Warriors, Lakers Top 2025 NBA Franchise Valuations
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.
Central Notes: Turner, Ball, Mathurin, Sarama, Russell
The Bucks got their first glimpse of the Giannis Antetokounmpo–Myles Turner pairing on Sunday, and what they saw in just over five minutes should excite them, says Eric Nehm of The Athletic. Despite Antetokounmpo’s somewhat pedestrian box score numbers, his presence opened up the floor for the team’s shooters, Nehm writes. Most importantly, Turner’s instincts, not only as a spacer but also as a cutter, worked perfectly alongside Antetokounmpo’s scoring gravity, creating wide-open looks for the Bucks’ guards.
“The most important thing about him is that he sacrifices,” Antetokounmpo said. “At times, he knows that he’s not going to get the ball and he’s going to create the open shot for his teammate.”
While the on-court stint may have been over quickly, Nehm feels it’s indicative of why pursuing Turner was the right choice for a team featuring Antetokounmpo. So far, the Bucks’ star seems to agree.
“It’s fun playing with him. Makes the game easier for me,” Antetokounmpo said. “I think I’ll try to make the game easier for him. When I draw a lot of attention, I think he’s gonna be able to create a lot of open shots … So he just makes the game easier not just for me, for the whole team.”
We have more notes from around the Central Division:
- Speaking of proving the value of an offseason pursuit, Lonzo Ball showed during Tuesday’s preseason game against the Pistons why the Cavaliers targeted him in trade talks this summer, writes Chris Fedor for Cleveland.com. Ball did a bit of everything in his 20 minutes, with nine points, nine assists, four rebounds, three blocks, and two steals. Coach Kenny Atkinson said that was exactly what he was envisioning Ball’s role to be. “He hasn’t disappointed,” Atkinson said. “Everything that we thought we were getting, we’re getting. He’s just got a great, great feel. I’m excited to coach any NBA player, but this is a guy I’ve watched for a long time. He’s kind of the ultimate system fit.” It appears the only questions surrounding Ball’s tenure in Cleveland will be related to health, not skill set.
- Bennedict Mathurin is expected to command a significant role for the Pacers this season with Tyrese Haliburton recovering from an Achilles tear. In Monday’s preseason matchup against the Spurs, he showed that he could not only create his own shot, but also play within the flow of the offense, writes Dustin Dopirak for the Indianapolis Star. Mathurin ended the game with 31 points on 11-of-12 shooting. On the less encouraging side of things, the Pacers’ four centers, Isaiah Jackson, Jay Huff, James Wiseman, and Tony Bradley, scored three total points on 0-of-10 shooting. With the departure of Turner, figuring out how to survive the center rotation will be crucial for the Pacers to stay competitive.
- Alex Sarama, who spent the last year and a half as an assistant coach with the Cavaliers, has been announced as the first head coach for the newly-christened Portland Fire WNBA team, writes Annie Costabile of Front Office Sports. Sarama worked with Fire general manager Vanja Cernivec during their time with the London Lions in the British Basketball League, serving as the Lions’ director of methodology.
- Walker Russell Jr. has played for the Pistons, as did his father, Walter Russell Sr. He now returns to the organization as an assistant coach for its G League affiliate, the Motor City Cruise, writes Omar Sankofa II of the Detroit Free Press. The Russells remain the only father-son duo to ever both play for the Pistons, and Sankofa adds that both father and son started and ended their playing career in Detroit. Russell Jr. is eager for the opportunity. “This right here is the best feeling I ever had, coming home,” he said. “I get to grind player development, I get to grind with the guys and tell my story, the good and the bad. The bad is what I really, really like to harp on because everybody talks about the good in this business. Nobody really talks about how you stay in this business.“
Injury Notes: Garland, Suggs, Adebayo, Bucks, Pacers, Thiero
Cavaliers point guard Darius Garland took an important step forward in his recovery from toe surgery by participating in a 5-on-5 contact scrimmage on Tuesday, writes Chris Fedor of Cleveland.com (subscription required). While head coach Kenny Atkinson referred to as a positive development, he cautioned that it doesn’t mean Garland’s return is imminent.
