Welcome back to ESPN's Now or Later rankings, where I order all 30 NBA teams on a spectrum: Which need to win now, with their current cores, and which are able to bide their time and win later instead?
The Now or Later rankings use a mathematical formula that ranks teams in two categories. Money score is based on each team's projected total payments across upcoming seasons; the team ranked first has the least financial flexibility, while the team ranked 30th has the most. Draft score is based on the value of the future first-round picks that each team holds, factoring in pick protections and swaps; the team ranked first holds the least future draft value, while the team ranked 30th holds the most.
Those two factors combine to produce an overall rank, encapsulating not just each team's competitive timetable but its future optionality, as well. A franchise that already has dealt all its picks and signed its core to expensive long-term extensions is displaying clear win-now urgency and can't easily make adjustments to plug roster holes.
So let's analyze the rankings, where the first-place team is the most desperate to win now and the 30th-place franchise is the most content to win later. I'll start with a close battle at the top, as the top three teams are separated by the smallest margin in Now or Later rankings history.
Jump to a team:
ATL | BOS | BKN | CHA | CHI | CLE
DAL | DEN | DET | GS | HOU | IND
LAC | LAL | MEM | MIA | MIL | MIN
NO | NYK | OKC | ORL | PHI | PHX
POR | SAC | SA | TOR | UTAH | WAS
1. Phoenix Suns
Money rank: 5th | Draft rank: 2nd
2025-26 rank: 5th
After a year out of the No. 1 spot, the Suns are right back at the top, after trading yet another future unprotected first-round pick, this time for Miles Bridges.
Phoenix doesn't seem like a team that should be adopting the most win-now stance of any in the league. The four other teams in the top five of these rankings, for instance, all won a playoff series last season and have reasonable ambitions to win more next spring.
But the Suns went 45-37 before bowing out in a first-round sweep, and they don't have anywhere near the talent level to justify a maximally all-in approach. To be fair, they already traded most of their draft assets a few years ago for Kevin Durant and Bradley Beal, and owner Mat Ishbia deserves credit for continuing to spend big money even as his team has scuffled. Yet it's still odd to see the Suns atop this list, directly ahead of teams that should win many more games this season.
2. Cleveland Cavaliers
Money rank: 2nd | Draft rank: 4th
2025-26 rank: 1st
Perennially one of the NBA's most win-now teams since trading for Donovan Mitchell, the Cavaliers doubled down on their veteran core this summer by re-signing James Harden and paying a hefty price via sign-and-trade for Peyton Watson.
The Cavaliers don't control their first-round picks in 2027, 2028, 2029 or 2031, and they rank among the top three teams in financial commitments for the 2027-28, 2028-29 and 2029-30 seasons. With Harden and Watson now aboard, they're set with this group -- barring a more drastic reworking of their core, such as trading Jarrett Allen. They need to win now to make all of their moves worth the long-term cost.
3. Minnesota Timberwolves
Money rank: 6th | Draft rank: 1st
2025-26 rank: 4th
After previously sending out future first-round picks in trades for Rudy Gobert (a success) and Rob Dillingham (not so much), the Timberwolves dealt just about all of their remaining draft capital for LaMelo Ball this summer. Now their core seems locked in for the long term, with Ball, Anthony Edwards, Jaden McDaniels and Gobert forming a well-balanced group with offensive firepower and stalwart defense.
Minnesota's issue is filling out the rest of the roster around that core, because the Timberwolves have scant remaining resources -- in either tradable picks or cap space -- to add more high-quality contributors.
4. Los Angeles Lakers
Money rank: 10th | Draft rank: 3rd
2025-26 rank: 14th
Rising from 14th last year to fourth gives the Lakers the second-largest jump of any team, a feat they achieved by re-signing Austin Reaves and committing ample dollars and draft picks in a sign-and-trade for Walker Kessler. They also signed a few role players to long-term deals.
Those transactions just about exhausted the Lakers' roster-building options; this is their team now, for better or worse. The question is whether Luka Doncic & Co. are strong enough to challenge the top two teams in the West, or whether they will remain a second-tier contender for the duration of this core's time together.
5. New York Knicks
Money rank: 4th | Draft rank: 4th
2025-26 rank: 3rd
The Knicks' placement in these rankings meant they were "taking a Finals-or-bust mindset into this season," I wrote a year ago -- and the Knicks didn't bust, but rather won their first championship in 53 years.
But like the two most recent champions before them -- the Thunder and Celtics -- financial pressure could complicate New York's ability to keep its full championship core together. The Knicks already lost Mitchell Robinson, because retaining him would have forced them above the second apron, and Karl-Anthony Towns and Josh Hart could both become free agents after the season. (Towns has a player option, while Hart has a team option.)
