The scoreboard from June is still fresh, but the 2026-27 race has already started on paper. With training camps opening September 22 for overseas-bound teams and September 29 for the rest, FanDuel has released its first championship odds — and two franchises sit alone at the top, tied at +270: the Oklahoma City Thunder and the San Antonio Spurs.
San Antonio: close enough to taste it
The Spurs went to the NBA Finals in June. They pushed the New York Knicks to five games before running out of steam. A year later, everything that made them dangerous is still there — Victor Wembanyama (22, entering Year 4), De’Aaron Fox, Stephon Castle, Dylan Harper, Harrison Barnes, and newly added veteran Tobias Harris. No panic moves. No teardown. Just the same core, hungrier.
The summer gave an early glimpse of where their heads are at. In late July, Wembanyama organized workouts at Nanterre 92 near Paris — his childhood club, where he now holds an ownership stake. Eight teammates made the trip. Fox, Harper, Castle, Harris, McLaughlin — they all showed up. Spurs CEO R.C. Buford called it a sign of Wembanyama’s leadership. It was also a signal the Spurs believe they belong.
Wembanyama himself set the tone this summer in a different way: he signed his $252 million rookie extension at the 25% salary scale rather than the 30% supermax — a choice that left roughly $50 million on the table and gives San Antonio more flexibility to keep the supporting cast around him.
Oklahoma City: the machine keeps running
Shai Gilgeous-Alexander remains one of the most difficult guards to scheme against in the league. Chet Holmgren anchors a defense that forced opponents into uncomfortable possessions all of last season. The Thunder have been here before — and according to FanDuel, they deserve to be co-favorites again. Per ESPN, “Shai GCA has turned them into a problem every night, and Chet Holmgren gives them a defensive backbone most contenders would love to steal.”
Can the Knicks actually repeat?
New York is the defending champion. Jalen Brunson (who quietly played through a wrist injury during the playoffs before having surgery in July) is expected back healthy for opening night. The Knicks ran it back: same core, same system, Andre Drummond replacing Mitchell Robinson. They are not +270. They are not the favorite. Vegas is telling you something about the cost of repeating in today’s NBA.
The dark horses with real upside
Philadelphia opened at +900. That looks low for a team pairing LeBron James, Joel Embiid, and Jaylen Brown — three former Finals MVPs in the same frontcourt. Whether they stay healthy is a separate conversation. Miami sits just behind: Giannis Antetokounmpo, Bam Adebayo, Tyler Herro, and Klay Thompson (signed August 23) form a roster that can beat anyone on a given night. The Western Conference also has Denver, Boston, and Minnesota all lurking outside the top two.
The regular season opens October 20 at Madison Square Garden with LeBron James making his Sixers debut against the Knicks. Before that, training camps start September 29. The real work begins then — but for now, San Antonio and Oklahoma City are where smart money sits.
Sources: ESPN 2026-27 predictions / Bleacher Report odds