“It was live. It was very short,” Atkinson said. “Now let’s see what tomorrow looks like. What does the recovery look like? We know this is not an easy injury to come back from. It’s just not. You see what happens in the NFL with this injury. It’s not linear, usually, the return to performance, and we’re hoping it will be and he’ll progress. But I side on the side of being conservative and making sure. This is a good step today. A small step but a good step.”
Sources who have spoken to Fedor have maintained that Garland still could miss the first 10-15 games of the regular season. With their starting point guard expected to be unavailable when the season tips off, the Cavs intend to start Sam Merrill in the backcourt alongside Donovan Mitchell, who will take on more ball-handling responsibilities, says Fedor.
We have several more injury-related updates from around the NBA:
- Magic guard Jalen Suggs did “a little bit” of contact work on Tuesday in a 3-on-3 setting, head coach Jamahl Mosley told reporters, including Jason Beede of The Orlando Sentinel (subscription required). It’s unclear whether Suggs will be able to play in Orlando’s remaining preseason game on Thursday or if he’ll be ready for the season opener next Wednesday.
- Heat big man Bam Adebayo exited Monday’s preseason game early due to a knee injury, but it’s just a contusion and wasn’t serious enough to require an MRI, according to Barry Jackson of The Miami Herald (Twitter link). While it remains to be seen if Adebayo will suit up in the team’s preseason finale on Friday, it sounds like he should fine for the start of the season.
- After Myles Turner (right calf soreness) and Gary Harris (right hamstring strain) sat out the Bucks‘ last preseason game on Tuesday, head coach Doc Rivers downplayed Turner’s issue and suggested he’ll be ready for the start of the season, but said Harris’ hamstring injury will likely sideline him for a week or two, per Eric Nehm of The Athletic (Twitter links).
- The injuries that Pacers reserves Johnny Furphy (left ankle sprain) and Quenton Jackson (right hamstring soreness) are dealing with aren’t “serious,” according to head coach Rick Carlisle, but there’s no guarantee either player will be ready for opening night. “There’s a chance they could be back for the opening of the season, but I don’t know how big of a chance,” Carlisle said, according to Dustin Dopirak of The Indianapolis Star. The Pacers’ coach added Ben Sheppard, who has been out with an undisclosed injury, is “trending in a good direction” and could be available on Friday for the club’s preseason finale.
- Lakers rookie Adou Thiero remains sidelined due to swelling in his knee but has progressed to on-court activities, the team announced on Tuesday (Twitter link via Dan Woike of The Athletic). The Lakers added that Thiero will be reevaluated in approximately two or three weeks.
Giannis Antetokounmpo Says He Wants To Finish Career In Greece
After speaking in more general terms last month about the possibility of suiting up for a team in the EuroLeague before retiring as a player, Bucks superstar Giannis Antetokounmpo stated more plainly during an appearance on a Greek late-night talk show called The 2night Show that he’d like to finish his career in his home country.
“I’m 30 years old,” Antetokounmpo said, per BasketNews. “I can play in the NBA until I’m 36, 38. I’d like to end my career in a Greek team, why not? I don’t want to live in the United States. As soon as I leave the NBA, I want to return to Greece. I could end my career here, whether this team is called Filathlitikos, Olympiacos, Panathinaikos, or Aris, I’m talking about all the teams now.”
It’s not uncommon for NBA players – especially ones who were born overseas – to spend the twilight years of their careers in Europe. However, it’s a much rarer occurrence for a player of Antetokounmpo’s caliber.
Still, it’s worth noting that Antetokounmpo played for Filathlitikos from 2011-13 before being drafted and that he has long made it a priority to represent Greece in international competitions. Last month, he referred to winning a EuroBasket bronze medal this summer with the Greek national team as his “greatest accomplishment” as an athlete, despite his NBA championship and two NBA MVP awards.
Whether Antetokounmpo eventually plays in Greece remains to be seen, but his NBA future over the next few years could be determined in large part by how the Bucks’ 2025/26 season plays out.
