Warriors Rumors

Warriors Notes: Kuminga, Butler, Curry, Green

October 22nd, 2025 at 4:43pm CST by Luke Adams

After free agency negotiations between the Warriors and Jonathan Kuminga dragged on for the entire offseason amid questions about the forward’s place in Golden State’s lineup (and future), Kuminga looked like a natural fit in the first game of the season on Tuesday, contributing 17 points, nine rebounds, and six assists in a victory over the Lakers.

Kuminga, who had career averages of 4.0 rebounds and 1.8 assists per game in his first four NBA seasons, said after the game that he’s committed to finding ways to help the team beyond his scoring, per Marcus Thompson II of The Athletic.

“It was just one of my goals coming into this year,” Kuminga said. “Just trying to be on the boards as much as I can. And guarding the best players. The main thing moving forward is just getting better and doing that every day. When my shots are not falling, just find a way to impact the game. Doing the small things that matter. I’m gonna have my moment when they’re gonna need me to go out and score.”

Kuminga’s most productive stretch of the night came in the third quarter, when he scored 13 of his points and made a trio of three-pointers. However, according to ESPN’s Anthony Slater, his teammates were talking after the game about a key offensive rebound late in the fourth quarter that set up a Stephen Curry dagger to seal the victory.

“That rebound is what everyone in the world has been waiting to see,” Draymond Green said. “You have that athleticism, you go make big plays. You have superstar potential, you go make big plays. Those are game-winning plays. When you ask for opportunity, you must deliver. He’s been very vocal about his opportunity, and he delivered.”

Here’s more on the Warriors:

Head coach Steve Kerr told reporters after the game that he thinks Kuminga has “really, really matured” and noted that Jimmy Butler‘s leadership has been a factor. “(Kuminga’s) had a great camp,” Kerr said, according to Thompson. “We’ve had some really good conversations. I think he has a better understanding of what we need. “I think he just has a better sense of what’s needed now compared to past years, and I think Jimmy has really helped him, too. Jimmy has talked to him a lot during camp, he’s taken him aside after practices.”
A belief that Curry’s heavy workload in the first round of last season’s playoffs contributed to the hamstring injury he sustained early in round two is one key reason why Kerr will make it a greater priority than ever to manage the star guard’s workload in 2025/26, writes Sam Amick of The Athletic. “(Warriors head of player health and performance) Rick Celebrini shared that with me,” Kerr said. “I asked him (about the possible correlation), and he said, ‘Absolutely. One hundred percent.’ So we have to try to keep the minutes down as best we can.” According to Amick, the goal within the organization is to have the team’s older veterans (Curry, Butler, and Green) top out around 34 minutes on a given night.
Although Kuminga is widely considered an in-season trade candidate, Amick suggests there aren’t many players expected to be available whom the Warriors would want to move him for. According to Amick, Pelicans sharpshooter Trey Murphy III is a name that “continues to circulate” as a potential target, but there has been no indication New Orleans wants to move Murphy, who is in the first season of a four-year contract.
Butler’s opening night performance – including a game-high 31 points – served as a reminder of why the Warriors need him, and vice versa, writes Nick Friedell of The Athletic. In Butler, the Warriors have another “alpha” who benefits from the defensive attention that Curry commands. “Everybody pays attention to Steph,” Butler said. “I got the easy job.”

Heat, Jimmy Butler Reach Settlement Over 2024/25 Fines

October 22nd, 2025 at 1:35pm CST by Luke Adams

The Heat and Jimmy Butler have reached a settlement agreement on the fines that accompanied multiple team-imposed suspensions last season, reports Ira Winderman of The South Florida Sun Sentinel (subscription required).

According to Winderman, Butler recouped approximately half of about $6MM in salary that he forfeited during those suspensions while he was a member of the Heat.

A source familiar with the deal told the Sun Sentinel that both parties were satisfied with the agreement, which was reached after the players’ union filed a grievance on Butler’s behalf. As Winderman explains, the Heat were found during the appeals process to be within their right to have suspended the star forward, while Butler was considered to be “reasonable in questioning the degree of the sanctions.”