6. Orlando Magic
Money rank: 3rd | Draft rank: 8th
2025-26 rank: 2nd
Few teams have as expensive a core as Orlando: The quartet of Paolo Banchero, Franz Wagner, Desmond Bane and Jalen Suggs will combine to make more than 90% of the cap for each of the next three seasons, and the Magic's third-place money rank doesn't even factor into a possible extension for promising guard Anthony Black.
And yet, for all that commitment and expense, the Magic still don't have a single playoff series win with this group. The pressure is on -- that's why Orlando replaced coach Jamahl Mosley with Sean Sweeney -- and still building.
7. Toronto Raptors
Money rank: 12th | Draft rank: 8th
2025-26 rank: 15th
The Raptors were right in the middle of the Now or Later rankings last season, when I wrote that they had the "most boring" forward-looking situation in the league. They're not boring anymore, however, after trading multiple first-round picks for former hero Kawhi Leonard, then inking him to a two-year extension.
Jakob Poeltl's contract, which runs for four more years at $103.6 million, complicates the Raptors' cap sheet, and RJ Barrett will become an unrestricted free agent after this season. But with Leonard aboard and Scottie Barnes locked up through the end of the decade, the Raptors are positioned to contend.
8. Miami Heat
Money rank: 18th | Draft rank: 7th
2025-26 rank: 17th
The Heat jumped nine spots, all thanks to the Giannis Antetokounmpo trade. And they'll surely leap even higher by next fall, because Antetokounmpo is eligible to sign an extension before then.
Miami is exactly the kind of team this exercise is designed to capture: The Heat traded numerous assets for a 31-year-old star, so they'll presumably keep making concerted win-now moves to seize the day while he's still in his prime.
9. Denver Nuggets
Money rank: 9th | Draft rank: 11th
2025-26 rank: 6th
Despite being the only team in the second apron this season, the Nuggets dropped a few spots in these rankings for two reasons. The first is the Peyton Watson trade, which brought back a much-needed unprotected first-round pick to Denver, which previously held little draft capital.
The second is that Nikola Jokic hasn't yet signed his next long-term extension, so Denver's future financial situation looks relatively clear. That will change when Jokic signs a massive new deal next summer, however, and pushes the Nuggets right back up this list.
10. Philadelphia 76ers
Money rank: 11th | Draft rank: 10th
2025-26 rank: 12th
Trading draft picks for Jaylen Brown, whose hefty contract extends a year beyond Paul George's, made the 76ers more of a win-now team in both perception and these rankings. But signing LeBron James affected only the former: Because of James' low salary, and because the 76ers didn't need to trade any first-round picks to sign him in free agency, his addition didn't move the needle in terms of the Now or Later rankings.
James' case is unique; in truth, the star-studded, veteran-laden 76ers are as invested in winning right now as any other NBA team. But unlike other win-now teams, they still retain several picks they can use in trades, as the pick cost for Brown was so much lighter than expected.
11. LA Clippers
Money rank: 28th | Draft rank: 4th
2025-26 rank: 10th
After trading Ivica Zubac, James Harden and Kawhi Leonard, the Clippers would rank 27th -- if not for losing five first-round picks as part of the NBA's draconian punishment for their cap circumvention scheme. With their current roster, the Clippers aren't ready to win now, but with those five picks stripped, they don't have nearly the draft capital that they'd need to position themselves for medium- or long-term contention, either.
12. Oklahoma City Thunder
Money rank: 1st | Draft rank: 24th
2025-26 rank: 24th
Once Shai Gilgeous-Alexander's supermax extension kicks in next season, the Thunder will be devoting more than 85% of the cap to just three players. Those three players -- Gilgeous-Alexander, Chet Holmgren and Jalen Williams -- are phenomenal two-way stars in their prime who fit together and have already won a title.
The Thunder still have immense draft capital over the next few seasons, including a swap with the Clippers next spring. But there's a reason that they've already started shedding rotation players for financial reasons, and a reason that Oklahoma City has the highest money score of any team in the league.
13. Indiana Pacers
Money rank: 16th | Draft rank: 13th
2025-26 rank: 16th
The Pacers nudged up this list after trading two draft picks for Ivica Zubac, but the more drastic movement could come in the next year. Zubac, Pascal Siakam, Tyrese Haliburton and Andrew Nembhard are already eligible to extend their contracts, and Aaron Nesmith will join that group in 2027. At the moment, Haliburton and Nesmith are the Pacers' only starters signed beyond next season.