Although the star forward has repeatedly expressed a desire to win another championship in Milwaukee, his comments have also strongly suggested that competing for another championship is a greater priority than spending his entire career as a Buck. If Milwaukee’s season ends early again next spring following three consecutive first-round exits in 2023, 2024, and 2025, Giannis will likely weigh his options more seriously as he prepares to enter a potential contract year.
Five Under-The-Radar Veteran Extension Candidates To Watch
The deadline for teams to sign players to rookie scale extensions is a week from today, and we'll be keeping an eye on several notable rookie scale extension candidates in the coming days. That group includes Pistons teammates Jaden Ivey and Jalen Duren, Nuggets guard Christian Braun, Hawks guard Dyson Daniels, Rockets forward Tari Eason, Kings forward Keegan Murray, and Trail Blazers guard Shaedon Sharpe.
A number of big-name players are also eligible for veteran contract extensions, with Rockets forward Kevin Durant, Heat guard Tyler Herro, and Hawks guard Trae Young among those we're been monitoring ahead of the 2025/26 season.
However, many of the most viable extension candidates have flown somewhat under the radar this fall, so we want to shine a spotlight on some of those players today. In the space below, we'll take a closer look at five players who are eligible for veteran contract extensions and who could realistically sign new contracts either before opening night or at some point during the season.
Let's dive in...
Cormac Ryan Released By Bucks
The Bucks have waived Cormac Ryan, the team announced (via Twitter).
Ryan signed an Exhibit 10 deal with the Bucks in September after playing for Milwaukee’s Summer League squad in Las Vegas. He appeared in five games and averaged 11.8 points, 2.4 rebounds and 1.6 assists in 23.1 minutes per contest. He also played two preseason games for the Bucks, averaging 5.0 PPG in 4.0 MPG.
The Wisconsin Herd, Milwaukee’s G League affiliate, acquired Ryan’s returning player rights in a trade last month. After being waived, he’s now eligible for a $85,300 bonus if he spends at least 60 days with the Herd.
A 6’5″ shooting guard, Ryan went undrafted in 2024. He played five college seasons for three different schools — Stanford, Notre Dame and North Carolina.
Ryan spent 2024/25 with the Thunder’s affiliate, the Oklahoma City Blue, after signing an Exhibit 10 deal last fall and subsequently being cut. In 37 games with the Blue (27.3 MPG), he averaged 12.3 PPG, 3.7 RPG, 2.0 APG and 0.9 SPG on .416/.384/.970 shooting.
The Bucks have also officially released Jamaree Bouyea, whose two-way spot will reportedly be taken by Alex Antetokounmpo, the youngest of the Antetokounmpo brothers. Milwaukee currently has 19 players under contract, two shy of the offseason limit, though that number will go up to 20 as soon as Antetokounmpo has been signed.
Stein’s Latest: Giannis, Westbrook, Mavericks, Referees
If Giannis Antetokounmpo is ever traded, it’s more likely to happen during the offseason, Marc Stein of The Stein Line states in his latest Substack column (subscription required). That’s the conclusion Stein reaches after listening to the chatter out of Milwaukee since it was revealed last week that the Bucks and Knicks had trade discussions regarding the Greek superstar during the summer.
Stein cites Antetokounmpo’s response when asked about the rumor, saying that he’s happy in Milwaukee now but could reconsider his stance in “six, seven months.” He also said the idea of forcing a trade is “temptation,” adding that it “starts when the season ends (and lasts) until the season begins.”
Given that background, Stein believes this might be a “make-or-break” season regarding Antetokounmpo’s future with the Bucks. The front office took a huge gamble over the summer, waiving and stretching Damian Lillard‘s contract to create enough cap space to sign Myles Turner away from Indiana. However, the rest of the roster is virtually the same as it was when the team finished 48-34 last season and was eliminated in the first round of the playoffs. Antetokounmpo has repeatedly expressed his desire to compete for another NBA title and seems likely to revisit the idea of changing teams if Milwaukee can’t make progress toward that goal.
Antetokounmpo’s contract runs through 2026/27, with a $62.8MM player option for the following season. Stein points out that he’s about to enter the first season of a three-year, $175MM extension he agreed to shortly after the Bucks traded for Damian Lillard in 2023.
