NBA Power Rankings Based on Championship Odds (Who Has Preseason Value to Win NBA Finals?)

Denver Nuggets guard Jamal Murray (27).
Denver Nuggets guard Jamal Murray (27). / Kim Klement-USA TODAY Sports

NBA training camp is here, and were less than a month away from the start of the 2022-23 regular season.

There have been some key injuries that have already come out, with Keldon Johnson (San Antonio Spurs), Shai Gilgeous-Alexander (Oklahoma City Thunder) and Robert Williams III (Boston Celtics) all banged up entering the season. Williams is expected to miss 8-12 weeks, the most of any of the three players.

In addition to that, Chicago Bulls guard Lonzo Ball offered a concerning update on the knee injury he suffered last season, and it looks like he's still a long way away from returning.

As each NBA team rounds in form, and as the status of more players gets revealed, we will be able to have a better grasp on the futures market ahead of the 2022-23 season. I already explained why the Denver Nuggets are a sneaky bet to win it all this season at +2000 odds.

But now, it's time for our weekly Power Rankings. Where does each team stand as camp opens? Here's the latest:

1. Golden State Warriors (+700)

Golden State Warriors guard Klay Thompson.
Golden State Warriors guard Klay Thompson. / Kyle Terada-USA TODAY Sports

The Warriors deserve the top spot after winning the NBA title last season.

2. Milwaukee Bucks (+650)

The Bucks could take advantage of the Boston Celtics' messy offseason and move to favorites in the East.

3. Boston Celtics (+550)

Boston Celtics head coach Ime Udoka.
Boston Celtics head coach Ime Udoka. / Kyle Terada-USA TODAY Sports

Boston's odds dropped from +500 to +550 following Ime Udoka's season-long suspension.

4. Los Angeles Clippers (+700)

The addition of John Wall, if healthy, could push the Clippers over the top in the Western Conference.

5. Brooklyn Nets (+700)

Ben Simmons, Kyrie Irving and Kevin Durant is about as good of a trio as you can ask for. Can they all stay on the court when it counts is the question.

6. Denver Nuggets (+2000)

Denver Nuggets center Nikola Jokic.
Denver Nuggets center Nikola Jokic. / Isaiah J. Downing-USA TODAY Sports

My early value pick to win the NBA Finals, the Nuggets finally have a formidable supporting cast around Nikola Jokic again.

7. Philadelphia 76ers (+1600)

The Sixers have the talent to make a playoff run, but Doc Rivers, James Harden and Joel Embiid all have a history of coming up short in the postseason...

8. Miami Heat (+1800)

The Heat didn't make many changes this offseason, but Jimmy Butler made a big change in his hairstyle.

9. Phoenix Suns (+1000)

The Suns reportedly are looking to trade Jae Crowder, and Deandre Ayton sounded less-than thrilled to be back in Phoenix at media day.

10. Dallas Mavericks (+2700)

The Mavs would be much higher had they kept, or replaced, Jalen Brunson, but the team is relying on its internal guards to improve in the 2022-23 season.

11. Cleveland Cavaliers (+3300)

Cleveland Cavaliers guard Darius Garland.
Cleveland Cavaliers guard Darius Garland. / David Richard-USA TODAY Sports

There's a lot to like about this young Cavs team, and they could leap from play-in to playoff lock this season.

12. Memphis Grizzlies (+2400)

Ja Morant and company are looking to duplicating a great 2021-22 season, but the West certainly has improved with the Clippers, Lakers, Pelicans and Nuggets getting healthy.

13. Minnesota Timberwolves (+3300)

The Rudy Gobert move was a gamble for the future, but it should make the Wolves much better defensively in present.

14. Los Angeles Lakers (+2500)

Los Angeles Lakers forward LeBron James.
Los Angeles Lakers forward LeBron James. / Gary A. Vasquez-USA TODAY Sports

Whenever you have LeBron James, you're going to be a threat to win the title. It's that simple.

15. New Orleans Pelicans (+5000)

Zion Williamson looks in great shape, and that's a great sign for the Pelicans, who are looking to make the leap from play-in to playoff lock in the 2022-23 season.

16. Atlanta Hawks (+5000)

I love the addition of Dejounte Murray for Atlanta, and it certainly is in the playoff conversation in the East.

17. Toronto Raptors (+4200)

Toronto Raptors guard Fred VanVleet.
Toronto Raptors guard Fred VanVleet. / John E. Sokolowski-USA TODAY Sports

The Raptors may be young, but Vegas believes in them, moving their odds from +4500 to +4200 in the last week.

18. Portland Trail Blazers (+16000)

Damian Lillard's return should make the Blazers much more fun to watch this season.

19. Chicago Bulls (+5000)

The Bulls may be in trouble, as they were 24-23 last year without Lonzo Ball, and he apparently still can't run or jump in his recovery from a knee injury.

20. New York Knicks (+16000)

RJ Barrett thinks the Knicks are going to shock the world this season. Knicks fans would settle with a play-in berth.

21. Charlotte Hornets (+17000)

The more I look at this Hornets team, the more I wonder if they're going to regress to a top-five pick. Even head coach Steve Clifford is concerned...

22. Washington Wizards (+24000)

Can I interest you in a full season of Bradley Beal and Kristaps Porzingis? No? OK, moving on...

23. Sacramento Kings (+49000)

Sacramento Kings center Domantas Sabonis.
Sacramento Kings center Domantas Sabonis. / Kelley L Cox-USA TODAY Sports

The Kings could make a push for a play-in spot with the Spurs and Jazz both in tank mode.

24. Detroit Pistons (+50000)

It's probably in Detroit's better interest to get a top pick, but Cade Cunningham may be too good for the Pistons to land there this season.

25. Orlando Magic (+50000)

Orlando Magic forward Paolo Banchero.
Orlando Magic forward Paolo Banchero. / Kim Klement-USA TODAY Sports

The Paolo Banchero era is underway in Orlando, and time will tell if he's the superstar this franchise desperately needs.

26. Utah Jazz (+50000)

The Jazz are about as far from contending as you could be, and they likely will trade more vets by the end of the 2022-23 season.

27. Indiana Pacers (+50000)

Indiana Pacers center Myles Turner.
Indiana Pacers center Myles Turner. / Wendell Cruz-USA TODAY Sports

Maybe the Pacers get out to a hot start and keep Buddy Hield and Myles Turner, but I'm not counting on it.

28. Oklahoma City Thunder (+50000)

If SGA's injury lingers into the season, we're going to see another full-blown tank from OKC.

29. San Antonio Spurs (+50000)

I think we all should just take Gregg Popovich's advice ahead of the 2022-23 season.

30. Houston Rockets (+50000)

I don't want to knock the Rockets by putting them here, but there is just so much youth and a lot of unknowns on this roster.

Find Peter Dewey’s full betting record here.