Team USA moved into the No. 1 spot in the FIBA world basketball rankings this week despite failing to medal at the 2023 FIBA World Cup this month.

Per FIBA's official website, the United States moved up from No. 2 to No. 1 with 786.6 rankings points. The U.S. is followed by Spain, Germany, Australia and Serbia to round out the top five.

At the 2019 FIBA World Cup, the Americans had their worst-ever finish, coming in seventh place. They were out for redemption this time around with Golden State Warriors head coach Steve Kerr leading the way, but they lost three of their final four games and settled for a fourth-place result.

After suffering its first loss of the tournament to Lithuania in the second round, the U.S. bounced back to destroy Italy in the quarterfinals, setting the stage for a meeting with Germany in the semis.

Led by NBA players such as Franz Wagner, Moritz Wagner and Dennis Schröder, the Germans took control of the game in the third quarter. The Americans battled back, but fell just short in a 113-111 defeat.

Team USA tried to salvage a bronze medal against a Canadian team buoyed by Oklahoma City Thunder All-Star guard Shai Gilgeous-Alexander, but Canada prevailed in overtime by a 127-118 score.

The United States had a roster stocked with solid NBA players, including All-Stars in Minnesota Timberwolves guard Anthony Edwards, Indiana Pacers guard Tyrese Haliburton and Memphis Grizzlies forward Jaren Jackson Jr. However, they lacked top-flight size, rebounding and defense, which were the biggest factors in their demise.

Entering the FIBA World Cup, Spain was the No. 1 team in the world, but it had a far more disappointing showing than the U.S., finishing ninth and failing to make it to the knockout round.

Germany, which went on to beat Serbia in the final, moved all the way up from 11th to third by virtue of posting an undefeated record in the World Cup.

Canada's bronze medal-winning performance was the catalyst for a sizable leap as well, taking the team from 15th to sixth.

The only international basketball tournament than the FIBA World Cup takes place at the Summer Olympics, and preparations have already begun for the 2024 Summer Games in Paris.

Team USA has won four consecutive Olympic gold medals, and it will almost certainly be favored to make it five in a row.

Shams Charania and Joe Vardon of The Athletic reported this week that Los Angeles Lakers megastar LeBron James is ready to commit to play for Team USA in 2024, and he will likely be joined by Lakers teammate Anthony Davis, Stephen Curry and Draymond Green of the Warriors, Kevin Durant of the Phoenix Suns and Jayson Tatum of the Boston Celtics.