Stein shares information from around the league:
- Russell Westbrook remains a free agent eight days away from the start of the regular season, but he appears very unlikely to continue his career overseas. League sources tell Stein that there have been “zero discussions” about that possibility. A report on Sunday indicated “strong mutual interest” between Westbrook and the Kings, and Stein’s sources say the 36-year-old guard remains focused on his next NBA opportunity, even if it doesn’t come until later in the season.
- The Mavericks are expected to play two preseason games at The Venetian Macao resort next October, Stein hears. He adds that team owner Patrick Dumont was instrumental in helping the NBA rebuild its business relationships with China following a 2019 dispute sparked by Daryl Morey’s online support of pro-democracy protests in Hong Kong.
- NBA referees have been wearing earpieces during the preseason to allow them to communicate easier with each other, Stein adds, and they could become standard equipment when the regular season begins.
Eastern Notes: Nets, Giannis, Barlow, Sixers, Plumlee
Nets owner Joe Tsai raised some eyebrows by stating during a recent panel appearance that his team is prioritizing a good draft pick in 2026 and that, as a result, “You can predict what kind of strategy we will use for this season.” Asked on Sunday about that remark, head coach Jordi Fernandez deftly put a positive spin on it, tweets Brian Lewis of The New York Post.
“He says he wants a good draft pick because no matter where we pick, our front office is so good we’re going to pick a very good player,” Fernandez said. “… So whatever we pick, that’s why he’s excited, because we’re going to pick right.”
Despite Fernandez’s spin, the general consensus is that it will be a challenging season for the Nets, who are incorporating five rookies and traded away second-leading scorer Cameron Johnson over the summer. Still, it’s worth noting that Fernandez’s team outperformed expectations last season by winning 26 games after being widely viewed as the NBA’s worst team entering the year.
We have more from around the Eastern Conference:
- Bucks forward Giannis Antetokounmpo took part in five-on-five work at Saturday’s practice and the plan is for him to make his preseason debut on Sunday against Chicago, according to head coach Doc Rivers (Twitter link via Eric Nehm of The Athletic). Antetokounmpo got off to a late start this fall due to a case of COVID-19 that forced him to miss the first several days of training camp.
- Sixers forward Dominick Barlow is making a strong case for a promotion from his two-way contract to a standard deal with his play this preseason, contends Keith Pompey of The Philadelphia Inquirer. I’d be surprised if Philadelphia is in any rush to fill its 15th roster spot due to the luxury tax implications, but Barlow is well positioned for rotation minutes to open the season. He even has a chance to be the team’s starting power forward until Paul George is ready to suit up, suggests Tony Jones of The Athletic (Twitter link).
- The Sixers are naming JP Clark the head coach of their G League affiliate, the Delaware Blue Coats, reports Michael Scotto of HoopsHype (Twitter link). Clark, who has previously worked for the Clippers and Celtics, is being promoted from his role as Blue Coats assistant.
- Mason Plumlee is the experienced veteran among a group of Hornets centers that features 23-year-olds Moussa Diabate and Ryan Kalkbrenner, but he said this week that he didn’t sign with Charlotte as a free agent just to be a mentor and leader, as Roderick Boone of The Charlotte Observer writes. “I think I have a lot to offer, especially the young guys in my position,” Plumlee said. “But my understanding is we’re playing to win this year. So, that was my interest in coming here and I want to contribute to that.”
Knicks Made Brunson ‘Untouchable’ In Giannis Trade Talks
When the Knicks and Bucks discussed the possibility of a Giannis Antetokounmpo trade in August, New York made Jalen Brunson “untouchable,” team sources tell Sam Amick of The Athletic.
The news comes as no surprise, given that the goal of an Antetokounmpo trade for the Knicks would be to pair him with Brunson, not have him replace the star point guard.
With Brunson off limits and Mikal Bridges not eligible to be moved at that time due to his recently signed extension, it stands to reason that Karl-Anthony Towns, OG Anunoby, and Mitchell Robinson were likely among the players discussed by the two sides, Amick writes.
