NBA title odds: Biggest risers, fallers after free-agent frenzy

The arms race to dethrone the Celtics as NBA champions is well underway with some odds-altering trades and marquee free-agent signings.

Some teams in the East entered the championship conversation, while others out West distanced themselves.

New collective bargaining restrictions create challenges for sustained success, limiting the chances of dynasties and increasing parity. We're seeing that play out throughout free agency, shifting the NBA's balance of power.

Here are how teams' championship odds have changed since the offseason began:

Title odds before vs. after free agency

Note: The before odds are prior to the Knicks trading for Mikal Bridges

The 76ers and Knicks significantly increased their title chances with enormous offseason additions. New York has had a relatively quiet free agency but made a major splash in the trade market, acquiring Mikal Bridges for a massive haul of picks.

The Knicks earned the No. 2 seed and lost in the second round without Julius Randle and other key rotation players. Adding Bridges, bringing Randle back into the fold, and re-signing OG Anunoby makes the Knicks formidable contenders in oddsmakers' eyes, jumping from the eighth- to the fourth-best title odds.

The Sixers are the winners of the offseason. Daryl Morey's yearlong plan to free up cap space this summer paid off when Paul George signed with Philly.

The Sixers have the league's only true Big Three, leading to the third-best odds to win the title. George is a seamless fit alongside the dominant Joel Embiid and Tyrese Maxey duo.

While the Knicks and Sixers moved into contender status, the defending champs further up I-95 remain the favorites. Boston has the NBA's best starting five and extended Jrue Holiday, Jayson Tatum, and Derrick White in the last few months. Although their absurd payroll may create future challenges, the Celtics are looking to become the first back-to-back champion since the Warriors in 2017 and 2018. Until a foe dethrones Boston, it'll be atop the oddsboard to run back the duck boat parade.

The Bucks round out the East's contender circle. Milwaukee, however, has fallen behind after a mundane offseason, resulting in a slip behind New York and Philly on the oddsboard.

Other than Delon Wright, Milwaukee made no additions. It still has one of the league's best players in Giannis Antetokounmpo, but an aging roster surrounds him with a core of Damian Lillard, Khris Middleton, and Brook Lopez.

Following a campaign featuring a historically depleted and weakened East, the Celtics won't have a cakewalk to the NBA Finals in an improved conference.

Out west, the Thunder have leaped the Nuggets as the conference favorites. They surprisingly earned the No. 1 seed last season, fast-tracking their contention plan with the rapid growth of Shai Gilgeous-Alexander, Jalen Williams, and Chet Holmgren.

Oklahoma City addressed its weaknesses after bowing out in the second round to the Mavericks. It traded Josh Giddey for Alex Caruso, swapping out a non-shooter and unplayable playoff option for a two-way shooting guard.

Then, the Thunder plucked Isaiah Hartenstein away from the Knicks, bolstering their frontcourt that ranked third-to-last in rebounding percentage.

While the Thunder improved after falling short of the championship, the Nuggets are trending in the other direction. Denver let Kentavious Caldwell-Pope walk in free agency, losing its fifth-leading scorer after a second-round exit.

The Nuggets have Nikola Jokic, the reigning MVP and undisputed best player in the world, plus Jamal Murray. They'll always have a chance with Jokic as the offensive hub, but they're taking a huge gamble on their younger pieces to provide the necessary depth a championship group needs. Denver fell from the second-best to fifth-best odds.

The Mavs made incremental improvements following an NBA Finals appearance. They lost Derrick Jones Jr. in free agency and replaced him with Klay Thompson, a worse defender but a shooting upgrade. Dallas had little scoring help from its supporting cast in the Finals; Thompson's presence will help that. The Knicks, Sixers, Thunder, and Mavs are the four most-bet teams to win the title on theScore Bet since free agency began.

While Thompson's departure doesn't change the immediate outlook of Golden State, it missed the playoffs last season and hasn't added much help. Kyle Anderson, De'Anthony Melton, and Buddy Hield are solid role players but not needle-movers. The Warriors still have the 12th-best odds but jumped from +3000 to +4000. Unless a trade is coming, Stephen Curry's heroics are the only answer to Golden State's problems.

The Clippers suffered the most drastic odds movement in the wrong direction. Losing George turned Los Angeles from a threat to a middling group questionable to make the playoffs. It replaced its nine-time All-Star with Nicolas Batum, Kris Dunn, and Jones. The injury-prone Kawhi Leonard and aging James Harden must have All-NBA-level seasons just to keep the Clippers afloat.

Their crosstown rival had a quiet free-agency period. The Lakers haven't signed a new player after finishing seventh in the West. After re-signing LeBron James, the only avenue for roster improvement is through a trade.

Believe it or not, the Lakers hiring James' friend JJ Redick as head coach and drafting James' son Bronny didn't change their outlook. Although their odds slightly shortened over the last week, Los Angeles is far from a championship group.

Sam Oshtry is a sports betting writer at theScore. You can follow him on X @soshtry for more betting coverage.