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The Toronto Raptors defied the odds last season, eclipsing blowing past their 35.5 Vegas win total for the season to finish among the top five in the Eastern Conference in 2022.

Next year, though, expectations have taken a jump. Opening odds for 2023 have the Raptors at +6000, conveying about a 1.6% chance to win the NBA championship, the sixth-best odds in the East and 15th-best overall, per FanDuel.

Only the Boston Celtics, Brooklyn Nets, Milwaukee Bucks, Miami Heat, and the Philadelphia 76ers have better odds than Toronto in the East, respectively. The Raptors are followed immediately by the Chicago Bulls at +6500 and the Atlanta Hawks at +8500.

As for the 2023 NBA MVP, Pascal Siakam leads the team at +10,000 followed by Fred VanVleet at +21,000 and Scottie Barnes at +35,000.

The Golden State Warriors and Boston Celtics remain the favorites to win it all next season at +450 and +650, respectively. 

Luka Doncic, Joel Embiid, and Giannis Antetokounmpo are listed at +500, +550, and +700 to win the MVP award, respectively.

Ultimately, next season is expected to be another building year for the Raptors. Barring the unexpected, Toronto be in the conversation for the NBA Finals in 2023 but if things go according to plan the 2024 season could see the Raptors back among the NBA's best.

Further Reading

Raptors considered favorites to land Rudy Gobert, Vegas says

Skipped combine raises draft questions about Michigan's Caleb Houstan, but upside is enough to interest Raptors

Julian Champagnie had positive feedback from the Raptors as he tries to follow in his brother's footsteps