. Regarding the bench, New York has added two quality players in Jordan Clarkson and Guerschon Yabusele, both expected to be significant upgrades for the second unit.
Clarkson is a proven scorer who can provide valuable points for 20 minutes a night, potentially relieving some pressure from Brunson or serving as a dedicated second-unit threat with more scoring punch than previous options. Yabusele, who started 43 games for the Sixers averaging 11 points and 5.6 rebounds, brings strong defense and size, though he`s not a primary rim protector. Paired with Mitchell Robinson and some of New York`s wings, he could anchor a solid defensive lineup. His shooting ability also adds offensive versatility, particularly when substituting for Josh Hart in certain lineups.
In an Eastern Conference often described as wide open, the Knicks, who were already two wins away from the Finals, have meaningfully bolstered their bench depth and brought in a coach likely to maximize its potential. This appears to be positive progress for New York.
Winner: Houston Rockets
- Key additions: Kevin Durant, Dorian Finney-Smith, Clint Capela
- Key losses: Jalen Green, Dillon Brooks
- Re-signed: Jabari Smith Jr., Fred VanVleet
In a single move, the Rockets simultaneously weakened a potential rival (the Lakers) and significantly improved their own roster by signing Dorian Finney-Smith to a four-year, $53 million deal. This is a clear win. Finney-Smith is a versatile player who fits well on any team, especially the Rockets with their developing two-way identity. He enhances an already strong defense and complements an offense now led by Kevin Durant.
Houston also acquired Clint Capela on a three-year, $21 million contract, adding valuable depth at center behind Alperen Sengun and Steven Adams. This provides three distinct options at the five: Capela as a rim-rolling, shot-blocking threat; Adams as a powerful rebounder; and Sengun as the skilled scoring All-Star. This versatility allows for various lineup combinations, including two-big sets, one-big sets, and even super-long lineups without a traditional center, featuring Durant, Finney-Smith, Jabari Smith Jr. (whom they re-signed to a five-year, $122 million extension), Tari Eason, and Amen Thompson.
In essence, the Rockets have upgraded Jalen Green to Kevin Durant, replaced Dillon Brooks with Dorian Finney-Smith, and added Clint Capela. This comes after they finished last season as the West`s No. 2 seed. They are clearly a much-improved team heading into the next season. The Rockets appear ready for a significant leap.
Loser: Los Angeles Lakers
- Key additions: Jake LaRavia, Deandre Ayton
- Key losses: Dorian Finney-Smith
When a player like Deandre Ayton becomes a central topic in free-agent discussions, it says more about the underwhelming nature of the free-agent class than it does about Ayton himself. The Lakers did acquire their center, which was a clear need. If Ayton had signed with the Pacers to replace Myles Turner, it likely wouldn`t have generated much buzz. But because it`s the Lakers, the move is amplified.
This isn`t to dismiss the acquisition entirely. Ayton is, objectively, an upgrade over Jaxson Hayes. He was an effective pick-and-roll partner during his time in Phoenix when Chris Paul was facilitating, and the Lakers are likely hoping Luka Doncic can help him replicate that success as a finisher. He`s capable of double-doubles and can operate effectively as a short-roll passer, providing a counter to defenses focused on doubling Doncic.
However, here`s the equation that leads to the Lakers being labeled a loser: Ayton offers a marginal upgrade over Hayes, but Jake LaRavia is arguably a more significant downgrade from Dorian Finney-Smith, the player the Lakers lost to the rival Rockets. At best, these moves result in a net neutral change. And in a highly competitive Western Conference, standing still is equivalent to falling behind.
This situation is particularly striking given LeBron James` agent`s stated desire for his client to have a `realistic` chance at winning a championship. Frankly, based on these moves, that realistic chance seems diminished. The Thunder remain strong, and teams like the Nuggets and Rockets have clearly improved. The Warriors were already formidable even before Stephen Curry`s injury. Dallas is expected to be better once Kyrie Irving returns, assuming they stay healthy.
The Lakers are still a good team, and it`s difficult to entirely discount a squad featuring Luka, LeBron, and Austin Reaves. However, their actions clearly indicate a priority on maintaining future financial flexibility. They are retaining their draft picks and are positioned to have substantial cap space next summer if LeBron departs, which appears increasingly probable, whether he retires or moves to another team. Yet, a seemingly obvious target for that potential 2026 cap space, Jaren Jackson Jr., just signed a massive five-year, $240 million extension with the Grizzlies.