Butler, who was seeking a trade out of Miami prior to February’s deadline, was repeatedly suspended by the Heat due to conduct detrimental to the team, disregarding team rules, and, eventually, “withholding services.”

The NBA’s Collective Bargaining Agreement called for Butler to be docked $336,543 per game (1/145th of his $48,798,677 salary) for his initial suspensions for conduct detrimental to the team, which covered nine games, then $532,737 per game (1/91.6th of his salary) on his last indefinite suspension for failure to render services. That last suspension covered five games before the trade sending him to Golden State was finalized.

Settlement agreements aren’t uncommon in situations like this one. For instance, when Ben Simmons forfeited nearly $20MM of his salary in 2021/22 for a failure to render services, he and the Sixers eventually worked out a settlement that saw him recoup a portion of that lost salary.

Butler’s first full season with the Warriors got off to a good start on Tuesday, as he racked up 31 points while making all 16 of his free throws en route to a victory over the Lakers.

NBA Teams With Open Roster Spots

October 22nd, 2025 at 11:13am CST by Luke Adams

Each of the NBA’s 30 teams is permitted to carry 15 players on standard contracts and three on two-way deals once the regular season begins, which works out to a maximum of 540 players across 30 rosters.

[RELATED: 2025/26 NBA Roster Counts]

Of those 540 potential roster spots, 522 are currently occupied to open the 2025/26 season, leaving 18 open roster spots around the NBA across 17 teams. Here’s the full breakdown of those 18 openings around the league:

One open standard roster spot and one open two-way slot

Cleveland Cavaliers

The only team operating above the second tax apron, the Cavaliers are likely in no hurry to fill the 15th spot on their standard roster, which would cost them exponentially more in tax penalties beyond the player’s salary. Cleveland also has the ability to make changes involving its 14th roster spot at some point if it wants to — Thomas Bryant minimum-salary contract is fully non-guaranteed, so he’d only be owed a prorated portion of his salary if he’s waived at some point on or before January 7.

While two-way players don’t count against the salary cap, they still earn modest salaries (half the rookie minimum), so it’s possible the Cavs will look to save a little money on the league’s priciest roster by holding their third two-way slot open for the time being. A team that has an open standard roster spot is also limited to 90 overall active games for its two-way players instead of 50 apiece, so the Cavs probably aren’t looking to use up many of those games early in the season if they can help it.

One open standard roster spot

Atlanta Hawks
Boston Celtics
Denver Nuggets
Detroit Pistons
Golden State Warriors
Houston Rockets
Los Angeles Clippers
Los Angeles Lakers
Miami Heat
Minnesota Timberwolves
New York Knicks
Orlando Magic
Philadelphia 76ers
Phoenix Suns
Toronto Raptors

Many of these teams are carrying an open roster spot for luxury tax reasons. The Celtics, Nuggets, Warriors, Rockets, Clippers, Lakers, Timberwolves, Knicks, Magic, Sixers, Suns, and Raptors are all over the tax line, while the Heat don’t have much breathing room below it.

Most of those teams will add 15th men eventually, but won’t do so yet. Several of them – Golden State, Houston, both L.A. teams, New York, and Orlando – actually can’t do so yet, since they’re operating so close to their respective hard caps.

The Hawks have room under the tax line for a 15th man, but of all the teams in this group, the Pistons could be the best bet to fill their open roster spot sooner rather than later. They’re well more than $20MM below the tax line, so there are no concerns related to finances or spending flexibility. Still, given that Jaden Ivey is the only player on the roster dealing with more than a day-to-day injury right now, there’s no urgency to bring in a 15th man immediately.

One open two-way slot

Brooklyn Nets

In the past, a team without a G League affiliate of its own might be slow to fill its two-way contract slots, but all 30 NBA clubs now have affiliates in the NBAGL, so outside of thriftiness, there’s no real excuse not to carry a full complement of two-way players once the G League season begins in the coming weeks.

