Although we're still nearly three months away from NBA opening night, most teams have already completed their significant offseason moves. Tyus Jones of the Washington Wizards and Cleveland Cavaliers wing Isaac Okoro, who is restricted, are the last two remaining free agents likely to command much more than the veterans minimum.
It's still possible we'll see trades that could affect the 2024-25 playoff race, particularly if the Utah Jazz decide to deal forward Lauri Markkanen rather than agree to a renegotiation and extension once Markkanen becomes eligible Aug. 6. Still, for most of the league, the end of NBA summer league means a small break before preparing for training camp in October.
But it's not too early to evaluate offseason winners, losers and everyone in between. These grades are on a curve, with "B" as the median outcome, and reflect the improvements teams made to their rosters via the draft and with cap space in free agency.
Let's take a look at where all 30 teams land on the report card.
Teams are listed in alphabetical order.
Jump to a team:
ATL | BOS | BKN | CHA | CHI | CLE
DAL | DEN | DET | GS | HOU | IND
LAC | LAL | MEM | MIA | MIL | MIN
NO | NY | OKC | ORL | PHI | PHX
POR | SAC | SA | TOR | UTA | WAS
Atlanta Hawks
Grade: C+
Breaking up the Dejounte Murray-Trae Young pairing was the right call, but the final Murray deal wasn't as constructive as initially thought. To avoid triggering a first-apron hard cap for the New Orleans Pelicans, Atlanta completed the deal July 6 and took back Cody Zeller via sign-and-trade. That prevented the Hawks from making injured forward Saddiq Bey a restricted free agent. Atlanta got nothing in return when Bey signed with the Washington Wizards.
If the Hawks are right that No. 1 pick Zaccharie Risacher was the best player in a draft without a consensus top choice, their offseason will look far better. It's too early to say after an uneven NBA summer league debut for Risacher.
Take a look at Sam Hauser's best plays from this past season after signing an extension with the Celtics.
Boston Celtics
Grade: B+
The defending champs are betting big on continuity. Boston has 15 of the 17 players from last season's roster under contract, with rookies Baylor Scheierman and Anton Watson as the two newcomers. The Celtics also signed three players to long-term extensions, giving Jayson Tatum the supermax, guard Derrick White the most they could offer and Sam Hauser a four-year, $46 million deal.
This doesn't seem to be Boston overvaluing its own talent. White's deal is a bargain, Tatum's is a no-brainer and Hauser's is fair value for a key rotation piece. As long as Celtics' ownership -- the biggest potential change -- is willing to pay growing tax bills, it's worth keeping this group together.
Brooklyn Nets
Grade: A-
The Nets read the market correctly in moving on from Mikal Bridges when they did, landing a bounty of draft picks from the New York Knicks along with no guaranteed salary beyond next season. In conjunction with Brooklyn getting 2025 swap rights and a 2026 first-round pick back from the Houston Rockets, the Nets are set up to be a key team in next year's lottery and then have massive cap space in summer 2025. The 2024-25 campaign could be brutal on the court in Brooklyn, but unlike last season, there will be a reward for the potential suffering.
Charlotte Hornets
Grade: B
After picking a direction by moving Terry Rozier and P.J. Washington before the trade deadline and bringing in both a new lead decision-maker (Jeff Peterson) and head coach (Charles Lee), the Hornets are now operating like a rebuilding team. They added three second-round picks to take on Reggie Jackson's modest salary and nabbed Josh Green for a second-rounder as part of the Klay Thompson sign-and-trade.
Guaranteeing Miles Bridges a three-year, $75 million deal after his 2022 no contest plea to felony domestic violence charges was more questionable. From a basketball standpoint, however, Bridges' descending contract should increase his trade value over time.
Chicago Bulls
Grade: D
The Bulls ended up with an expensive roster that doesn't look capable of competing for a playoff spot after the loss of DeMar DeRozan in free agency.