So, Rob Pelinka seems focused on preserving cap space for 2027, without a clear understanding of who, if anyone of significance, might be available then, while arguably neglecting the opportunity they have *right now* with Luka and LeBron?
This feels like the Lakers are subtly hoping LeBron walks in and requests a trade. They want to avoid being seen as the instigators, but their actions collectively point towards a team prioritizing planning for a future without LeBron, a future they might secretly prefer to start sooner rather than later. From a purely basketball standpoint, they would likely prefer to get some value back for LeBron via trade instead of watching him leave next summer for nothing.
Perhaps the Lakers have further moves planned. They might make a major acquisition, like trading for Herb Jones, although that would likely require including Austin Reaves. De`Anthony Melton, who would be an upgrade over Gabe Vincent, is another possibility using a cap exception. Miami might be interested in Andrew Wiggins, but it seems the Heat are seeking a first-round pick that the Lakers are reluctant to part with. Any such move would necessitate revisiting this analysis. However, based solely on the initial free agency period and its impact on *this* upcoming season, it currently represents a loss for the Lakers.
Winner: Atlanta Hawks
- Key additions: Kristaps Porzingis, Nickeil Alexander-Walker, Luke Kennard
- Key losses: Caris LeVert, Clint Capela, Larry Nance Jr., Georges Niang, Terance Mann
The Hawks have been actively reshaping their roster this summer. They began by trading for Kristaps Porziņģis, providing Trae Young with a stretch center whose ability to space the floor can create significant advantages for Young and the offense.
Next, the Hawks executed a smart move on draft night, trading down from the 13th pick to No. 23, where they selected Asa Newell, adding another promising long, athletic defender to their growing collection. Adding to this, they secured the Pelicans` unprotected 2026 first-round pick – which could be quite valuable as it will be the better selection between the Pelicans` own pick and the Bucks` pick (potentially a high lottery pick if Giannis decides to leave) – as compensation for the trade down.
Most recently, they completed a sign-and-trade deal for Nickeil Alexander-Walker, considered one of the more desirable free agents in this year`s modest class. Alexander-Walker was sought after by many teams due to his excellent perimeter defense and improved 3-point shooting. He emerged as a key contributor for a Timberwolves team that reached consecutive conference finals.
They also acquired Luke Kennard, a prolific 43% 3-point shooter who will significantly space the floor around Young and Porzingis. Looking at these additions, the Hawks seem to have strategically constructed a roster designed to optimally support Trae Young. They`ve surrounded him with perimeter defenders capable of mitigating his defensive limitations.
With Defensive Player of the Year runner-up Dyson Daniels, last year`s No. 1 overall pick Zaccharie Risacher, Alexander-Walker, and Jalen Johnson on the perimeter, plus Onyeka Okongwu providing defensive presence at the five in certain lineups, Atlanta has built a serious defensive foundation around Young. Furthermore, many of these players are capable secondary playmakers, adding an interesting dynamic that complements Young`s offensive gravity.
Atlanta appears to have looked at the Indiana Pacers` recent success in the Eastern Conference and thought, “Why not us?” And frankly, they have a case. They`ve rapidly assembled a potentially very good team. They may not even be finished, as they`ve made these significant moves while remaining below the luxury tax line and still have access to a substantial Traded Player Exception (nearly $10 million) from the Dejounte Murray trade. Seriously, the Hawks are trending upward.
Loser: Boston Celtics
- Key additions: Anfernee Simons, Georges Niang, Luka Garza
- Key losses: Jrue Holiday, Kristaps Porziņģis, Luke Kornet
A roster shakeup was somewhat anticipated for Boston this offseason, but the reality of the changes hits differently. Including Jayson Tatum, who is expected to miss the entire next season recovering from a torn Achilles, the Celtics will enter the 2025-26 season missing three of their five primary starters from the championship lineup (while Kristaps Porziņģis wasn`t a Finals starter, replacing Al Horford, the point about significant personnel loss stands).
Adding to this, Luke Kornet has departed (signing with San Antonio), and Al Horford is heavily rumored to be joining the Warriors. This leaves the Celtics looking considerably thinner, relatively speaking. Boston might still look to trade Anfernee Simons as they continue to trim salary. Milwaukee appears to be a logical trade partner; having already committed heavily to Myles Turner, they might see value in acquiring Simons to potentially fill a Lillard-like role and present a more compelling roster to Giannis.