That’s especially true for the Nets, whose team salary is the lowest in the league entering the season. With so many rookies on the team’s standard roster, a third two-way player might not see any action at the NBA level anytime soon, but it would still make sense for Brooklyn to bring in another young prospect to develop in the G League.

Stein’s Latest: Connaughton, Knicks, Mazzulla, Curry, Mavs

October 20th, 2025 at 11:05pm CST by Rory Maher

Charlotte’s decision to release Spencer Dinwiddie — after signing the veteran guard to a guaranteed minimum-salary contract over the summer — surprised some people around the NBA, according to Marc Stein of The Stein Line (Substack link).

There was some speculation that the Hornets might waive Pat Connaughton instead, but Stein hears the team decided to keep the veteran wing because he’s popular in the locker room and has championship experience. Another key factor: the Hornets remain cautiously optimistic they might be able to use Connaughton’s $9.4MM expiring contract in a trade before February’s deadline, Stein writes.

Here’s more from Stein:

The Knicks attempted to speak to several employed head coaches when they were looking for a replacement for Tom Thibodeau, but all of their formal requests were denied. According to Stein, there have been rumblings that New York also informally explored the possibility of trying to pursue Celtics coach Joe Mazzulla, which obviously went nowhere — a month after the Knicks hired Mike Brown, Mazzulla signed an extension with Boston. While the Celtics vaguely referred to Mazzulla’s agreement as a multiyear extension, Stein hears the 37-year-old likely received a six-year contract.
There’s zero doubt that the Warriors will eventually re-sign Seth Curry — the only question is when, says Stein. While Golden State could technically bring Curry back on November 11, waiting a bit beyond that date would give the Warriors more breathing room below their second apron hard cap, and they are believed to be considering that path, per Stein.
The Mavericks waived NBA veterans Jeremiah Robinson-Earl, Dalano Banton and Dennis Smith Jr. on Friday. Their G League affiliate — the Texas Legends — controls the returning rights of Robinson-Earl and Banton, and Dallas expects both players to open the season with the Legends, according to Stein. The Mavs are also optimistic that Smith with play for the Legends, but Stein points out that the former lottery pick’s rights are currently held by the Wisconsin Herd — an NBGL trade between Wisconsin and Texas would need to occur for that to happen. Banton was on an Exhibit 10 deal with the Mavs (Robinson-Earl and Smith were on Exhibit 9s), so he’s the only player of the group who will receive a bonus if he spends at least 60 days with the Legends.

Warriors Notes: Stephen Curry, Kerr, Podziemski, Seth Curry

October 18th, 2025 at 11:01pm CST by Arthur Hill

It’s becoming more common for NBA stars to keep playing effectively after their 40th birthday. That’s still nearly three years away for Stephen Curry, and the Warriors star told Mark Medina of EssentiallySports that he plans to take care of his body so there will be a choice to make when the time arrives.

“All I’ll say is that I just want the option and if I’m at a legitimate ability to be able to play,” Curry said. “I don’t know if it’ll make sense or if I would want to, whatever the case is. But if I can make the decision and the decision is not made for me, that’s a big, big point.”

Curry is still at the top of his game as he enters his 17th year in the NBA. He was a second-team All-NBA selection last season and an All-Star for the 11th time. He appeared in 70 games, averaging 24.5 points in 32.2 minutes per night, and remains one of the league’s most feared long-distance shooters, connecting at 39.7% from beyond the arc while leading the NBA in three-pointers attempted and made.

Intense offseason workouts are among the secrets to Curry’s longevity. His trainer, Brandon Payne, told Medina that this summer focused on strength training and speeding up his decision-making process.

“A lot of it is the foundational work that I’ve put in since I started,” Curry said. “One, I still love it. I’m blessed with being with a team around me that has helped take the spirit that I’m trying to put into it and give me the framework that keeps the body limber and loose and the injury prevention stuff. The rest of it is a toughness to get out there and do the work. I still love and want to keep it going.”