The Bulls were unable to attain value from the sign-and-trade that sent DeRozan to Sacramento -- adding more salary could have pushed them in the luxury tax. But they paid near the top of the market to re-sign restricted free agent Patrick Williams (five years, $90 million) and bring in backup center Jalen Smith (three years, $27 million). The Bulls are also betting big on Josh Giddey as the sole return for valuable role player Alex Caruso and will look to extend Giddey ahead of restricted free agency.
Cleveland Cavaliers
Grade: B
It's surprising that Cleveland's only roster addition so far is No. 20 pick Jaylon Tyson. The Cavaliers are banking on new coach Kenny Atkinson to get out of the same group of talent -- understandable given how well they played in the 2022-23 season.
More importantly, Cleveland ensured core continuity by signing All-Star Donovan Mitchell to an extension that keeps him under contract through a player option in 2027-28 -- enough to claim a successful offseason. The Cavs' other extension, a rookie max deal for Evan Mobley, is betting on Mobley's ability to develop as a perimeter threat.
Dallas Mavericks
Grade: B
The Western Conference champions made dramatic changes this offseason around their core group of Luka Doncic, Kyrie Irving, Dereck Lively II and P.J. Washington. Klay Thompson, the biggest addition, joins the Mavericks after winning four titles with the Warriors. But adding Naji Marshall as a 3-and-D replacement for departed starter Derrick Jones Jr. could prove to be a swing decision.
Dallas is now much deeper despite sending Tim Hardaway Jr. to Detroit. It has added Quentin Grimes in a money-saving move and signed Spencer Dinwiddie for the veterans minimum. The challenge for coach Jason Kidd will now be finding enough playing time to keep everyone happy.
Denver Nuggets
Grade: D
With luxury-tax bills and second-apron concerns, the Nuggets broke up the starting five that won the 2023 title, allowing Kentavious Caldwell-Pope to leave in free agency. Denver is hoping recent first-round picks Christian Braun (2022) and Julian Strawther (2023) can replace Caldwell-Pope's shooting in a group that had little to spare. Signing Russell Westbrook won't help there either.
Denver's flexibility is limited by having no second-round picks to trade following the money-saving Jackson deal and a move up on draft night to take DaRon Holmes II. As with Jackson, signing Dario Saric using the taxpayer midlevel exception feels like an overpay after Saric played last season for the veterans minimum.
Detroit Pistons
Grade: D+
Although the Pistons avoided the worst missteps that have put them in the lottery for five consecutive seasons, they failed to take advantage of the most cap space in the NBA. They acquired veterans Tim Hardaway Jr., Malik Beasley and Tobias Harris, the latter signed after a disappointing season for the third-largest annual salary among players who changed teams, plus they won a waiver claim for Paul Reed. There will be more shooting around Detroit's recent lottery picks, including newly extended 2021 No. 1 pick Cade Cunningham, but the Pistons haven't added any long-term rotation players.
The Pistons' most important newcomer might be acclaimed shooting coach Fred Vinson, tasked with improving Detroit's past two first-round picks, Ausar Thompson and Ron Holland II.
Golden State Warriors
Grade: B+
Although losing Thompson is painful after he played his first 11 seasons in the Bay, the Warriors appear to have improved both their roster and their cap sheet. If 3-and-D standout De'Anthony Melton can stay healthy after missing 44 games last season with the 76ers, he'll be one of the summer's best additions, while Buddy Hield helps replace Thompson's shooting and Kyle Anderson brings a versatile skill set to the Golden State bench. The three players combined will make more than $30 million less than Thompson's previous $43 million salary.
As a leading contender to trade for Lauri Markkanen should the Jazz choose to move him, the Warriors might not be finished.
Rockets guard Reed Sheppard gets the basket plus the foul
Houston Rockets
Grade: B+
With 14 players back from last season, the Rockets' roster will look similar, but they've made two key moves. With the No. 3 pick, Houston was able to land my top-rated prospect in this year's draft, Kentucky guard Reed Sheppard. Sheppard was the most impressive lottery pick at the NBA summer league in Las Vegas.
