OKLAHOMA CITY THUNDER

The Thunder ascended from a 57-25 Western Conference semifinals exit in 2023-24 to winning the 2024-25 NBA championship with a 68-14 record, then posted a 64-18 mark in 2025-26 before falling in the Western Conference Finals to San Antonio. Shai Gilgeous-Alexander emerged as season MVP and Finals MVP in the title run and made All-NBA First Team again in 2025-26, while Chet Holmgren earned All-NBA Third Team honors, locking in collector demand for both stars' rookies and inserts. Injuries to All-Star forward Jalen Williams became a major storyline during the 2026 playoffs, and questions emerged about Holmgren's offensive struggles against Victor Wembanyama, though the core trio's long-term extensions cemented their card stability.

Where they stand: The Thunder finished 64-18 in 2025-26, claiming the top seed in the West for the third consecutive year, and advanced through two playoff rounds before losing the Western Conference Finals 4-3 to the Spurs on May 30, 2026. This offseason Oklahoma City traded Lu Dort to Atlanta, along with Aaron Wiggins and Isaiah Joe, while re-signing Isaiah Hartenstein and Kenrich Williams. The team drafted Michigan big Aday Mara and Iowa guard Bennett Stirtz in June 2026, entering the quiet August period with their championship window firmly intact.