There’s more on the Warriors:

Steve Kerr ponders his future with the organization in an article by Anthony Slater of ESPN that examines the coach’s long, successful relationship with Curry. Kerr, who’s entering the final year of his contract, said he wouldn’t choose to leave Golden State for another coaching job. “Management and ownership would have to want it to continue,” he said. “I would have to want it to continue. Steph would have to. I’m not finishing my contract and saying, ‘All right, I think I’ll go leave for such and such job around the league somewhere. That’s not happening.”
Brandin Podziemski left Friday’s preseason finale in the first quarter with an injury, Slater tweets. He suffered a left hip contusion in a first quarter fall and had to be helped to the locker room by trainer Rick Celebrini. However, he was able to return to action in the second half, suggesting he should be fine for the start of the regular season (Twitter link).
Seth Curry, who was waived Saturday as the Warriors made their final roster cuts, can’t return until November 11 at the earliest because the team can’t fit his prorated veteran’s minimum salary under its second apron hard cap for the first few weeks of the season. That’s why he didn’t see any playing time during the preseason, per Sam Gordon of The San Francisco Chronicle. “Because he got here late and just because of the nature of everything, I’m trying to see other people as well,” Kerr said. “I’m not worried about Seth. He’s not worried about it. He’s coming along nicely.”

Warriors Waive Seth Curry, LJ Cryer

October 18th, 2025 at 11:48am CST by Luke Adams

The Warriors have made a pair of cuts, announcing in a press release that they’ve placed guards Seth Curry and LJ Cryer on waivers (Twitter link).

The decision to waive Curry, who was in camp on a non-guaranteed Exhibit 9 contract, had been expected. While Golden State reportedly wants to have Stephen Curry‘s brother on its roster, the team is hard-capped at the second tax apron and isn’t currently in position to carry a 15th man.

The younger Curry is expected to return to the team at some point within the first couple months of the season, tweets Anthony Slater of ESPN. The Warriors could bring the 12-year veteran back by mid-November but could opt to wait a little longer than that in order to give themselves a little additional flexibility below their hard cap for the rest of the season.

Cryer, meanwhile, had a solid preseason with Golden State, averaging 5.0 points, 1.8 assists, and 1.6 rebounds in 9.6 minutes per game across five outings. It seemed as if the undrafted rookie out of Houston might be making a case for a two-way deal, but today’s move suggests the plan is likely for him to join the Santa Cruz Warriors, Golden State’s G League affiliate, assuming he clears waivers.

Cryer would earn a bonus worth $85,300 if he spends at least 60 days with Santa Cruz.

The Warriors now have 14 players on standard contracts and three on two-way deals.

NBA 2025 Offseason Check-In: Golden State Warriors

October 17th, 2025 at 6:06pm CST by Luke Adams

Hoops Rumors is checking in on the 2025 offseason for all 30 NBA teams, recapping the summer’s free agent signings, trades, draft picks, departures, and more. We’ll take a look at each team’s offseason moves and consider what might still be coming before the regular season begins. Today, we’re focusing on the Golden State Warriors.

Free agent signings

Jonathan Kuminga: Two years, $46,800,000. Second-year team option. Trade kicker (15%). Re-signed using Bird rights. Waived right to veto trade.
Al Horford: Two years, $11,654,250. Second-year player option. Trade kicker (15%). Signed using taxpayer mid-level exception.
De’Anthony Melton: Two years, minimum salary. Second-year player option. Signed using minimum salary exception.
Gary Payton II: One year, minimum salary. Signed using minimum salary exception.
Seth Curry: One year, minimum salary. Non-guaranteed (Exhibit 9). Signed using minimum salary exception.
LJ Cryer: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
Marques Bolden: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
- Note: Bolden has since been waived.
Ja’Vier Francis: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
- Note: Francis has since been waived.
Taevion Kinsey: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
- Note: Kinsey has since been waived.
Chance McMillian: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
- Note: McMillian has since been waived.
Jacksen Moni: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
- Note: Moni has since been waived.