Thanks to the James Harden trade in 2021, the Rockets were also well positioned to benefit from Brooklyn's rebuild. Houston snagged two unprotected first-rounders and two swaps in return for one of each going back to the Nets.
Indiana Pacers
Grade: C+
The Pacers locked in much of the roster that took them to last season's Eastern Conference finals, re-signing Pascal Siakam (four years at the max) and key reserve Obi Toppin (four years, $58 million guaranteed) before agreeing with guard Andrew Nembhard to a three-year extension worth $59 million on Wednesday.
Those new deals mean Indiana has gone from using cap space last summer to having a 2025 crunch with starting center Myles Turner headed toward unrestricted free agency. If the Pacers can extend Turner without pushing into the luxury tax, their offseason spending will look much better.
LA Clippers
Grade: D
A player coming off an All-Star season hadn't changed teams in free agency since the Clippers signed Kawhi Leonard during the summer of 2019. George changed that when he decided to leave the Clippers this summer for Philadelphia. Despite liking most of the contracts the Clippers did sign, getting nothing but financial flexibility from George's departure dooms their grade.
Having re-signed Harden for $70 million over two years, the Clippers are counting on him to lead the offense alongside new defensive-minded role players: Nicolas Batum, Kris Dunn and Derrick Jones Jr. If Leonard misses time again, the Clippers could struggle on offense, and they don't control their first-round picks until 2030.
Lakers' 2024 draft picks Bronny James and Dalton Knecht combine for 33 points to lead Los Angeles to its second straight win in the summer league.
Los Angeles Lakers
Grade: C
Since four Lakers exercised player options -- starter D'Angelo Russell and reserves Jaxson Hayes, Cam Reddish and Christian Wood -- they had little room to operate this summer. The Lakers have not added any veteran NBA players this offseason.
Hanging on to those holdover players could give the Lakers more ability to add salary at the trade deadline. For now, they're counting on better health and first-round pick Dalton Knecht to fill the holes that doomed the Lakers to the play-in last season despite a healthy Anthony Davis and LeBron James.
Memphis Grizzlies
Grade: C
The Grizzlies are in a unique position amongst contenders and have room to move their grade with moves the rest of the summer. After dealing Ziaire Williams to the Nets, Memphis could access its midlevel exception to add to the roster while re-signing Luke Kennard for less than the value of his $14.8 million team option.
For now, the Grizzlies' only notable newcomer is No. 9 pick Zach Edey. If Edey can hold up defensively in starter's minutes, he'll fill an enormous hole at center -- a factor for Memphis dropping into the lottery after two seasons of 50-plus wins.
Miami Heat
Grade: C-
Financial issues helped cost the Heat Caleb Martin, who declined an extension offer in conjunction with exercising his $7.1 million player option. Given Martin's base salary ($8.1 million plus $1.2 million incentives) didn't come in dramatically higher than that figure, it's worth wondering whether Miami should have saved elsewhere in order to bring him back.
Instead, the Heat re-signed forward Haywood Highsmith and center Kevin Love and added veteran guard Alec Burks. Burks is valuable at the minimum but he's another perimeter player on a roster full of them that's thin on combo forwards similar to Martin.
Milwaukee Bucks
Grade: B+
Signing Gary Trent Jr. for the minimum turned Milwaukee's offseason around. Before adding Trent, the Bucks had no capable replacement for Beasley's shooting in the starting five. Trent, a 39% career 3-point shooter, fills that role as a more capable defender and shot creator than the more limited Beasley.
Milwaukee upgraded from Patrick Beverley and Jae Crowder as veteran backups to Taurean Prince and Delon Wright. Adding so much experience on minimum contracts makes it clearer why the Bucks looked long term in June, drafting 19-year-old guard AJ Johnson with the No. 23 pick.
