It's hard to believe, but we're already halfway through the 2023-24 NBA season. That means it's time for first semester grades.

Below, every team will be graded on the good old-fashioned A-F scale, based on how they've performed to date. Team and individual numbers from both sides of the court are in the mix. Subjectivity is in play too (this is more of a literature grade than a science one).

Just one caveat, though. Consider these grades to be on a curve. Sure, it'd be easy to give the Detroit Pistons an F (and maybe I still will), but it's not like many people expected them to compete for a playoff spot before the season started. The inverse might be teams like the Los Angeles Lakers and Phoenix Suns, who've failed to meet expectations.

With all of the above in mind, let's break out the red marker and analyze how each team has done.

Atlanta Hawks: D

Preseason Over/Under: 42.5
2023-24 Win Pace: 33
First Quarter Progress Report: C

The Atlanta Hawks have been one of this season's most disappointing teams. Despite an All-Star backcourt, two starting-caliber centers and some intriguing talent at the wing and forward positions, there are only three rotation players with positive season-long point differentials (Bogdan Bogdanović, Saddiq Bey and Onyeka Okongwu).

Their most glaring problems are on the defensive end. Dejounte Murray, who was expected to cover for some of Trae Young's flaws there, hasn't come close to doing so. Forwards like De'Andre Hunter and Bey haven't offered as much resistance outside either, which has led plenty of Hawks opponents to turn games into parades to the rim.

They're not securing defensive rebounds either. And all of that in concert has led to a bottom-five defense for a team that many expected to make the playoffs.

On the bright side, Young (27.4 points and 10.9) and Bogdanović (17.4 points and 2.7 assists in 28.2 minutes) have led the team to a top-10 attack. Jalen Johnson looks like a potential three-and-D-plus forward. And Murray might be playing well enough to convince a potential suitor to surrender draft compensation for him.

Murray is averaging 21.3 points and 5.0 assists in a secondary offensive role, but he and Young simply have not worked together. And again, that's mostly an indictment of a defense that quickly turns into a turnstile when both are on the floor.

Boston Celtics: A

Preseason Over/Under: 54.5
2023-24 Win Pace: 63
First Quarter Progress Report: A

It's hard to imagine things going much better for the Boston Celtics, who are top five in both points per 100 possessions and points allowed per 100 possessions.

In a season packed with absurd individual performances, Jayson Tatum is still playing like a top-10(ish) player, and he's surrounded by the best (and best fitting) supporting cast of his career.

If defense were given a little more consideration, Derrick White would have a very real shot to make the All-Star team (and he might still get in with the coaches' vote). Along with Jrue Holiday, he gives Boston the league's best defensive backcourt. Kristaps Porziņģis isn't shooting the three well, but his defense, post game and the fact that defenses at least have to pay attention to him outside has opened up the floor for Tatum and the guards.

Put it this way, when Jaylen Brown, who's averaging 23.1 points, is your fourth- or fifth-best player, you're doing pretty well.

Add Al Horford to the mix, and you get one of this season's most common refrains among analysts: The Celtics have the NBA's best top six. But even that may not be doing them justice anymore.

Payton Pritchard has been one of the game's steadier-handed backup 1s, and Sam Hauser's three-point shooting is legitimately game-changing.

At this moment, it'd be hard to argue any eight-man rotation looks better.

Brooklyn Nets: C-

Preseason Over/Under: 37.5
2023-24 Win Pace: 35
First Quarter Progress Report: B+

The Brooklyn Nets are the student who aced the first test and then just stopped turning in the homework after that. Since the last report card was published, Brooklyn is 4-12, with two of those wins coming against the Detroit Pistons.

And over this stretch, it's become abundantly clear that this Nets roster doesn't really have a bona fide No. 1 guy. Mikal Bridges, Cam Thomas, Cameron Johnson and Spencer Dinwiddie might all be a spot or two higher on the hierarchy than they'd be on a good team. And that overextension is reflected by those four collectively having a way-below-average effective field-goal percentage.