Trades

Acquired the draft rights to Alex Toohey (No. 52 pick; from Suns) and the draft rights to Jahmai Mashack (No. 59 pick; from Rockets) in a seven-team trade in exchange for the draft rights to Koby Brea (No. 41 pick; to Suns).
Acquired the draft rights to Will Richard (No. 56 pick) from the Grizzlies in exchange for the draft rights to Jahmai Mashack (No. 59 pick), the Warriors’ 2032 second-round pick (top-50 protected), and the draft rights to Justinian Jessup.

Draft picks

2-52: Alex Toohey
- Signed to two-way contract.
2-56: Will Richard
- Signed to four-year, $8,685,386 contract. First two years guaranteed. Third year non-guaranteed. Fourth-year team option.

Two-way signings

Pat Spencer
- One year, $85,300 partial guarantee (will increase to $318,218 at start of regular season).
Alex Toohey
- One year, $85,300 partial guarantee (will increase to $318,218 at start of regular season).

Note: The Warriors carried over Jackson Rowe on a two-way contract from 2024/25.

Departed/unsigned free agents

Taran Armstrong (Dubai Basketball)
Braxton Key (Grizzlies)
Kevin Knox (Bulls)
Kevon Looney (Pelicans)

Other roster moves

Exercised team option on Gui Santos ($2,221,677).
Exercised team option on Quinten Post ($1,955,377).

Salary cap situation

Operating over the cap ($154.6MM) and below the luxury tax line ($187.9MM).
Carrying approximately $205.3MM in salary.
Hard-capped at $207,824,000.
Two traded player exceptions frozen (largest worth $8,780,488).

The offseason so far

When we talk about what an NBA team did in the offseason, we usually refer to their “summer” moves. However, that’s a misnomer for the 2025 Warriors. As RealGM’s transaction log shows, after officially finalizing a pair of trades on July 6 that they’d agreed upon during June’s draft, Golden State didn’t complete another transaction until September 29 — the team officially signed 10 players that day (three of them were immediately waived).

Obviously, Golden State’s front office wasn’t just taking a two-and-a-half month vacation. Jonathan Kuminga‘s restricted free agency was the reason for delay. The standoff between Kuminga and the Warriors became one of the offseason’s biggest stories after the first wave of free agency wrapped up in early July and ultimately took nearly three months to resolve, with the forward taking his decision almost right up to the October 1 deadline to accept a qualifying offer.

Technically, there was no rule preventing the Warriors from filling out the rest of their roster before they figured out what would happen with Kuminga. But that approach didn’t make sense for Golden State for a couple reasons.

For one, the Warriors were exploring the possibility of a sign-and-trade, discussing potential deals with the Suns and Kings. It didn’t sound like they ever gained any real traction with Phoenix, and Sacramento’s various offers – centered around draft assets plus either Malik Monk or the duo of Devin Carter and Dario Saric – didn’t hold much appeal either. But if either of those division rivals had increased their bid for Kuminga and made Golden State seriously consider a sign-and-trade, the team didn’t want to have the rest of its signings already locked in, since that could have resulted in significant roster imbalance.

More importantly, determining whether Kuminga would be back and how much he would be paid in 2025/26 dictated what the Warriors would be able to do with those other roster spots from a financial perspective. Kuminga accepting his $8MM qualifying offer would’ve resulted in a whole lot more cap flexibility than if he’d signed one of the team’s more lucrative multiyear proposals.

Conversely, if the Warriors had hard-capped themselves early in the offseason by, say, using the taxpayer mid-level exception to sign Al Horford, they would’ve risked another team giving Kuminga an offer sheet that they wouldn’t have been able to match without shedding salary. No team besides the Nets had cap room for most of the summer, and Brooklyn showed little to no interest in Kuminga, but as we saw with the Bucks and their Damian Lillard/Myles Turner moves, a team that wants to create cap space badly enough can typically find a way to do it.