Minnesota Timberwolves
Grade: B-
Limited in draft capital after the Rudy Gobert trade, the Timberwolves added Rob Dillingham with the No. 8 pick. We won't know if that's the right decision until a few seasons pass.
Kyle Anderson was the only free agent who played more than 67 minutes during Minnesota's playoff run, and the Timberwolves' tax bill made it unrealistic for him to return. Adding Joe Ingles at the veteran's minimum to offer some similar skills was a good move but they'll probably need either Dillingham or No. 27 pick Terrence Shannon Jr. to contribute this season.
New Orleans Pelicans
Grade: B-
When the Pelicans dealt for Murray on June 28, it looked like the first in a series of deals. Nearly a month later, we're still waiting. New Orleans has no proven starter to replace center Jonas Valanciunas, who signed with the Washington Wizards this offseason. New Orleans did add Daniel Theis for the minimum and No. 22 pick Yves Missi but it will be hard for the duo to replace Valanciunas' value, especially early on.
Former All-Star Brandon Ingram's future also remains uncertain heading into the final year of his contract. The good news is the Pelicans can still make moves beyond this summer, and that process began with Murray. However, there's definitely more work to be done.
New York Knicks
Grade: A-
Having gotten a game short of the Eastern Conference finals despite multiple key injuries, the time was right for the Knicks to deal nearly all their available first-round picks for Bridges. Despite a pricey new deal for OG Anunoby (five years, $212.5 million), Bridges' below-market contract and the money Jalen Brunson left on the table by agreeing to a sub-max extension give New York a window of at least two years before pushing into second-apron territory.
The Knicks need to find a replacement for Isaiah Hartenstein, who signed with the Thunder for a far higher annual salary than New York could offer. But the Knicks have enviable depth at the other four positions.
Oklahoma City Thunder
Grade: A
With $30 million in cap space to add to a 57-win team, the Thunder started the summer in a favorable position. Oklahoma City still found a way to beat expectations by adding two defensive standouts who fit the team's needs. Before using that money, the Thunder flipped Giddey -- whose non-shooting proved problematic in the playoffs -- for Caruso, an ace defender who's also a career 38% 3-point shooter.
Whether starting alongside Chet Holmgren or off the bench, Hartenstein is a top rim protector and offensive rebounder who also can distribute from the high post. And Oklahoma City declined team options for Isaiah Joe and Aaron Wiggins, re-signing them to team-friendly, long-term contracts.
Orlando Magic
Grade: B+
Like Oklahoma City, Orlando added to a playoff roster while keeping an eye on long-term payroll concerns as young stars graduate to extensions, including Franz Wagner, who reached a max deal this summer. Caldwell-Pope doesn't solve the Magic's need for a stronger perimeter creator but has proved to be an ideal 3-and-D complement to frontcourt talent.
After signing Caldwell-Pope, Orlando used the rest of its cap space to re-sign key players and strike a renegotiation and extension deal with forward Jonathan Isaac that pays him more up front in 2024-25 but less than a traditional extension down the road.
Paul George reflects on joining the 76ers and new teammate Joel Embiid.
Philadelphia 76ers
Grade: A
The Sixers' high-wire act paid off when they landed George, easily the best player in free agency. That was just the start. Philadelphia used leftover cap space to add Martin and backup center Andre Drummond, then completed the likely starting five by re-signing guard Kelly Oubre Jr. using the room exception.
Bird rights allowed the 76ers to re-sign All-Star guard Tyrese Maxey, whose small cap hold facilitated their cap space, and forward KJ Martin to a tradeable deal. Maxey did not get a player option despite waiting to re-sign rather than signing an extension last fall. Needing to fill out the roster with minimum players, Philadelphia re-signed Kyle Lowry and brought in Eric Gordon. The result is adequate depth around a star trio of Embiid, George and Maxey who can perform with any in the league.