Of course, all of this is sort of heightened by the fact that Brooklyn's highest-paid player, Ben Simmons, has been limited to just six appearances by a back injury. Theoretically, if he was healthy and 90-95 percent of what he was during his All-Star campaigns with the Philadelphia 76ers, Brooklyn would be getting more playmaking and boasting more defensive versatility.

Getting nothing out of that roster spot is tough.

The only thing really saving the Nets from a steeper slide from the last grade are the preseason expectations. The solid start may have been misleading. The truth about Brooklyn probably lies between the version we saw through November and the one we've seen more recently.

Charlotte Hornets: C-

Preseason Over/Under: 31.5
2023-24 Win Pace: 18
First Quarter Progress Report: C+

The Charlotte Hornets get a little bit of a pass for all the time LaMelo Ball has missed (plus a handful of other injuries), but they should still be closer to that preseason win projection.

Just over 30 wins is far from an ambitious number, and it looks like the Hornets, who are flirting with having the league's worst net rating, aren't going to finish anywhere near there.

Terry Rozier has quietly been one of the game's most productive guards, with 23.9 points and 6.8 assists, but most of the rest of the roster is struggling mightily with scoring efficiency.

And while it helps to have talent on defense, it's easier to make up for a lack of it with effort and scheming than it is on offense. And Charlotte is getting destroyed on that end.

Rookie Brandon Miller (2.0 makes per game with a 37.6 three-point percentage) has been encouraging as an outside shooter. And an extended run with more guys available might change the perception of this team, but it has been atrocious to this point.

Chicago Bulls: C+

Preseason Over/Under: 37.5
2023-24 Win Pace: 37
First Quarter Progress Report: C-

The Chicago Bulls being right around expectations is enough to put them in the C range, but they get a little boost for turning a little more responsibility over to 23-year-old Coby White (even if that may have been forced, in part, by Zach LaVine's injury).

White is breaking out with 18.6 points, 5.0 assists and 3.0 threes per game while shooting 41.0 percent from three. And while the Bulls being minus-0.5 points per 100 possessions when he's on the floor may not sound great initially, it sure does when you consider that they're minus-8.6 without him.

After years of mediocrity, it looks like the Bulls have at least one potential star on the roster. Now, even with this recent run of more competitive play, Chicago needs to trade DeMar DeRozan, Zach LaVine and Nikola Vučević and let White go wild for the rest of this season to move the grade up again before the next quarter ends.

Sure, the Bulls could double down on the current formula, chase a play-in berth and maybe even a first-round loss. But if they want a higher-ceiling future, it's time to see what those vets would yield in the trade market.

Cleveland Cavaliers: B+

Preseason Over/Under: 50.5
2023-24 Win Pace: 49
First Quarter Progress Report: B-

The Cleveland Cavaliers could very easily have justified folding, trading Donovan Mitchell and looking to next season when news broke in December that both Darius Garland and Evan Mobley would be out for several weeks.

Instead, they buckled down and have the third-best record in the league since Garland's last appearance (he left the rotation a little after Mobley).

And in that stretch, Cleveland has gotten superstar production from both Donovan Mitchell (28.6 points, 7.3 assists and 3.5 threes) and Jarrett Allen. Yes, Jarrett Allen.

Over his last 12 games, Allen is averaging 18.8 points, 13.1 rebounds, 4.0 assists (!), 1.2 blocks and 1.2 steals while shooting 66.4 percent from the field.

Sprinkle in some heat-check scoring from Caris LeVert and reliable outside shooting from Max Strus and Sam Merrill, and you have one of the toughest teams in the league of late.

So, why no A?

Well, Cleveland is still performing slightly below expectations (at least according to that preseason over/under), the partnership between Allen and Mobley feels less tenable than it did a year ago, and Garland didn't really fly out of the gates to start the season.

Dallas Mavericks: B+

Preseason Over/Under: 45.5
2023-24 Win Pace: 48
First Quarter Progress Report: B

The Dallas Mavericks have had a ton of time missed by Kyrie Irving. More recently, Dereck Lively II, Dante Exum and Luka Dončić left the rotation. With all the ins and outs, it's been tough for the Mavs to establish any kind of rhythm.

So being on pace for almost 50 wins feels like a half-season win, especially when you consider some of the individual accomplishments of players on the roster.