So even though we knew for most of the summer what most of the Warriors’ roster moves would look like, those moves weren’t finalized until the fall. At that point, Kuminga accepted a two-year, $46.8MM deal that includes a second-year team option, no trade veto rights, and a 15% trade kicker; Horford received a two-year contract worth the full taxpayer mid-level exception with a second-year player option and a 15% trade kicker; De’Anthony Melton got a two-year, minimum-salary contract; Gary Payton II signed a one-year, veteran’s minimum deal; and second-round pick Will Richard received a rookie minimum salary on his four-year contract.

Horford, who will turn 40 next June, is one of the NBA’s oldest players, while Melton is still making his way back from the torn ACL that ended his 2024/25 season after just six games. But as long as they’re healthy, both players are excellent fits for this Warriors roster.

Horford is a savvy, smart defender who is capable of stretching the floor from the five spot. Melton can do a little bit of everything, and his versatile defense makes him an intriguing backcourt partner for Stephen Curry. In a very limited sample of 47 minutes before Melton’s ACL tear last season, lineups that included that Melton/Curry duo had a +38.4 net rating.

The big question is what happens with Kuminga. While it was a relief when his three-month free agency eventually came to an end, a two-year deal that includes a second-year option doesn’t exactly lock in his long-term future. Rather than making a decision on how the former lottery pick fits into their long-term plans, the Warriors simply postponed that decision for at least a few more months.

Kuminga will become trade-eligible on January 15 and it feels like there’s a very real chance he’s moved at some point during the three-week window between that date and the trade deadline — especially if Steve Kerr and his coaching staff continue to have trouble finding a consistent role for the 23-year-old that mutually benefits him and the team.

Up next

Seth Curry, who is on a non-guaranteed Exhibit 9 contract, has spent the preseason on the same roster as his superstar brother for the first time since he entered the league in 2013. However, the Warriors don’t have enough room below their second-apron hard cap to keep the younger Curry brother on their regular season roster — at least not yet. As of mid-November, Golden State would be able to fit a prorated minimum-salary contract under that hard cap and could reunite the Curry brothers.

While it does sounds like the plan is to bring Seth back at some point, the Warriors may not do so immediately once they’re eligible to next month, since it would leave them with essentially no wiggle room below the second apron for the rest of 2025/26. I expect Seth to be a Warrior by season’s end, but the team could end up carrying a 14-man roster for at least a couple months.

Jackson Rowe, Pat Spencer, and Alex Toohey currently occupy Golden State’s two-way slots, but I wouldn’t be shocked if LJ Cryer, who is on an Exhibit 10 contract and has played well in the preseason, is converted to a two-way deal by Monday’s deadline. Rowe could be the odd man out, given that he was a holdover from last season and has had a very limited role this fall.

Finally, although Draymond Green and Trayce Jackson-Davis are currently eligible for veteran contract extensions, I’d be somewhat surprised if either player gets a new deal in the coming days. The Warriors barely have any money on their 2027/28 cap and would presumably prefer to maintain that flexibility for the time being. If Green or Jackson-Davis signs an extension at this point, it would probably have to be a short-term deal that includes little to no guaranteed money beyond ’26/27. The team would probably be happy to wait until 2026 to get serious about those negotiations.

Jonathan Kuminga Fined $35K By NBA

October 16th, 2025 at 10:51am CST by Luke Adams

Warriors forward Jonathan Kuminga has been hit with a $35K fine, the NBA announced on Thursday in a press release (Twitter link).

Kuminga is being penalized for “making inappropriate contact with and continuing to pursue a game official,” according to the league. The incident occurred late in the second quarter of Tuesday’s preseason game vs. Portland and resulted in the the 23-year-old’s ejection.