ESPN’s Shams Charania reported earlier this week that the Knicks and Bucks spoke about Antetokounmpo over the summer after the star forward expressed some concerns about his team’s championship upside and conveyed that New York would be the only team he’d be interested in if he were to leave Milwaukee.
However, Charania stressed that those discussions didn’t gain any traction, with the Bucks making it clear they wanted to hang onto the two-time MVP and New York not making a compelling enough pitch to force them to reconsider that stance.
The Knicks have already traded away several future first-round picks, so any offer they made for a star like Antetokounmpo would have to be player-heavy in terms of value. And even if the Bucks had interest in some of those players, New York has concerns about the potential roster imbalance that sort of blockbuster trade would create, according to Amick.
While subsequent reports, including this one from The Athletic, have confirmed that those trade talks generated no momentum, Amick says this development was definitely “not nothing.” He refers to it as “nothing short of an escalation,” since it’s the strongest signal yet that Antetokounmpo is considering options outside of Milwaukee.
[RELATED: Bucks’ Antetokounmpo, Rivers Address Giannis Trade Rumors]
Although the Knicks were the only team to have a conversation with the Bucks about Giannis this offseason, many more teams around the league would be ready to pursue him if he were ever to be made available, according to Amick, who suggests that the 30-year-old’s future in Milwaukee could be largely determined by what happens this coming season. Giannis only has one more guaranteed year on his contract beyond 2025/26, with a player option for ’27/28.
Knicks Notes: Giannis, Towns, Yabusele, Robinson, Tyndale
In a subscriber-only mailbag, Stefan Bondy of The New York Post confirms the Knicks and Bucks discussed a trade involving two-time MVP Giannis Antetokounmpo this summer, but cautions those negotiations went “nowhere productive” beyond revealing the Greek superstar would prefer to play in New York if he ever leaves Milwaukee.
According to Bondy, the Knicks don’t have a realistic pathway to acquire Antetokounmpo unless the 30-year-old specifically demands a trade to New York. And even if Milwaukee struggles this season, there’s no indication that Antetokounmpo would go that route.
Unless the Knicks would be willing to trade Jalen Brunson in a possible multi-team construct, they simply lack the draft assets to compete with other teams in a potential bidding war, Bondy explains.
While it’s a positive development that Antetokounmpo reportedly wants to play for the Knicks after they have been spurned by other stars in the past, the situation could be a distraction if New York gets off to a slow start, Bondy writes. It will also be an important “measuring stick” for the current front office regime, according to Bondy, who points out that the Knicks spent most of their previous draft capital to trade for Mikal Bridges — a move that may or may not pay off in the long run.
Here’s more on the Knicks:
- Big men Karl-Anthony Towns and Guerschon Yabusele have been faced with the difficult task of adjusting to the unique requirements of playing in Mike Brown‘s offensive system, writes Andrew Crane of The New York Post. How Towns in particular acclimates may determine the Knicks’ ceiling this season, Crane notes. “They’re both doing a fantastic job trying to adjust,” Brown said of Towns and Yabusele, “but it’s going to take them a little longer than everybody else just because they’re playing both of the positions within the framework of our offense — and so their learning curve’s gonna have to be a lot steeper than anybody else’s.”
- Towns has been impressed with Mitchell Robinson in training camp and is looking forward to building chemistry with him in the frontcourt, according to Crane. “He’s very gifted with his feet, just the way he can maneuver around the court,” Towns said of Robinson. “I had good expectations of what I thought of Mitch walking in, especially on the offensive end, how I can maximize his offensive game. But even he surprised me with his ability.”
- Brown is excited to be the home coach at Madison Square Garden for the first time on Thursday, per Kristian Winfield of The New York Daily News. “MSG is such an iconic venue,” Brown said. “And whether it’s a preseason game or regular-season game, to be able to know that that’s your home court every night and to do it for the first time, it gives you goosebumps.”
- Brown’s coaching staff continues to grow, according to Michael Scotto of HoopsHype, who reports (via Twitter) that the Knicks are hiring Mark Tyndale as a player development assistant. Tyndale had previous stops in Portland and Toronto, Scotto notes.