Luka is averaging a career-high 33.6 points to go along with 9.1 assists, 8.1 rebounds and 4.0 threes. He's also shooting a career-high 38.0 percent from deep. Irving, meanwhile, has willingly accepted his secondary role with 24.8 points and 5.3 assists. Exum and Lively have both undoubtedly exceeded expectations.

If Dallas can coax a little more two-way consistency out of Tim Hardaway Jr., Grant Williams and the rest of the supporting cast (or if it can turn a couple of those players into someone closer to a star), it can still get to 50.

Denver Nuggets: B

Preseason Over/Under: 52.5
2023-24 Win Pace: 55
First Quarter Progress Report: C

For most of this season, the Denver Nuggets haven't felt quite as dominant as they did during their 16-4 postseason run to a championship. They've been on the wrong end of blowouts against the Utah Jazz, Oklahoma City Thunder and Houston Rockets. And they've lagged well behind the top teams in the league in net rating all season.

But every few games, they'll take the car out of that post-championship cruise control to remind everyone how dominant they can be. And for what has often felt like an underwhelming campaign, the team being a whopping plus-15.2 points per 100 possessions with both Nikola Jokić and Jamal Murray on the floor shows it still has championship upside.

Those two are still likely the game's best duo. Michael Porter Jr. and Kentavious Caldwell-Pope are shooting the three well. Aaron Gordon is getting back into a rhythm as one of Jokić's favorite cutting targets. And Peyton Watson is having a mini breakout off the bench.

With pretty good health of late, things are headed in the right direction.

Detroit Pistons: F

Preseason Over/Under: 28.5
2023-24 Win Pace: 6
First Quarter Progress Report: F

OK, yeah. The Detroit Pistons, even with pretty low preseason expectations, still deserve an F.

A 28.5 over/under is pretty meager. They're on pace to finish more than 20 wins shy of it. That's almost impossibly bad.

Beyond the history-making losing streak, Detroit is getting way too many missed shots and turnovers from Cade Cunningham. It's getting wildly inconsistent coaching (particularly in terms of rotations) from Monty Williams, just a few months after he signed a historically huge contract. The veterans (like Bojan Bogdanović and Alec Burks) aren't helping. Fliers on James Wiseman and Marvin Bagley III, the latter of whom was traded Saturday, haven't worked out. Killian Hayes and Ausar Thompson can't shoot.

Right now, it feels like trading those vets has to happen, even if they don't have much value left. Surviving the rest of this campaign will be rough, but a few more forward-looking assets or players would be a nice silver lining.

Golden State Warriors: D+

Preseason Over/Under: 48.5
2023-24 Win Pace: 39
First Quarter Progress Report: C-

Let's recap what's happened with the Golden State Warriors since the last round of grades.

• Draymond Green smacked Jusuf Nurkić in the head and drew an indefinite suspension.
• The Warriors went 8-8.
• Reports surfaced that Jonathan Kuminga had "lost faith" in coach Steve Kerr.
• Chris Paul went down with a hand injury.
• Stephen Curry shot 40.2 percent from the field and 35.2 percent from three.
• The team fell outside the Western Conference top 10, which is where the play-in range ends.

If this campaign didn't already feel like a "Last Dance" season, it sure does now.

Beyond all of the above, Andrew Wiggins is still struggling to find the form he had in the 2022 postseason. The Warriors still can't slow anyone down on defense. And contending feels like a pipe dream (assuming the team can't pull a trade rabbit out of its hat).

It's still hard to say they're "failing." A decade of excellence inspires some confidence in the team figuring things out at some point. But on balance, the first half of the season was just plain bad.

Houston Rockets: B+

Preseason Over/Under: 31.5
2023-24 Win Pace: 42
First Quarter Progress Report: B+

The Houston Rockets were good enough coming out of the gates that we've already sort of recalibrated expectations. So, while they're on pace to crush their preseason over/under, being under .500 since the last report card came out makes it tough to bump up the grade.

