The Oklahoma City Thunder's status as defending champions with a league-best regular-season record and dominant first-round sweep has solidified their position as the clear market leader at 58.5 percent implied probability. San Antonio Spurs at 22.9 percent remain the primary Western Conference threat behind Victor Wembanyama's continued elite production and strong playoff advancement. In the East, the New York Knicks at 14.3 percent have gained traction after sweeping into the conference finals, while the Detroit Pistons and Cleveland Cavaliers at 4.0 percent and 1.9 percent respectively face elimination in a tightly contested semifinal series. Recent form, roster health, and home-court advantages in the conference finals continue to shape trader sentiment across the field.