The 2025 NBA free agency period has delivered one of the most eventful and unpredictable offseasons in recent memory. From blockbuster trades involving future Hall of Famers to franchise-altering signings and strategic re-signings, front offices across the league have been active in reshaping their rosters. With contenders loading up for title runs and rebuilding teams locking in young stars, the early moves this summer have already shifted the balance of power across both conferences. Below, we break down the most significant transactions so far and what they signal for the NBA landscape heading into the 2025–26 season.
Houston Rockets: A Championship-Level Shake-up
The Rockets made the loudest noise this summer by acquiring Kevin Durant in a historic seven-team trade, the most complex in NBA history. The deal also brought back Clint Capela via sign-and-trade to fortify the frontcourt. They signed Dorian Finney-Smith to a 4-year, $53 million deal and retained key contributors like Fred VanVleet and Steven Adams. With a title-contending core now in place, Houston’s payroll could hit $195 million.
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Oklahoma City Thunder: Locked in the MVP
The Thunder secured their future by re-signing Shai Gilgeous-Alexander to a 4-year, $285 million supermax extension. By doing so, they keep the reigning Finals MVP in OKC and ensure the team’s trajectory remains upward. They avoided overspending in free agency and retained future cap flexibility.
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Memphis Grizzlies: Big Blue Wall
Memphis extended defensive cornerstone Jaren Jackson Jr. to a 5-year, $240 million deal. The move keeps one of the NBA’s top interior defenders in place and signals a commitment to continuity and defensive identity.
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Milwaukee Bucks: Bold Caps & Tough Calls
In a major move, the Bucks waived Damian Lillard to clear salary space, then quickly signed Myles Turner to a 4-year, $107 million contract. They also added key veterans like Gary Harris, Gary Trent Jr., Bobby Portis, Jericho Sims, and Taurean Prince to maintain competitive depth.
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New York Knicks: Measured Depth Buys
The Knicks added Jordan Clarkson through a buyout and signed Guerschon Yabusele on a 2-year, $12 million deal. These calculated moves improve bench scoring without committing long-term dollars, helping maintain roster flexibility after an Eastern Conference Finals appearance. And of course they are hoping the signing of Coach Brown to big money may have an impact as well.
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Golden State Warriors: Strategic Decisions
Golden State remains undecided on restricted free agent Jonathan Kuminga, fielding sign-and-trade offers from teams like Miami and Chicago. The team is also courting Al Horford as a veteran big man but hasn’t locked in a deal yet.
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Atlanta Hawks: Veteran Boost
The Hawks signed Nickeil Alexander-Walker to a 4-year, $62 million deal and added Luke Kennard on a 1-year, $11 million contract. Combined with other role-player additions, they’re aiming to add firepower around their core.
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Denver Nuggets: Targeted Rotation Moves
Denver traded for Jonas Valan?i?nas to serve as Nikola Jokic’s backup and added Tim Hardaway Jr. and Bruce Brown to provide shooting and experience to their bench unit.
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Winners & Outlook Summary
Houston Rockets were this summer’s biggest winners, creating a legitimate title-contending roster. OKC and Memphis locked in core stars with smart cap planning. The Bucks made aggressive but risky changes, while the Knicks and Nuggets stayed measured and cost-efficient.
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