NBA Power Rankings Based on Finals Odds (Thunder, Celtics Lead Way at Season's Midway Point)

Breaking down the latest NBA Power Rankings -- based on each team's odds to win the NBA Finals -- as the NBA near's the halfway point in the regular season.

Oklahoma City Thunder guard Shai Gilgeous-Alexander (2) and forward Jalen Williams. / Alonzo Adams-Imagn Images

The NBA is nearing the midway points (41 games) for every team in the 2024-25 regular season, so why don't we take a look at the latest NBA Finals odds?

The Oklahoma City Thunder, Boston Celtics and Cleveland Cavaliers have looked like the three best teams in the league, but a lot could change over the final months of the regular season.

In these rankings, I'm valuing two things:

One, how likely is this team to win the NBA champions, regardless of their odds? And then secondly, is this team properly priced for its chances of winning the NBA Finals?

That's going to lead with some teams rising/falling in the rankings even if they have better odds, and hopefully by the end of the season bettors will have a solid portfolio of contenders -- at favorable prices -- entering the playoffs.

NBA Power Rankings Based on Championship Odds

Odds via DraftKings Sportsbook.

1. Oklahoma City Thunder (+260)

Even though it has the second-best odds, OKC is the favorite, in my book to win the title.

The Thunder are the No. 1 defense in the NBA by a wide margin, and they've done that without Chet Holmgren for most of the season due to a hip fracture.

OKC has also built a massive lead in the Western Conference, and it doesn't have a team like Boston, Cleveland or New York on its heels.

2. Boston Celtics (+250)

Boston Celtics forward Jayson Tatum. / Erik Williams-Imagn Images

The defending champs are still the betting favorites, and I wouldn't drop them any lower than two the rest of this season, barring a major injury.

Boston has playoff experience, and elite top-seven in its rotation and a lethal offense that shoots a ton of 3s. After the C's rolled through the playoffs last season, it's hard not to assume that they'll be back in the Finals again this season.

3. Cleveland Cavaliers (+1100)

Cleveland is 33-5 and has a legit chance to win 70 games this season, holding the No. 1 seed in the East. While I can't put the Cavs over Boston, at +1100 they offer pretty solid value for a team that could finish the regular season with the league's best record.

The continuity of the Cavs' core is also extremely important to their success and has helped them to the No. 1 offense so far this season.

4. Denver Nuggets (+1300)

This is where it gets interesting. Denver may not be playing good enough defensively (17th in defensive rating) to win a title, but it also has Nikola Jokic.

Jokic is the best player in the NBA, and he has carried this team at times. With young guys like Christian Braun coming along, Denver's biggest issue may end up being the health/consistency of Jamal Murray.

5. New York Knicks (+950)

New York Knicks center Karl-Anthony Towns. / Brad Penner-Imagn Images

New York has arguably the best starting five in the NBA, but its bench has been brutal in the 2024-25 season -- partially because of Tom Thibodeau's unwillingness to play it.

The Knicks should win a playoff series, but a matchup with Boston or Cleveland in the second round is far from ideal.

6. Memphis Grizzlies (+3000)

Memphis is finally healthy again, and it's right back in the mix for a top-three seed in the West.

The Grizzlies also have a ton of tradable contracts that could make them a team to watch at the deadline this season. A top-five defense this season, the Grizzlies will be a tough out in the postseason.

7. Orlando Magic (+6000)

Orlando Magic forward Paolo Banchero. / Nathan Ray Seebeck-Imagn Images

Orlando has stayed afloat this season even though Paolo Banchero has missed a ton of time with injury and Jalen Suggs, Franz Wagner and Moe Wagner are all out.

Franz and Suggs should return this season, and the Magic are the No. 2 defense (No. 1 scoring defense) in the league. They're likely going to be the No. 4 or 5 seed in the East, making them a massive value at +6000.

8. Milwaukee Bucks (+3000)

The NBA Cup champion, Milwaukee should be in the mix for a top-five seed in the East, but does it have the depth to win a title?

With Khris Middleton, Brook Lopez and others aging, a lot is on Giannis Antetokounmpo's plate. He'll need a huge run for this Bucks team to make the Finals.

9. Dallas Mavericks (+1400)

Dallas Mavericks guard Luka Doncic. / Jerome Miron-Imagn Images

Dallas made the Finals last season, but Luka Doncic's calf injury could derail this season.

Dallas is just 3-7 in its last 10 games and is only 2.5 games from falling out of the play-in tournament -- despite holding the No. 5 seed in the West.

10. Houston Rockets (+5000)

One of the best defenses in the league with a ton of young talent, Houston is a team to buy at this price. The current No. 2 seed in the West, Houston may be a year or two away from true title contention, but there are a lot of similarities to last season's OKC squad.

11. Indiana Pacers (+9000)

An Eastern Conference Finals team last season, the Pacers have gotten hot as of late, jumping into the No. 5 seed in the East while winning six straight games.