Phoenix Suns
Grade: B
With limited flexibility due to second-apron restrictions, the Suns did a solid job of working around the edges this offseason. Owner Mat Ishbia's willingness to spend allowed Phoenix to extend starter Grayson Allen and re-sign reserves Royce O'Neale and Josh Okogie, the latter to a trade-friendly deal. Working with the minimum, the Suns filled a need at backup point guard with reliable veteran Monte Morris and added Mason Plumlee as a reserve center.
I also liked Phoenix adding extra second-round picks by trading down from No. 22 to No. 28 before taking Virginia forward Ryan Dunn.
Portland Trail Blazers
Grade: B-
With a full roster, the Blazers haven't made a notable move since an active first night of the draft. Portland sent the No. 14 pick, a future first-rounder and Malcolm Brogdon to the Wizards for Deni Avdija, then took Donovan Clingan after the UConn center slid to No. 7.
Giving up more than two first-round picks in value was a lot for Avdija, who must maintain or beat last season's 37% 3-point shooting to fit well alongside the Blazers' young guards. But Avdija and Clingan, who averaged 4.3 blocks during the NBA summer league, should help a porous defense.
Sacramento Kings
Grade: B-
The Kings bet on talent over fit in a sign-and-trade deal for DeRozan. He's far more valuable at this stage of his career than Harrison Barnes, sent out in the trade, and comes on a team-friendly contract with just $58 million guaranteed. Yet newly extended coach Mike Brown must figure out how to manage adding another player who is most effective with the ball in his hands alongside De'Aaron Fox and how to get enough perimeter defense and spacing in the starting five.
Before free agency started, Sacramento did well to bring back Sixth Man Award runner-up Malik Monk on the largest possible deal using early Bird rights (four years, $78 million).
San Antonio Spurs
Grade: A-
Savvy moves helped San Antonio upgrade for 2024-25 while continuing to stockpile draft picks for the future pursuit of a star to pair with Victor Wembanyama. Getting a 2031 pick swap with Barnes accomplished both goals, and the Spurs were still able to use cap space to sign Chris Paul to a one-year contract to fill a need at point guard.
Long term, San Antonio sending the No. 8 pick to Minnesota for a 2031 first-rounder and 2030 swap rights will be fascinating to watch. Those picks could be key to a trade but might result in far weaker ones than they gave up.
Toronto Raptors
Grade: C+
After adding Immanuel Quickley in the Anunoby trade, Toronto had to re-sign him as a restricted free agent. His deal came in higher than expected at five years, $175 million, but $12.5 million is incentives and a flat structure means Quickley will make up relatively less of the cap by the end of his contract.
The Raptors also handed a max extension to Barnes, who earned it as an All-Star last season at age 22. Toronto exercised a $23 million team option for Bruce Brown rather than creating cap space, perhaps with an eye toward trading Brown by the deadline.
Utah Jazz
Grade: C
More than any other team, the Jazz have an incomplete grade before deciding on Markkanen. The potential to renegotiate his contract has left Utah sitting on a league-high $35 million in cap space. The Jazz would need $24 million to max out Markkanen and could use the rest in trades before signing Drew Eubanks to a reported two-year, $10 million contract via the room exception.
Alternatively, Utah could take back far more salary in a Markkanen deal. Keeping that cap space for the trade deadline is no longer an option because teams are automatically treated as if they've spent the salary minimum (90% of the cap) when the regular season starts.
Washington Wizards
Grade: B
Entering Year 2 of their rebuild, the Wizards added three first-round picks, including Alex Sarr at No. 2 overall. No. 14 pick Bub Carrington, taken with one of the picks Washington got by selling high on Avdija, was the best Wizards rookie during the NBA summer league, while they also added wing Kyshawn George.
The Washington roster remains a mishmash heading into the season, which is OK ahead of a loaded lottery. The Wizards did add Valanciunas on a three-year, $30 million deal, perhaps with an eye toward trading him to a contender. But incumbent starting point guard Tyus Jones could be the best remaining free agent.