Kuminga believed he was fouled on a drive to the basket that resulted in a missed layup (Twitter video link) and immediately confronted referee Rodney Mott about the no-call. Kuminga later explained that he was upset about the contact on the same ankle he injured last season, as ESPN’s Anthony Slater relays (Twitter link).

Warriors head coach Steve Kerr told reporters after the game that he “didn’t mind the ejection at all” and appreciated the “fire” and “passion” Kuminga was playing with (Twitter video link via Sam Gordon of The San Francisco Chronicle). Presumably, Kerr didn’t realize at that point that Kuminga had made contact with Mott and wasn’t endorsing that aspect of the incident.

The $35K fine won’t impact Kuminga’s earnings as significantly as it would have last season. After making about $7.6MM in 2024/25, the final year of his rookie contract, the former No. 7 overall pick is earning $22.5MM on his new deal in ’25/26.

Warriors, Lakers Top 2025 NBA Franchise Valuations

October 16th, 2025 at 8:48am CST by Luke Adams

The Warriors are still the NBA’s most valuable team, according to Kurt Badenhausen of Sportico, who unveiled the website’s updated NBA franchise valuations for 2025 on Thursday.

Badenhausen projects the Warriors’ value at $11.33 billion, which represents an incredible 24% increase from last year’s $9.14 billion valuation. The NFL’s Dallas Cowboys, at $12.8 billion, continue to be the only global sports franchise whose valuation comes in higher than Golden State’s, according to Sportico’s projections.

As Badenhausen outlines, the Warriors lead the NBA in revenue by a significant margin, having generated an estimated $833MM last season. Golden State makes more than $5MM per game in ticket revenue, along with $2.5MM from luxury suites; the club also has a $45MM per year jersey patch deal with Rakuten, earns almost double what any other team makes in sponsorship revenue, and is one of the few teams to fully own and operate its arena, per Sportico.

After placing third a year ago, the Lakers have jumped to second place on Sportico’s 2025 list at $10 billion, based on Mark Walter‘s recent agreement to purchase the team at that valuation. The Lakers moved slightly ahead of the third-place Knicks, who come in at $9.85 billion.

Every team’s valuation has increased by at least 9% since last year, per Sportico, with the average value of an NBA franchise now at $5.51 billion (up 20% from 2024) and no team worth less than $4 billion.

The average valuation has more than doubled since 2022, when it was $2.58 billion. As Badenhausen writes, the NBA’s new $76 billion media rights deal and its global ambitions – including the possible creation of a league in Europe – have played a part in those gains.

Although the Warriors’ $833MM is something out of an outlier, NBA teams generated an average of approximately $408MM in revenue last season, according to Badenhausen, with the Grizzlies coming in last at $301MM. Memphis also ranks 30th on Sportico’s list of franchise values.

Despite placing at the bottom of this list, the Grizzlies actually had the most significant increase in their franchise valuation this past year, rising from $3.06 billion to $4 billion (31%). The Pelicans (30%), Timberwolves (29%), and Eastern Conference champion Pacers (27%) were the other biggest risers.

Of course, it’s worth noting that figures from Sportico or any other media outlet are just estimates and often don’t quite match up with the sale prices for franchises that change hands. But these projections are usually in the right ballpark and remain useful for getting a sense of the league’s most and least valuable teams.

Here’s Sportico’s full list of NBA franchise valuations for 2025:

