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.
And-Ones: Core Trios, MVP, Hayward, NBA App
Tim Bontemps of ESPN ranks the core trios of every NBA team based on their current and future value. Unsurprisingly, Shai Gilgeous-Alexander, Jalen Williams and Chet Holmgren of the defending champion Thunder sit atop Bontemps’ tiered list, followed by the Nuggets trio of Nikola Jokic, Jamal Murray and Aaron Gordon.
Bontemps’ final tier (“rebuilding”) is comprised of the Nets (Nic Claxton, Egor Demin, Nolan Traore), Trail Blazers (Toumani Camara, Donovan Clingan, Shaedon Sharpe), Jazz (Ace Bailey, Walter Clayton, Lauri Markkanen), and Wizards (Bilal Coulibaly, Tre Johnson, Alex Sarr).
Here are a few more odds and ends from around the basketball world:
- Using six categories (narrative score, expected ridiculous stats score, team quality score, clutch score, player impact score, and perceived value score), Zach Harper of The Athletic takes a stab at predicting who will win the NBA’s MVP award in 2025/26. Jokic, who was the runner-up last season, earns the most points (55/60), followed by reigning MVP Gilgeous-Alexander (50/60) and Giannis Antetokounmpo (50/60), who finished third in voting last season. However, Harper’s “gut” says Timberwolves guard Anthony Edwards (45/60) will claim his first MVP.
- Former NBA All-Star Gordon Hayward, who retired last summer after a 14-year career in the league, is returning to his alma mater in a new role. According to a Butler press release written by John Dedman, Hayward will be an executive basketball advisor for the Bulldogs’ men’s basketball program. In addition to advising in multiple areas, Hayward will also serve as a mentor to student-athletes, with a focus on leadership and professional development.
- The NBA announced in a press release that it has launched a new multi-platform streaming offering as well as the “reimagined” NBA TV, both of which can be accessed via the NBA App. There’s also a new flagship program on NBA TV and the NBA App called “The Association,” which features MJ Acosta-Ruiz, David Fizdale, Rudy Gay, Chris Haynes and John Wall, among others.
Wizards Sign Kadary Richmond, Alondes Williams; Waive Leaky Black, Skal Labissiere
The Wizards have finalized the signings of guards Kadary Richmond and Alondes Williams to Exhibit 10 contracts, the team announced (via Twitter). Forward Leaky Black and big man Skal Labissiere, who were also on Exhibit 10 deals, were both waived to make room on the training camp roster.
Washington’s agreement with Richmond was first reported following the draft in late June. The 6’5″ guard played at St. John’s last year after spending one season with Syracuse and three with Seton Hall. He earned second team All-Big East honors last season after averaging 12.4 points, 6.4 rebounds, 5.3 assists and 2.0 steals in 36 games.
Williams, whose deal was reported in August, has appeared in nine total games over the past three seasons while on two-way contracts with Brooklyn, Miami and Detroit. He’s eligible to sign another two-way deal with the Wizards, but the team currently has all three of its slots filled.
Black signed with Washington on October 2, while Labissiere has been with the team since October 6. Neither of them was used in the Wizards’ lone preseason game so far.
All four players could end up with the Capital City Go-Go, Washington’s G League affiliate, where the Exhibit 10 contracts will make them eligible for bonuses worth up to $85,300 if they spend at least 60 days with the team.
The moves leave the Wizards’ roster at the preseason limit of 21 players.
Wizards Notes: Sarr, Vukcevic, McCollum, Watkins
Five talent evaluators from around the NBA spoke to Josh Robbins of The Athletic about what to expect from Wizards big man Alex Sarr and none of those sources expect the former No. 2 overall pick to develop into the best or second-best player on a contender, according to Robbins.
One scout questioned whether Sarr will become a reliable enough outside shooter to qualify as a stretch big man, while another suggested the seven-footer will have to bulk up and become more imposing physically in order to maximize his potential as a rim protector. “He weighs less than some of the bigger wings and forwards that are starting in the NBA,” that scout said.
Still, multiple sources who talked to Robbins are optimistic about Sarr’s ability to build on what he showed during his rookie season and to continue making strides toward becoming a reliable starting center.
“I would be surprised if he doesn’t take a big leap this year, and that big leap will be being effective on the floor and trying to impact the team outcome as opposed to impacting his individual outcome,” one evaluator told Robbins. “There’s still a lot (of untapped potential) as to what he could be. It was probably a slower start than maybe the general fan would hope for. But I think by the end of (last) season, he had been put in a position to succeed, and we’re going to see more of that built on this season. We’re going to see it start to pay dividends this season.”