This upcoming season could potentially serve as a “gap year” for the Celtics, who have been deep in the playoffs recently (three Conference Finals appearances and two Finals appearances in the last four years). The relative rest could benefit the organization in the long run. However, the bottom line remains: they have lost key players, might lose another in Horford, and the incoming replacements so far are not exactly inspiring confidence. It`s plausible that Neemias Queta could find himself starting at center.
Winner: Memphis Grizzlies
- Key additions: Ty Jerome, Kentavious Caldwell-Pope, Cole Anthony
- Key losses: Desmond Bane, Luke Kennard
- Re-signed: Jaren Jackson Jr., Santi Aldama
Perhaps the most significant news of the day for Memphis was securing Jaren Jackson Jr. on a five-year, $240 million extension. This was far from guaranteed. The Grizzlies had limitations on the maximum they could offer him, but they successfully maneuvered their cap situation to give him a max deal, avoiding the nightmare scenario of him becoming a free agent next summer when the Lakers might have had max cap space available. This is a massive win.
One player who was potentially going to be a casualty of creating that cap space was Santi Aldama, who was reportedly a target for several teams. However, the Grizzlies managed to re-sign him as well, another significant positive outcome.
Finally, the Grizzlies added arguably one of the league`s best backup point guards in Ty Jerome, poaching him from the Cavs. Jerome is a valuable addition who can do more than just spell Ja Morant; he could genuinely contribute in clutch situations.
Losing Desmond Bane hurts, but Kentavious Caldwell-Pope is a solid replacement, and the Grizzlies received four first-round picks in that trade. This provides either cheap future depth or a substantial package for future trades. Overall, the Grizzlies` moves look very strong.
Winner: Denver Nuggets
- Key additions: Cam Johnson, Bruce Brown
- Key losses: Michael Porter Jr.
The Nuggets finally found a way to move on from Michael Porter Jr.`s contract, sending him to the Nets along with Denver`s 2032 first-round pick in exchange for Cam Johnson. Johnson is a tremendous addition, perfectly suited for the Nikola Jokić-centric offense. As an added bonus, they also brought back Bruce Brown on a veteran minimum deal.
Brown`s departure after the 2023 championship marked the beginning of Denver`s bench restructuring. Although he hasn`t played significant minutes across three different teams over the past two seasons, his previous success in Denver`s system as a cutter, creator, physical finisher, and energetic defender is well-documented, making his return valuable.
Cam Johnson, meanwhile, is the type of player every team covets. He`s one of the league`s premier movement shooters, excelling at coming off screens and intelligently relocating, hitting 39% of his three-pointers on over seven attempts per game last season. His ability to space the floor and move off-ball will be incredibly effective playing alongside Jokić, who is renowned for his court vision and passing. This represents a terrific start to free agency for the Nuggets.
Loser: Detroit Pistons
- Key additions: Caris LeVert
- Key losses: Dennis Schroder
- Re-signed: Paul Reed
There were some optimistic expectations for the Pistons, with reports linking them to players like Nickeil Alexander-Walker and Santi Aldama. However, they failed to acquire either of those players and settled for Caris LeVert, who is a decent player, but perhaps not the impact signing some hoped for. It remains to be seen what further moves the Pistons will make. There is speculation that the Dennis Schroder situation might evolve into a sign-and-trade for Malik Monk, which would be worth monitoring. The return of Jaden Ivey can also be viewed as adding talent compared to their previous roster.
However, in terms of genuine external additions, Detroit hasn`t landed the players they were reportedly targeting. Furthermore, they might also lose Malik Beasley, who is currently involved in a gambling investigation. So far, the start to free agency hasn`t been ideal for Detroit.
Winner: Orlando Magic
- Key additions: Desmond Bane, Tyus Jones
- Key losses: Kentavious Caldwell-Pope, Cole Anthony
Just as the trade for Desmond Bane looks favorable for Memphis, the Orlando Magic also appear justified in paying a substantial price for a player who hasn`t yet made an All-Star team. Bane is precisely the offensive weapon the Magic needed. He`s an elite shooter and can create scoring opportunities in multiple ways, making him a difficult player for defenses to contain. Orlando already possesses an elite defense and needed to significantly upgrade its scoring punch to compete effectively in the wide-open Eastern Conference.
While Bane can handle some ball-handling duties, he`s not a traditional point guard. Acquiring Tyus Jones, who started for Phoenix but is likely to lead the second unit in Orlando, solidifies their point guard situation for significant minutes. With Jalen Suggs expected back in the starting lineup, Orlando`s defense should remain formidable, but now they`ve added the necessary offense to complement it. These moves position the Magic well.
Jasper Hawthorne