2025 NBA free agency: Early winners and losers, including the Rockets, Lakers and a pair of former MVPs

Your winners and losers from a (mostly) dud of a night on the opening of the NBA’s free-agency period …

(Shoutout, Spotrac, for registering the contracts so quickly.)

WINNER: Houston Rockets

The Rockets did most of their work early, including a trade for Kevin Durant on June 22, which was big business at a discount rate. They dealt Jalen Green, Dillon Brooks and four second-round draft picks for a 15-time All-Star. In order to make that many All-Star rosters, you must be getting old by NBA standards, and Durant will turn 37 in September. He still averaged a 27-6-4 on 53/43/84 shooting splits last season.

Houston hopes Durant can transform it from a No. 2 seed that lost in the first round of the Western Conference playoffs to a bona fide contender, and it is acting accordingly, spending everywhere it can.

The Rockets declined Fred VanVleet’s $45 million option for next season and instead signed him to a two-year, $50 million deal. They used any savings and then some to spend $122 million over five years on Jabari Smith Jr., $39 million over three years on Steven Adams and $10 million combined next season on Jeff Green, Aaron Holiday and Jae’Sean Tate. They also gave head coach Ime Udoka a contract extension.

This would make them offseason winners. But they were not satisfied. As free agency opened on Monday evening, the Rockets stole the first high-profile free agent of the night, signing Dorian Finney-Smith away from the Los Angeles Lakers for $53 million over four years (or the non-taxpayer mid-level exception).

The Lakers traded D’Angelo Russell, Maxwell Lewis and three second-round picks to the Brooklyn Nets for Finney-Smith in December, and he performed his role as a 3-and-D wing admirably for L.A. It was believed that Finney-Smith’s history with Luka Dončić on the Dallas Mavericks might assure his return to the Lakers, who absolutely wanted to keep him, but it seems he wanted out of L.A. at the first opportunity.

Or maybe the money — and the opportunity to compete for a championship (sorry, Lakers) — was too good in Houston. Either way, the Rockets just got deeper and more flexible with the addition of Finney-Smith, who for the first time in his nine-year career shot better than 40% from distance for a season. He plays hard on defense, too, and that will make another fine fit for Udoka’s system of earning your keep.

I’m not as wild about the Rockets signing Clint Capela away from the Atlanta Hawks for $21.5 million over three years, when Adams and Alperen Şengün are already on the roster, but go big or go home, I guess.

LOSER: Giannis Antetokounmpo, Milwaukee Bucks

As the second round of the NBA draft unfolded, ESPN’s Shams Charania reported that Giannis Antetokounmpo was closely monitoring who his Milwaukee Bucks were adding to the roster, shortly before they drafted a European, Boboljub Marković, who they plan to stash for at least a season.

And, again, as free agency opened, they lost center Brook Lopez to a two-year, $18 million deal with the Los Angeles Clippers. Not that he was exceptional for Milwaukee last season. He averaged 13 points (on 51/37/83 shooting splits), 5 rebounds, 1.9 blocks and 1.8 assists in 31.8 minutes over 80 games in 2024-25.

But he has been a big part of what Milwaukee has done in recent years, especially on the 2021 championship run. To lose any part, without a reasonable replacement waiting in the wings on the first night of free agency, is a tough pill to swallow, and one that might cause Antetokounmpo to hiccup.

I don’t know if retaining Kevin Porter Jr., Gary Trent Jr. and Taurean Prince moves the needle, either.

WINNER: Nikola Jokić, Denver Nuggets

The Nuggets limped to the finish line this past season and still pushed the eventual champion Oklahoma City Thunder to seven games in a second-round playoff series, mostly because Nikola Jokić is awesome.

Michael Porter Jr. had his non-shooting shoulder wrapped for that playoff run, so it is hard to blame him for his wayward production, but he was not exactly a model of dependability when healthy for the Nuggets. So they traded him on Monday for Cameron Johnson from the Brooklyn Nets. Johnson may not be as explosive a shooting threat as Porter, but he is more consistent, and their numbers are a close call.

Johnson: 18.8 PTS (48/39/89), 4.3 REB, 3.4 AST
Porter: 18.2 PTS (50/40/77), 7.0 REB, 2.1 AST

In addition to the acquisition of Johnson, the Nuggets added Bruce Brown, an invaluable member of their 2023 championship push, for the veteran minimum. Two years ago, before he left Denver for an offer he could not refuse from the Indiana Pacers, Brown buoyed the second unit and served as an active cutter for Jokić’s brilliant passing. He always seemed to be in the right place and injected energy everywhere.

Really, any time Jokić gets two new weapons, it is a win.

[SHRUGGING THUMBS UP]: Memphis Grizzlies

The Grizzlies certainly did a lot of stuff.

After trading up to draft Cedric Coward in the first round of the draft, as soon as free agency opened they agreed to renegotiate the final year of Jaren Jackson Jr.’s contract and extend him for five years and $240 million. That is a lot of money for a center who grabbed 5.6 rebounds per game last season, but he is a Defensive Player of the Year when engaged on that end and a stretch big who can create for himself.