The Pacers also have help on the way with Aaron Nesmith (ankle) expected to return at some point this season.

12. Los Angeles Clippers (+4500)

Los Angeles Clippers forward Kawhi Leonard. / Kiyoshi Mio-Imagn Images

Kawhi Leonard is back, and the Los Angeles Clippers stay afloat without him -- thanks to a career year from Norman Powell.

The Clips are a frisky team in the West with one of the best playoff performers in NBA history on their roster.

13. Minnesota Timberwolves (+4000)

The Wolves made the Western Conference Finals last season, but they haven't been nearly as good this season. Still, Minny has a top-10 defensive rating and an All-NBA guard in Anthony Edwards.

There are teams with worse outlooks in the West playoff race.

14. Los Angeles Lakers (+3500)

Los Angeles Lakers forward LeBron James. / Kevin Jairaj-Imagn Images

The Los Angeles Lakers have fallen short with their current core in each of the last two seasons, and unless they make a deal at the deadline, it's hard to ask 40-year-old LeBron James to lead them to a title in a loaded Western Conference.

15. Phoenix Suns (+4000)

The Suns could make a major leap if they move off Bradley Beal for Jimmy Butler,but Beal's no-trade clause will likely stop that from happening.

At +4000, Phoenix doesn't have much value for a team teetering on the play-in line. There are a lot of roster flaws -- despite the top-line talent -- for this team.

16. Sacramento Kings (+8000)

Sacramento Kings guard De'Aaron Fox. / Sergio Estrada-Imagn Images

The Kings are the hottest team in the NBA since firing Mike Brown, winning seven games in a row to get to the No. 9 seed in the West. They are a priced pretty low at +8000.

17. Philadelphia 76ers (+4500)

Philly's season ultimately comes down to whether or not Joel Embiid will play. As of now, there is no telling if he'll be healthy -- or play well -- in the playoffs.

18. San Antonio Spurs (+50000)

San Antonio Spurs center Victor Wembanyama. / Kamil Krzaczynski-Imagn Images

The Spurs are likely a year away from making the playoffs, but Victor Wembanyama is mounting an All-NBA campaign to keep them in the play-in tournament race.

19. Miami Heat (+8000)

Miami may end up making the playoffs thanks to Tyler Herro's career year, but Bam Adebayo is shooting terribly and Jimmy Butler wants a trade. Those are major issues for a team that is just two games above .500 through 38 games.

20. Golden State Warriors (+4000)

After a 12-3 start, the Warriors are just 7-17 in their last 24 games. It's impossible to get behind them in this market at the low price of +4000 -- unless they make a major move at the deadline.

21. Atlanta Hawks (+50000)

Atlanta has been better than many though it would be this season, but the Hawks are still just the No. 9 seed in the East and rank 21st in the NBA in net rating.

22. Detroit Pistons (+80000)

Detroit Pistons guard Cade Cunningham. / Brad Penner-Imagn Images

Detroit has won eight of its last 10 games and is the No. 8 seed in the Eastern Conference behind an All-Star campaign from Cade Cunningham.

The Pistons aren't going to win the title, but they're not going to be a pushover in the East playoff picture either.

23. Chicago Bulls (+100000)

Chicago is fighting for a play-in spot in the East, but it may be wise to move off some veterans at the deadline to better build for the future. These odds suggest that the Bulls will miss the postseason in the 2024-25 campaign.

24. Portland Trail Blazers (+100000)

The Blazers are in a full-blown rebuild and won't be a playoff team this season.

25. Brooklyn Nets (+100000)

After trading away Dennis Schroder and Dorian Finney-Smith, the Nets are looking to tank after a strong start to the season.

26. Toronto Raptors (+100000)

Toronto Raptors forward Scottie Barnes. / David Richard-Imagn Images

Injuries to Immanuel Quickley and Scottie Barnes early doomed the Raptors from the start. They're just 1-18 on the road this season.

27. Utah Jazz (+100000)

Fully in the Cooper Flagg sweepstakes, Utah has just 10 wins in 38 games this season.

28. Charlotte Hornets (+100000)

Despite All-Star level play from LaMelo Ball, the Hornets are just 29th in offense and way out of the playoff picture in the East.

29. New Orleans Pelicans (+100000)

New Orleans Pelicans forward Zion Williamson. / Paul Rutherford-Imagn Images

Injuries doomed New Orleans' season from the jump, and it ranks in the bottom three of the NFL in offensive, defensive and net rating. Does NOLA sell at the deadline?

30. Washington Wizards (+100000)

Full. On. Tank. I almost have to respect it. Washington is focused on playing young guys, and it sits at 6-32 on the season.

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Odds refresh periodically and are subject to change.

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Find Peter Dewey's NBA betting record here (futures included). You can also follow my daily plays on  BetStamp here.