14. Boston Celtics
Money rank: 8th | Draft rank: 17th
2025-26 rank: 7th
The Jaylen Brown trade reset the Celtics' competitive clock a bit, lessening pressure on their long-term cap sheet and bringing back new draft assets. Still, with Jayson Tatum's supermax on the books and hefty deals for Paul George and Derrick White -- plus reasonable new contracts for centers Mitchell Robinson and Neemias Queta -- Boston ranks as a relatively expensive team even without Brown's supermax.
The Celtics have the longest active streak of consecutive playoff appearances, at 12 years in a row. Their Brown-less roster is still in shape to extend that streak to 13.
15. Dallas Mavericks
Money rank: 21st | Draft rank: 12th
2025-26 rank: 8th
The middle of these rankings is a fitting spot for the Mavericks, who seem to be torn between two timelines. On one hand is Cooper Flagg, one of the NBA's brightest prospects and still just 19 years old.
But on the other hand are a number of veterans who played in the 2024 Finals: Kyrie Irving, P.J. Washington and Daniel Gafford. The Mavericks might have to pick a direction and decide whether they want to slow-play their growth around Flagg or push in more chips to win now with their veterans.
16. Detroit Pistons
Money rank: 13th | Draft rank: 17th
2025-26 rank: 20th
The Pistons still control all of their future first-round picks, which could come in handy if they ever get around to trading for a supplementary star. But they extended Jalen Duren and Ausar Thompson for a combined $355 million over five years this summer, so now they're fully committed to their leading young trio -- Duren, Thompson and Cade Cunningham -- for the long term.
17. Golden State Warriors
Money rank: 15th | Draft rank: 15th
2025-26 rank: 11th
With the exception of a top-20-protected pick in 2030, the Warriors control all of their own picks over the next seven seasons, and they'll have considerable cap space next summer as well, even after Stephen Curry's new extension.
The big question is what moves the Warriors can make to move back into contention, given all of that optionality, because the actual roster is so old that they should be trying to win now.
18. San Antonio Spurs
Money rank: 7th | Draft rank: 21st
2025-26 rank: 18th
San Antonio is almost perfectly balanced between winning now and in the future. The Spurs' core is young, but they already reached the Finals. They've had the room, over the past two summers, to add key veteran depth via the likes of Luke Kornet and Tobias Harris. They still have plenty of extra draft capital, from a variety of teams, that they could trade for further upgrades.
And, crucially, when they signed Victor Wembanyama to a long-term extension this summer, he agreed not to insert supermax language into the deal, which could save the Spurs in the range of $10 million annually, starting next year. Those savings could help the Spurs not only win now, but keep winning later, too.
19. Atlanta Hawks
Money rank: 20th | Draft rank: 16th
2025-26 rank: 19th
The Hawks owe their first-round pick to San Antonio next summer, but they'll get one back from either Milwaukee or New Orleans, and then they'll control the rest of their firsts for the foreseeable future. Combine that pick stash with their financial flexibility -- thanks in large part to Jalen Johnson's flat $30 million annual salary -- and Atlanta looms as a candidate to make the next big splash for a star.
20. New Orleans Pelicans
Money rank: 22nd | Draft rank: 20th
2025-26 rank: 13th
The only Pelicans who are owed money past next season are Trey Murphy III, Herb Jones and the recently extended Saddiq Bey, who are all big wings with useful skill sets.
So even though the Pelicans were relatively inactive this offseason, they'll face some major long-term questions over the next couple transaction windows: What happens to Zion Williamson, who could reach free agency in two years? Or Dejounte Murray, who has a player option for next season? And can the Pelicans cash in on the last remaining chip from the long-ago Jrue Holiday trade, as they'll receive the more favorable of their own pick and the Bucks' next summer?
21. Milwaukee Bucks
Money rank: 25th | Draft rank: 14th
2025-26 rank: 9th
The Bucks had the biggest drop down these rankings, which makes sense after they traded Giannis Antetokounmpo and shifted from a win-now to win-later mindset.
Even after that blockbuster deal, however, they have a below-average amount of future draft capital, given the picks they still owe from the Jrue Holiday and Damian Lillard trades. They could try to add further picks by trading any of a number of contributors -- Myles Turner, Tyler Herro, Ryan Rollins and so on -- this season.
22. Washington Wizards
Money rank: 19th | Draft rank: 22nd
2025-26 rank: 28th
For a team that spent the past few years tanking, Washington doesn't have much future draft capital, as its extra picks are limited by protections or swap-of-swaps arrangements. But the Wizards are hoping that they already have all the prime young talent they need, after drafting AJ Dybantsa, Tre Johnson, Will Riley, Alex Sarr and Kyshawn George within the past three years.
Meanwhile, Trae Young's new four-year, $212.8 million contract dominates the Wizards' cap sheet. The team's next big financial question is what happens with Anthony Davis, who has a player option for the 2027-28 campaign.