Golden State Warriors: $11.33 billion
Los Angeles Lakers: $10 billion
New York Knicks: $9.85 billion
Los Angeles Clippers: $6.72 billion
Boston Celtics: $6.35 billion
Brooklyn Nets: $6.22 billion
Chicago Bulls: $6.12 billion
Miami Heat: $6.03 billion
Philadelphia 76ers: $5.61 billion
Houston Rockets: $5.53 billion
Dallas Mavericks: $5.24 billion
Toronto Raptors: $5.22 billion
Phoenix Suns: $5.09 billion
Atlanta Hawks: $5.02 billion
Sacramento Kings: $5 billion
Cleveland Cavaliers: $4.86 billion
Denver Nuggets: $4.8 billion
Washington Wizards: $4.78 billion
Indiana Pacers: $4.76 billion
Milwaukee Bucks: $4.54 billion
San Antonio Spurs: $4.5 billion
Oklahoma City Thunder: $4.34 billion
Utah Jazz: $4.27 billion
Portland Trail Blazers: $4.25 billion
Minnesota Timberwolves: $4.24 billion
Orlando Magic: $4.21 billion
Detroit Pistons: $4.17 billion
Charlotte Hornets: $4.13 billion
New Orleans Pelicans: $4.02 billion
Memphis Grizzlies: $4 billion

As Badenhausen notes, Sportico’s projections are based on a control sale price, rather than limited stake purchases. Controlling shares in the Celtics, Lakers, and Trail Blazers all changed hands this past year, though only the Celtics sale has been formally approved by the NBA so far.

William Chisholm is buying the Celtics in two stages, with an initial valuation of $6.1 billion and a blended valuation of roughly $6.5 billion. Walter is purchasing the Lakers at a valuation of $10 billion, while Tom Dundon is buying the Blazers at a $4.25 billion valuation.

Pacific Notes: Butler, Goodwin, Luka, Reaves, Warriors

October 15th, 2025 at 3:52pm CST by Luke Adams

The Suns came into the preseason carrying 13 players on guaranteed salaries, with Jordan Goodwin on a partially guaranteed deal and Jared Butler on a non-guaranteed contract. Given that Phoenix projects to operate slightly over the luxury tax line even without a 15th man, the expectation was that only one of Goodwin or Butler would make the team. However, both players finished the preseason strong on Tuesday, as Duane Rankin of The Arizona Republic writes.

Earning the start in the Suns’ 113-104 win over the Lakers, Goodwin had 24 points and six assists in 37 minutes of action, with a team-high +14 plus/minus rating. But his fellow starter in the backcourt was even better, as Butler racked up 35 points, nine assists, and seven rebounds in 34 minutes, making 14-of-25 shots from the field, including 5-of-9 three-pointers.

In Rankin’s view, Butler’s spot on the regular season roster is still far from a sure thing. But if he ends up being waived by the Suns, the 25-year-old has certainly shown he deserves consideration for a spot on another NBA roster.

“I’m just still believing in myself, and I’m just hoping that people catch up with the faith that I have in myself,” Butler said after Tuesday’s game (Twitter video link via Rankin).

Here’s more from around the Pacific:

It took some time for the shock of his trade out of Dallas to wear off last winter, but as Lakers guard Luka Doncic made his preseason debut on Tuesday, his teammates and coaches suggested that he seems looser and more comfortable with his situation this fall, per Dan Woike of The Athletic. “I think by being in a clearer headspace, and by that I mean just mentally and emotionally in balance, it allows you the freedom to just be yourself,” head coach JJ Redick said of Doncic. “And that gets reflected in his expressions, his interactions with teammates, his interactions with our coaching staff, his desire to toe that line between competition and joy and playfulness that truthfully makes him the special person and player that he is.”
Even though Austin Reaves is unlikely to sign an extension with the Lakers ahead of his free agency, he’s still likely to stay in Los Angeles beyond his current contract, according to Keith Smith of Spotrac, who takes a closer look at the guard’s potential earnings going forward. Smith believes a five-year deal that begins in 2026/27 and is worth in the neighborhood of $150MM could make sense for both Reaves and the Lakers.
Making an appearance on SiriusXM NBA Radio (SoundCloud link), Warriors general manager Mike Dunleavy Jr. spoke about a handful of topics, including why the team targeted Al Horford in free agency and building a contending roster around aging stars with the long-term view still in mind. “You’re balancing everything,” Dunleavy said. “You’re balancing your future assets, you’re balancing the cap. You’re trying to thread the needle of staying good now and having a chance to be good in the future. That’s the fun and the challenge of this job.”

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