Here’s more on Sarr and the Wizards:
- Sarr, who sustained a left calf injury during the EuroBasket tournament, told reporters on Saturday that he expects to be available to play in Washington’ preseason opener on Sunday after spending the past week ramping up, tweets Robbins. The Wizards will be taking on the Raptors, who have Alex’s brother Olivier Sarr on their roster on an Exhibit 10 deal. It will be the first time the brothers play one another in an organized game, according to the Wizards center (Twitter video link via Chase Hughes of Monumental Sports Network).
- Representing Serbia at EuroBasket, Wizards big man Tristan Vukcevic got the chance to team up with three-time NBA MVP Nikola Jokic. As Hughes writes for Monumental Sports Network, Vukcevic said he was inspired by how hard the Nuggets star practices and paid close attention to specific aspects of Jokic’s game that he hopes to emulate. “Just seeing him in the short roll and how he reads – is he going to finish or pass to the corner – with those reads it helped me a lot being with him,” Vukcevic said. “Hopefully I can translate.”
- In a conversation with Hughes, Wizards guard CJ McCollum shared his early impressions on Wizards rookies Tre Johnson, Will Riley, and Jamir Watkins. While he shared positive feedback on all three players, McCollum notably spoke at length about Watkins, describing the second-round pick as a potential “lock-down” defender capable of guarding positions one through five. “He asks questions about defense. He was in the cold tub yesterday asking me about Herb Jones and what makes him such a good defender,” McCollum said. “He was asking me how he got to that point. I was telling him that he cares. He watches film, he makes the extra effort, and the body type matches. He’s got a good body – 6-foot-5, 6-foot-6 with long arms, quick enough to guard ones, strong enough to guard threes and fours. He can probably switch onto some fives and then it’s 3-and-D. The league loves that.”
2025/26 NBA Over/Unders: Southeast Division
With the 2025/26 NBA regular season tipping off later this month, we’re getting serious about predictions for the upcoming campaign and continuing an annual Hoops Rumors tradition.
With the help of the lines from a series of sports betting sites – including BetMGM and BetOnline – we’re running through the predicted win totals for each of the NBA’s 30 teams, by division. In a series of team-by-team polls, you’ll get the chance to weigh in on whether you think those forecasts are too optimistic or too pessimistic.
In 2024/25, our voters went 13-17 on their over/under picks. Can we top that in ’25/26?
We’ll continue our series today with the Southeast Division…
Orlando Magic
- 2024/25 record: 41-41
- Over/under for 2025/26: 51.5 wins
- Major offseason moves:
Atlanta Hawks
- 2024/25 record: 40-42
- Over/under for 2025/26: 47.5 wins
- Major offseason moves:
Miami Heat
- 2024/25 record: 37-45
- Over/under for 2025/26: 37.5 wins
- Major offseason moves:
Charlotte Hornets
- 2024/25 record: 19-63
- Over/under for 2025/26: 27.5 wins
- Major offseason moves:
Washington Wizards
- 2024/25 record: 18-64
- Over/under for 2025/26: 21.5 wins
- Major offseason moves:
Previous voting results:
- New York Knicks (53.5 wins): Over (63.2%)
- Boston Celtics (42.5 wins): Over (52.7%)
- Philadelphia 76ers (42.5 wins): Under (58.7%)
- Toronto Raptors (37.5 wins): Over (50.2%)
- Brooklyn Nets (20.5 wins): Over (54.4%)
- Cleveland Cavaliers (56.5 wins): Over (58.0%)
- Detroit Pistons (46.5 wins): Over (60.5%)
- Milwaukee Bucks (42.5 wins): Over (74.4%)
- Indiana Pacers (37.5 wins): Over (50.1%)
- Chicago Bulls (32.5 wins): Over (60.8%)
- Oklahoma City Thunder (62.5 wins): Over (62.9%)
- Denver Nuggets (53.5 wins): Over (72.1%)
- Minnesota Timberwolves (49.5 wins): Over (58.7%)
- Portland Trail Blazers (34.5 wins): Over (57.1%)
- Utah Jazz (18.5 wins): Over (55.3%)
- Los Angeles Clippers (48.5 wins): Under (58.7%)
- Los Angeles Lakers (48.5 wins): Under (52.1%)
- Golden State Warriors (46.5 wins): Over (68.3%)
- Sacramento Kings (34.5 wins): Over (55.1%)
- Phoenix Suns (31.5 wins): Under (56.8%)
And-Ones: Westbrook, Durant, WNBA Coaches, Caboclo, Fournier, More
Russell Westbrook remains an unsigned free agent and Rockets forward Kevin Durant wouldn’t mind a reunion with his former teammate, he said on the “Up & Adams” show (video link).
“Russ is a legend. He deserves to be in the NBA right now,” Durant said. “I think he deserves to walk out of the NBA on his terms. That would be dope.”