23. Chicago Bulls
Money rank: 27th | Draft rank: 17th
2025-26 rank: 25th
Bryson Graham, the Bulls' new lead decision-maker, has plenty of freedom as he starts to imprint his stamp on the franchise. The only Bulls signed beyond the 2027-28 season are Josh Giddey, who's on a reasonable $25 million annual deal for three more years, and Patrick Williams, who has a less palatable $18 million player option in 2028-29.
Graham should have plenty of space to add the right players to surround young forwards Caleb Wilson and Matas Buzelis.
24. Houston Rockets
Money rank: 14th | Draft rank: 25th
2025-26 rank: 21st
The Rockets are the only one of the bottom 10 teams in this list that made the playoffs last season, and it's because they have simultaneously developed young stars, added veteran help such as Kevin Durant and maintained a treasure trove of valuable draft picks. They can swap picks with the Nets next summer, and they control upcoming picks from the Suns (in 2027 and 2029) and Mavericks (in 2029).
Meanwhile, Houston's front office has driven a hard bargain when extending players, as Durant, Alperen Sengun, Jabari Smith Jr., Tari Eason and Amen Thompson have all signed well-below-max extensions over the past few years. That's a crucially important skill in the NBA's current financial landscape.
25. Sacramento Kings
Money rank: 24th | Draft rank: 23rd
2025-26 rank: 23rd
Of the Kings' five most expensive players, only Keegan Murray is under contract past next season: Zach LaVine and De'Andre Hunter will become free agents in 2027, Malik Monk has a player option and Domantas Sabonis is signed for just two more years. It seems that whenever the Kings are ready to compete again, they'll do so with an entirely different core than the veterans who populate their current roster.
26. Utah Jazz
Money rank: 17th | Draft rank: 27th
2025-26 rank: 29th
I've been calculating these rankings for five years now, and this is the first time the Jazz don't rank 29th or 30th. They traded draft picks for Jaren Jackson Jr. -- though they later recouped that value and more by sending Walker Kessler to the Lakers -- and now owe a lot of long-term money to Jackson, Lauri Markkanen and the newly extended Keyonte George.
The Jazz are still firmly in the "Later" category, to be clear, but they've inched closer to "Now." That movement matches with their apparent intention to start pushing toward a playoff spot this season.
27. Portland Trail Blazers
Money rank: 23rd | Draft rank: 26th
2025-26 rank: 22nd
The Trail Blazers might be the greatest beneficiaries of the Heat's trade for Giannis Antetokounmpo, because they control the Bucks' draft in 2028, 2029 and 2030. Those extra picks could help Portland build a winner for the 2030s.
Whether the Blazers' mishmash collection of guards can help the team win big in the 2020s remains to be seen, however. One major upcoming hurdle will be Deni Avdija's extension negotiations, because he's signed for just two more seasons on one of the NBA's best bargain deals.
28. Charlotte Hornets
Money rank: 26th | Draft rank: 28th
2025-26 rank: 27th
Despite a 44-38 record last season -- the franchise's best in a decade -- the Hornets took a decidedly win-later approach to the offseason, trading LaMelo Ball and Miles Bridges for role players and draft picks. Charlotte now boasts at least one extra first-round pick in 2027, 2029, 2030 and 2033, plus 2028 swap rights.
In other words, the Hornets could have tried harder to win now, but instead their sights are set on later, when Kon Knueppel, Brandon Miller and other assorted youngsters -- whether they're players already on the Hornets or future draftees currently still in school -- can form the first sustained winner since Charlotte re-emerged as an expansion team.
29. Memphis Grizzlies
Money rank: 29th | Draft rank: 29th
2025-26 rank: 26th
Following the trades of Desmond Bane and Jaren Jackson Jr., the Grizzlies have extra first-round picks in 2027, 2029, 2030 and 2031, including multiple extra selections in at least two of those drafts. And while Bane, Jackson and Ja Morant will combine to earn more than $130 million this season, none of that money will come off Memphis' books; instead, Jerami Grant is the only player making more than $15 million on this team.
The Grizzlies have a solid core in place, with Cameron Boozer, Zach Edey and Cedric Coward on rookie deals. But they're just getting started in their latest attempt to construct a long-term contender.
30. Brooklyn Nets
Money rank: 30th | Draft rank: 30th
2025-26 rank: 30th
For the third straight season, Brooklyn brings up the rear as the most win-later team in the NBA. Given that the Nets went 26-56 and 20-62 in their first two seasons with this designation, it's fair to expect more of the same.
Even though they traded for Julius Randle and owe a pick swap to the Rockets next spring, the Nets still have the most draft assets and financial flexibility of any team.