Free agency’s winners and losers so far– and then there’s the Clippers

Less than a week into NBA free agency, there’s already been massive movement across the league — moves, big and small, impacting teams close to title contention (hello, Sixers and Knicks!) and … not so much (apologies, Wizards and Pistons).

To recap so far, we’ve seen Klay Thompson, a cornerstone of the Golden State Warriors dynasty, pack up for the Dallas Mavericks. The 76ers now have a formidable Big 3 after signing Paul George, while the Knicks brought back OG Anunoby and brought in Mikal Bridges — but at a big cost.

In light of that, we’ve identified three teams that look to be early winners of free agency, three others who look to be losers — and one club that’s given us a collective, “Huh?!”

Winners!

Oklahoma City Thunder
What they’ve done: Upgraded their perimeter defense; signed a coveted big man

No team improved its immediate title outlook more than Oklahoma City, which added wing defender Alex Caruso via trade with the Chicago Bulls before plucking coveted Knicks center Isaiah Hartenstein in free agency.

The Thunder, already a top-four defense, added a guard in Caruso who’s made the All-Defensive Team each of the past two seasons, and a 26-year-old rim protector who held opposing shooters more than 11.2 percentage points beneath their averages around the basket this past season.

Hartenstein also gives OKC — third-to-last in the NBA offensive-rebounding percentage — a much-needed lift on the glass. He isn’t a floor spacer in the way that budding star Chet Holmgren is, and it remains to be seen how well (and how much) those two play alongside one another. But he is a fantastic passer for a big, and should make great use of all the openings the Thunder offense creates.

Caruso’s improved jump shooting is a massive boon, as he’ll easily replace Josh Giddey, who was repeatedly ignored at the perimeter by defenses in the postseason because of his below-average shooting.

Philadelphia 76ers
What they’ve done: Used cap space to form the league’s new Big 3; added depth

By merely opening the amount of cap space it did, Philadelphia signaled its intentions: to bring in a top-flight free agent to work alongside former MVP Joel Embiid and All-Star guard Tyrese Maxey.

Paul George checks off every box. He’ll serve as a massive upgrade to Tobias Harris when he’s healthy and available to play. (George, 34, played in 90% of the Clippers’ games this season, his highest rate in six years.) Having Maxey, who agreed to a five-year extension this week, should keep George off the ball and preserve his body.

Re-signing Kelly Oubre Jr. who averaged 15 points per game with Philly last season, is also meaningful, as a fourth option who can create his own looks. And don’t overlook the Sixers landing wing Eric Gordon and center Andre Drummond, who’s led the NBA in offensive-rebounding percentage for each of the past two seasons among players who logged 60 appearances.

Orlando Magic
What they’ve done: Added 3-and-D threat with KCP; kept key reserves

Orlando pulled off perhaps the most strikingly solid deal of free agency thus far, landing an agreement with two-time NBA champion wing Kentavious Caldwell-Pope for three years and just $66 million. He checks off several needs for them as both a standout defender and a knockdown shooter who’s hit better than 40% of his three-point attempts over the past five seasons. (The Magic hit fewer threes than any team in the league in 2023-24.)

The Magic could still use a point guard, but there’s time to add one, and the club has done well in retaining swingman Gary Harris, as well as frontcourt duo Goga Bitadze and Moritz Wagner.

Losers …

Golden State Warriors
What they’ve done: Let Klay Thompson, CP3 leave for minimum return; missed out on Paul George

The Dubs went into the offseason attempting to be involved in the Paul George sweepstakes, and even extended Chris Paul‘s guarantee date to help facilitate a potential sign-and-trade. But then that fell through, as Paul was waived, saving the team $30 million, and George joined the Sixers.

Then there was the news that Klay Thompson, a franchise icon, wouldn’t be coming back.

Now the team is centered on trying to acquire Utah Jazz center Lauri Markkanen, who has been linked with several other teams, including the San Antonio Spurs. But what if they miss there, too? What, exactly, is the franchise’s plan to build around 36-year-old Stephen Curry? That’s what these next two years are about — one final swing with the greatest player in franchise history.

Wing De’Anthony Melton and forward Kyle Anderson are solid pickups, but Golden State has had more misses than hits during this critical stretch.

Los Angeles Lakers
What they’ve done: Struck out so far on getting LeBron, Davis more help

What is the Lakers’ plan for building around LeBron James and Anthony Davis? Despite a call from James at the beginning of free agency, and calls from his father to finish his career in Los Angeles, Thompson chose to go to Dallas. Dejounte Murray, long a potential target to be the Lakers’ lead guard, was traded to the New Orleans Pelicans. James Harden re-upped with the Clippers.

Who’s left who could make a difference?

The Lakers are reportedly interested in free agent DeMar DeRozan but lost some of its cap flexibility due to players like D’Angelo Russell and Cam Reddish opting into the final year of their contracts. It’s a disappointing reality — the Lakers with two aging but remarkably healthy superstars, and a supporting cast not deep enough for true contention.

Denver Nuggets
What they’ve done: Let a key player of their NBA title run leave

The Caldwell-Pope departure to Orlando has the potential to be a big blow to Denver, which will now rely more on Christian Braun. This isn’t to say the third-year wing won’t be able to step up. He’s an efficient player, so it’s fully possible that he’ll do well with the added responsibility.

It’s more about the needless gamble, since the Nuggets could’ve simply paid Caldwell-Pope and avoided the question altogether. The tax ramifications would have been daunting, but so is the idea of winning just one championship with the Nikola Jokic–Jamal Murray partnership when more are potentially on the table.

HUH?!

LA Clippers
What they’ve done: Allow PG to walk with nothing in return

If the Clippers knew they only wanted George for the next three seasons — similar to what they agreed to with Kawhi Leonard — and George definitively knew he only wanted a four-year deal, it raises the question of why the Clippers didn’t give serious consideration to dealing him elsewhere during the season; one that saw the team flame out in the first round of the playoffs anyway.

There’s absolutely a benefit to not paying the most punitive apron taxes for a team that has a limited chance of winning the title. But having Leonard and James Harden at this stage of their careers without a third star — and without getting anything at all in return for George — seems like an odd choice, to put it generously.

The Clippers surrendered so much in the 2019 deal to pair George alongside Leonard, including Shai Gilgeous-Alexander, who could become a perennial MVP candidate with the Thunder for the foreseeable future.

Los Angeles has made some decent free-agency moves over the past few days, including getting Derrick Jones Jr. and Nicolas Batum. But the team lacks a clear direction — and is without many assets, despite all but punting on its title hopes — as it opens the new $2 billion Intuit Arena.