If Westbrook is signed in the short term, it won’t be with the Rockets. They’re hard-capped and can’t sign a veteran right now, even if it’s a minimum contract.
Here’s more from around the basketball world:
- There are five current openings for WNBA head coaches. Jake Fischer of The Stein Line (Substack link) hears that several of those teams are considering NBA assistant coaches with G League head coaching experience for those positions. Fischer notes that Nate Tibbets had that type of background and is the head coach of the Phoenix Mercury, who are currently in the WNBA Finals. Former Clippers assistant Natalie Nakase guided Golden State’s WNBA franchise to a winning record in the team’s inaugural season, earning Coach of the Year honors.
- Hapoel Tel Aviv’s Bruno Caboclo will miss several months of action after undergoing back surgery, Johnny Askounis of Eurohoops.net reports. The NBA veteran big man joined the Reds ahead of last season and appeared in 23 games, including three starts, averaging 7.4 points and 3.7 rebounds per contest. Caboclo, 30, appeared in 105 NBA games, mostly recently a six-game stint with Houston during the 2020/21 season.
- Longtime NBA forward Evan Fournier would like to finish his career with Olympiacos, he said in a recent TV interview as relayed by Askounis. “I feel very good here and I want to finish my career here,” he said, “I don’t know if that’s going to happen, but for me that’s the goal.” Fournier signed a three-year extension in July. Fournier appeared in 704 regular season games throughout his NBA career, making 504 starts and averaging 13.6 points, 2.7 rebounds and 2.5 assists in 27.7 minutes per night.
- ESPN’s Kevin Pelton has unveiled his win total projections for each NBA team, from the Thunder (59.2) at the top to the Wizards (14.2) at the bottom.
Injury Notes: K. Jones, Sheppard, Sarr, Gafford, Suns
Pacers rookie Kam Jones, the 38th overall pick in this year’s draft, will be sidelined for several weeks due to a back injury, head coach Rick Carlisle told reporters on Monday (Twitter link via Dustin Dopirak of The Indianapolis Star). Carlisle added that third-year wing Ben Sheppard will miss Tuesday’s preseason opener due to an undisclosed injury.
While Carlisle indicated that Sheppard should be available soon, it sounds as if Jones probably won’t be ready to return by the time Indiana’s regular season schedule tips off on October 23 vs. Oklahoma City.
With a pair of players in the Pacers’ backcourt banged up, it’s possible veteran guard Delon Wright‘s chances of making the regular season roster have increased. Wright and center Tony Bradley are both on non-guaranteed contracts and are believed to be competing for the final spot on the team’s 15-man squad.
Here are a few more injury-related notes and updates from around the NBA:
- Wizards center Alex Sarr, who sustained a right calf injury during EuroBasket, took part in non-contact work in Monday’s practice, tweets Josh Robbins of The Athletic. It was the first time this fall that Sarr had been a partial participant in a practice. Team officials said at the time of the injury that they expected 2024’s No. 2 overall pick to be ready for the start of the regular season.
- Mavericks head coach Jason Kidd said on Sunday that injured center Daniel Gafford, who is recovering from an ankle injury, is “trending in the right direction” but still hasn’t been able to practice, per Grant Afseth of Dallas Hoops Journal (Twitter link). Besides Gafford and Kyrie Irving (ACL), everyone else is practicing for Dallas, according to Kidd.
- Providing updates on a pair of potential starters, Suns head coach Jordan Ott said on Sunday that Jalen Green (hamstring) is “definitely progressing” and that “every day has been better” for him, while Mark Williams is “in a good place” as he ramps up for the season (Twitter video link via Duane Rankin of The Arizona Republic). Ott didn’t commit to either player suiting up for one (or both) of the team’s preseason games in China on Friday and Sunday, but he also didn’t rule out the possibility. For what it’s worth, teammate Jared Butler said he thinks Green is “super close” to returning (Twitter video link via Rankin).
Wizards Sign Skal Labissiere, Waive Akoldah Gak
The Wizards have signed Skal Labissiere to an Exhibit 10 contract, the team announced (via Twitter). Forward Akoldah Gak was waived to make room on the training camp roster.
Labissiere’s expected signing was first reported in August, and Washington’s G League affiliate, the Capital City Go-Go, acquired his rights later that month in a four-team trade.
The 29-year-old big man spent more than four full seasons away from the NBA before signing a 10-day contract with Sacramento in early March. He saw limited playing time in four games while the Kings were short on frontcourt depth and wasn’t re-signed to a second 10-day deal.
Labissiere played the past two years with the G League’s Stockton Kings and averaged 16.1 points and 7.9 rebounds in 28 games last season. In July, he joined Orlando’s squad at the Las Vegas Summer League, hoping it would help him land another NBA opportunity.