It is a good foundation to keep Jackson and Ja Morant as centerpieces of what they hope is a quick reconstruction of the roster after they traded Desmond Bane for a pick-heavy haul from the Orlando Magic. Do not be surprised if the Grizzlies are a sneaky tough out in a crowded Western Conference.

They certainly acted accordingly in free agency, re-signing Santi Aldama to a three-year, $52.5 million deal and stealing Ty Jerome from the Cleveland Cavaliers for $27.7 million over three seasons. Jerome was a Sixth Man of the Year candidate this past season who will come in handy when Morant misses games, especially now that Memphis is reportedly working to move the newly acquired Cole Anthony elsewhere.

All in all, the Grizzlies got a little bit better on free agency’s first night, after the trade of Bane may have made them a good bit worse. They will remain an interesting team in the West, so long as Morant stays healthy and Jackson finds reason for another step forward in his career. Their work should not be done.

LOSER: Los Angeles Lakers

Not only did the Lakers lose Finney-Smith, their biggest splash on the first night of free agency was the acquisition of Jake LaRavia on a two-year, $12 million deal. LaRavia is a decent player who shot 42.3% on a couple 3-point attempts per game last season, but let’s just say the fans won’t be lining up to buy their LaRavia jerseys. Or maybe they will. But they’ll be on eBay when he isn’t their next Austin Reaves.

The Grizzlies felt fine tossing LaRavia into their salary dump of Marcus Smart’s contract at the trade deadline, and he wasn’t missed much, playing spot duty for the sub-.500 Sacramento Kings.

What’s worse for the Lakers: They, like the rest of us, don’t know what to make of this statement from LeBron James’ agent, Rich Paul, shortly after the client picked up his $52.6 million option for next year:

“LeBron wants to compete for a championship. He knows the Lakers are building for the future. He understands that, but he values a realistic chance of winning it all. We are very appreciative of the partnership that we’ve had for eight years with Jeanie [Buss] and Rob [Pelinka] and consider the Lakers as a critical part of his career.

“We understand the difficulty in winning now while preparing for the future. We do want to evaluate what’s best for LeBron at this stage in his life and career. He wants to make every season he has left count, and the Lakers understand that, are supportive and want what’s best for him.”

News flash: A $52.6 million salary for a 40-year-old is part of the reason why it is so difficult to build a winner around Dončić in L.A. and much of the reason why there is little wiggle room to add more talent.

WINNER: Atlanta Hawks

The Hawks were already winners, trading the No. 23 overall pick in this year’s draft in a three-team deal that landed them Kristaps Porziņģis, and they recouped a better first-round selection — an unprotected pick from either the Bucks or the New Orleans Pelicans in 2026 — in a draft-night trade.

It was a good bit of business that got better on Monday, when the Hawks added Nickeil Alexander-Walker (via sign-and-trade with the Minnesota Timberwolves) and Luke Kennard. Atlanta is now loaded with wings in the positions between Porziņģis and All-Star point guard Trae Young, including rising star Jalen Johnson, Most Improved Player Dyson Daniels and last year’s No. 1 overall pick, Zaccharie Risacher.

What a fun team these Hawks will be in a watered-down Eastern Conference. They have a chance now.

LOSER: The NBA (again)

The opening night of free agency was once a wild time and another reason people loved this league.

It was, for a second straight summer, largely a bust.

Whether or not the second apron is to blame, nobody but the Brooklyn Nets had a ton of cap space, and they did not seem all that interested in using it, other than to take on bad salaries for more draft capital.

Likewise, last year’s decision to allow teams to negotiate with their own free agents ahead of free agency once again robbed us of a few breaking news stories on Monday night. The trickling of those deals in the days before June 30 further removed some of the luster from one of the NBA’s great tentpole days.

[SHRUGGING THUMBS DOWN]: Dallas Mavericks

Man has it been a weird year for the Mavericks. They traded Dončić, somehow landed the No. 1 overall pick, drafted Cooper Flagg and began anew — a year removed from reaching the NBA Finals. General manager Nico Harrison sure took a lot of credit for what seemed like luck, acting as if this was his vision.

It cannot give Mavericks fans great confidence that Harrison has turned a new leaf when his first order of business was to sign D’Angelo Russell for two years and $11.7 million. Sure, the Mavericks needed a point guard in the absence of an injured Kyrie Irving, and sure, that is a fine price for Russell, but they just drafted Flagg, who plays the right way, and I wouldn’t want to pair him with anybody who doesn’t.

WINNER: Good dudes

Shoutout Luke Kornet, who was a good Celtic — a true joy in the locker room and a solid contributor in his minutes. Once an undrafted free agent on the New York Knicks and once a throw-in to a fringe trade involving Daniel Theis, he worked himself into a rim-protecting and rim-running big man who just knows where to be at all times. It is those traits that earned him a four-year, $41 million deal from the San Antonio Spurs, for whom he will be playing alongside Victor Wembanyama in a frightening frontcourt.

Shoutout Kevon Looney, who earned 10 seasons on the Golden State Warriors, never averaging more than seven points per game and somehow making himself an invaluable member of three championship teams. He is parting the Bay Area to take $16 million over two seasons with the New Orleans Pelicans.

Good dudes seem to be getting good contracts, which is good to see. The same could be said of Finney-Smith and Alexander-Walker. Get the bag, gentlemen. It pays to put in the work.

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