NBA MVP Odds: Victor Wembanyama Surges to No. 4, SGA Losing Ground Amidst Injury

The NBA MVP race appears to be wide open with about two months left in the regular season, thanks to several of the top candidates being injured at some point in the campaign.

Oklahoma City Thunder guard Shai Gilgeous-Alexander remains the favorite in this market, but he’s out of the lineup currently with an abdominal strain. Gilgeous-Alexander, Nikola Jokic, Luka Doncic and Victor Wembanyama – four of the top-six players in the MVP odds – are all in danger of missing the 65-game threshold for the MVP award.

So, does that give some value to players like Cade Cunningham, Jaylen Brown and others down the stretch of the regular season?

Oddsmakers seem to think so, as Gilgeous-Alexander has slipped to just a -140 favorite to win MVP after he was north of -300 when Jokic was out with a knee injury.

Jokic remains in second in the latest odds at +270, but he can only miss one game the rest of the regular season to remain eligible for postseason awards.

There has been a shakeup in the odds as of late as well.

On Friday, Jokic and Cunningham appeared to be the biggest beneficiaries of Gilgeous-Alexander’s injury, rising in the odds with the Thunder guard ruled out for at least one more week.

However, Wembanyama has now entered the picture as the No. 4 choice in this market jumping from +3000 to +2500 and passing Doncic in the process. In fact, Doncic has fallen to +4000 (sixth in the latest odds) after the Lakers were blown out by Brown and the Boston Celtics on Sunday night.

Doncic has some impressive scoring numbers this season, but the Lakers could end up being a five seed or worse in the Western Conference, which would certainly hurt his MVP case.

As for Wembanyama, he has been a two-way star in the 2025-26 season, averaging 24.3 points, 11.2 rebounds, 2.9 assists and an NBA-high 2.7 blocks per game. He’s the favorite to win the Defensive Player of the Year, and he’s shot the ball well, knocking down 51.1 percent of his shots and 35.7 percent of his 3-pointers.

With the Spurs just three games behind the Thunder in the Western Conference, Wembanyama has a real case to win MVP. San Antonio was not a playoff team last season, and if it goes from that to the No. 1 seed, it’s hard not to recognize Wembanyama for all that he’s done on both sides of the ball.

Still, the former No. 1 overall pick has missed 14 games already this season and spent a lot of time on a minutes limit earlier in the season. So, that has hurt his season-long numbers when you compare them to SGA, Doncic, Jokic and others.

Here’s a look at the latest MVP odds ahead of a loaded slate on Monday, Feb. 23 which features a head-to-head matchup between Cunningham’s Pistons and Wemby’s Spurs.

NBA MVP Odds for 2025-26 Season

Odds via DraftKings Sportsbook

Shai Gilgeous-Alexander: -140
Nikola Jokic: +270
Cade Cunningham: +550
Victor Wembanyama: +2500
Jaylen Brown: +3500
Luka Doncic: +4000
Donovan Mitchell: +12000
Anthony Edwards: +25000
Jalen Brunson: +50000
Tyrese Maxey: +50000
Kawhi Leonard: +100000

Odds refresh periodically and are subject to change.

If you or someone you know has a gambling problem and wants help, call 1-800-GAMBLER.

Claim the latest DraftKings promo code offer today. Sign up and win your first $5 bet to get $200 in bonus bets instantly.