The Wizards already have 16 players with standard contracts, and Labissiere isn’t eligible for a two-way slot because he has more than four years of NBA experience. He’ll likely be heading back to the G League, where the Exhibit 10 contract will enable him to earn a bonus worth up to $85,300 if he spends at least 60 days with Capital City.
Gak, a 6’11” forward, signed an Exhibit 10 deal with Washington last week. Like Labissiere, the Australian big man is expected to play for the Go-Go.
Southeast Notes: Kalkbrenner, Miller, Jovic, Middleton
There’s competition for the center spot on the Hornets’ roster and rookie second-rounder Ryan Kalkbrenner is making a strong bid to be part of the rotation, writes Rod Boone of the Charlotte Observer (subscription required).
The 34th pick of the draft is a seasoned Big East veteran out of Creighton and he’s making a strong impression during training camp.
“His basketball IQ stands out to me, his competitiveness stands out to me and I think his willingness to keep it simple stands out to me,” coach Charles Lee said. “I think that he’s in the right positions a lot of times because he’s willing to do whatever it takes to kind of help his teammates defensively and offensively. And so he’s been phenomenal — as have all the rookies. But he’s stood out.”
Kalkbrenner has been encouraged by the atmosphere during the first week of camp.
“It’s been great,” Kalkbrenner said. “I was thinking about this as we were wrapping up practice. As you go through this draft process, you don’t know what team you’re going to end up with, how the guys are going to be. And I couldn’t be happier with the group I’m with. Come in every day — I don’t always know what I’m doing, but they’ve been so helpful in helping me get better and improve. And I’m feeling much more comfortable because of that. So, it’s been great.”
We have more from the Southeast Division:
- Hornets forward Brandon Miller missed a good chunk of last season due to a wrist injury. Miller, still just 22 and entering his third season, can not only be a future All-Star but a legacy player, in executive VP of basketball operations Jeff Peterson‘s estimation. “I don’t want to put a cap or a ceiling on him because Brandon can be as good as he wants to be. He can be a Hall of Famer,” Peterson said, per Langston Wertz Jr. of the Charlotte Observer. “And he knows the expectations on him this season. More importantly, he has those same expectations for himself.”
- Heat forward Nikola Jovic has appeared in exactly 46 games in each of the last two seasons. Jovic also missed most of his rookie season with a back injury. He has dealt with hamstring, ankle, hand and nasal injuries the past two seasons but Jovic, who signed a four-year extension this week, disputes the notion he’s injury-prone, Barry Jackson of the Miami Herald writes. “I broke my foot [when I] stepped on someone,” he said. “I broke my nose [when] someone elbowed me. I broke my hand because someone hit my hand. What was I supposed to do? If someone hits you, I can’t talk to my bone and tell it to not break. Hopefully, I’m preparing my body for the whole season and play as many games as I can.”
- Wizards wing Khris Middleton is an anomaly on a roster filled with young players trying to prove their worth. That makes him an essential piece — a veteran those players can lean on for advice and guidance, according to Josh Robbins of The Athletic. “These guys are eager to play, and that’s what basketball players want to be around, people that are energetic, happy about playing basketball, being around basketball,” Middleton said. “That’s what I love about this group. They’re all young. They’re all learning. I just want to help guide them on their way. I don’t want to necessarily overstep and try to be the ‘super vet.’ I want to give them room and a path to let them grow and find their own journey, like my own vets did with me.”
Wizards Sign Leaky Black, Waive Jonathan Pierre
The Wizards have made a minor change to their training camp roster, announcing today (via Twitter) that they’ve signed free agent forward Leaky Black to an Exhibit 10 contract and waived camp invitee Jonathan Pierre.
Black, who went undrafted out of North Carolina in 2023, spent his rookie season on a two-way contract with the Hornets, then played last season for the Capital City Go-Go, Washington’s G League affiliate. He made 26 NBA appearances for Charlotte in 2023/24, averaging 2.7 points and 1.8 rebounds in 10.9 minutes per game.
In 44 games last season for the Go-Go, Black averaged 7.9 points, 4.8 rebounds, 2.2 assists, and 1.2 steals in 26.7 minutes per contest. Known more for his play on the other end of the court, the 6’6″ forward made the ACC’s All-Defensive team twice as a Tar Heel, in both 2022 and 2023.
In all likelihood, Black will be waived at some point before opening night and will end up rejoining the Go-Go as a returning-rights player. His Exhibit 10 deal will make him eligible for a bonus worth up to $85,300 on top of his G League salary if he spends at least 60 days with the Wizards’ affiliate.
Pierre, who will qualify as an affiliate player, will also likely land with Capital City this fall in order to earn his own $85,300 Exhibit 10 bonus.
Washington still has a full 21-man preseason roster.