The NBA landscape changed in a major way on Wednesday when a new team jumped past the Denver Nuggets to become the odds-on favorite to win the 2024 NBA title. The Milwaukee Bucks climbed to the top of the pile after taking part in a three-team trade that included the Portland Trail Blazers and Phoenix Suns. The top team in the Eastern Conference from last season lost Jrue Holiday in the deal but paired superstar point guard Damian Lillard with Khris Middleton and Giannis Antetokounmpo.

The Bucks forked up a 2023 first-round draft pick, Grayson Allen, and a pair of pick swaps in 2028 and 2030, but now have the most favorable odds to win it all at +375. Middleton's injury-riddled season didn't stop them from topping conference rivals like the Boston Celtics and Philadelphia 76ers in 2022–23. Giannis Antetokounmpo began to express interest in playing elsewhere ahead of 2023–24, and his team responded by exchanging some depth and defensive soundness for the most sought-after superstar on the open market. Milwaukee isn't clear from the rest of the pack, though.

The Nuggets have the second-best odds at +425 and haven't made any significant moves since securing their first-ever NBA title. They're trailed by the Boston Celtics (+500), the Suns (+550), and the Golden State Warriors (+1000). The Suns put together one of the most formidable starting units in the NBA over the offseason by shipping off Chris Paul in exchange for Bradley Beal, but their depth was in question. However, they addressed those issues on Wednesday by acquiring Jusuf Nurkic, Grayson Allen, Nassir Little, and Keon Johnson for Deandre Ayton and Toumani Camara.

This has been one of the NBA's more unpredictable offseasons in recent memory. Whether these new powerhouses will mesh well and challenge Denver remains to be seen, but things are certainly shaping up to be interesting.