Still, Houston does deserve credit for being very much in the mix for a playoff (or at least play-in) spot after going 22-60 last season. The Rockets can take a victory lap over their veteran acquisitions, too. There were a lot of "how much?" reactions to the signings of Fred VanVleet and Dillon Brooks, and the Rockets are plus-7.7 points per 100 possessions when both are on the court.

Their experience has made this team significantly more competitive without sacrificing the development of their most important prospects. Alperen Şengün has an All-Star case with 21.8 points, 8.9 rebounds and 4.9 assists. Jalen Green and Jabari Smith Jr. are both still starting and playing 30-plus minutes per game. And more recently, Cam Whitmore and Amen Thompson have started to crack the rotation too.

In short, Houston's plan to sort of fast-track this rebuild couldn't be going a whole lot better.

Indiana Pacers: B+

Preseason Over/Under: 38.5
2023-24 Win Pace: 50
First Quarter Progress Report: B+

Fair or not, like Houston, the Indiana Pacers are being judged, at least a little bit, on what they did earlier this season. And moving into A-range would've required a little more improvement on the defensive end.

Indiana is 22nd in points allowed per 100 possessions since the last report card came out, which brings it up to 26th on the year. The only teams worse on that end are the Atlanta Hawks and the genuinely terrible Washington Wizards, Charlotte Hornets and Detroit Pistons.

So, of course, if a team that bad on defense is still on track for an over/under-smashing 50 wins, it must be pretty good on offense. Actually, the Pacers are an offensive juggernaut, led by a point guard having an all-time great playmaking season.

Tyrese Haliburton is on track to average 23 points and 12 assists. The only player in NBA history with a 23-12 season is Magic Johnson in 1986-87. And Magic wasn't lighting it up from the outside the way Haliburton, who's averaging 3.4 threes and shooting 40.3 percent from deep, is.

Surrounding him with a bunch of volume outside shooters like Aaron Nesmith, Obi Toppin, Bennedict Mathurin and Buddy Hield has led to an offensive rating seven points above the league average in a season with an astronomic average of 115.8 points per 100 possessions.

Los Angeles Clippers: A

Preseason Over/Under: 46.5
2023-24 Win Pace: 54
First Quarter Progress Report: B-

The Los Angeles Clippers adjusting to the presence of a new, ball-dominant point guard on the fly as effectively as they have is one of the most important stories in the league. James Harden deserves credit for how quickly this has worked too.

He's posting his lowest usage percentage since 2010-11 while still posting a higher box plus/minus than he did as a Philadelphia 76er. And when he's on the floor with Kawhi Leonard and Paul George, the Clippers are plus-11.1.

With Harden facilitating for those star wings, L.A. has a real argument for having the best trio in the league, but the supporting cast has been solid too.

Ivica Zubac, Norman Powell, Daniel Theis and Terance Mann have all had their moments, and Russell Westbrook deserves credit for accepting a smaller role too. He was forced out of the starting five shortly after the Harden trade, and he's played just 20.1 minutes per game since then. But he's actually become a fairly effective change-of-pace guard off the bench.

With everything coalescing as well as it has, the Clippers are suddenly a reasonable pick to win the West.

Los Angeles Lakers: C-

Preseason Over/Under: 47.5
2023-24 Win Pace: 40
First Quarter Progress Report: B+

The Los Angeles Lakers have been enough of a mess since the last report card that something in the D range could be justified here.

But perhaps this is the chance to reassess an offseason that may have been overhyped because it was the Lakers who had it.

Takes like "they are winning this free agency" happened after they signed Gabe Vincent. Sure, he was coming off a solid postseason run with the Miami Heat, but he was a career below-replacement-level player prior to then.

Names like Taurean Prince, Cam Reddish, Christian Wood and Jaxson Hayes led to some victory laps from fans too. But none of them had dramatically moved the needle in the right direction for other teams in the past.

Without Austin Reaves improving upon (or at least maintaining) his level of play last season, L.A. was almost guaranteed to underwhelm relative to that over/under. And Reaves has actually come back to earth a bit in 2023-24, which has led to a sub-.500 record.

Really, this isn't much different than people should have expected from the Lakers. If not for the excellent health of 39-year-old LeBron James and oft-injured Anthony Davis, things could be even worse.

Memphis Grizzlies: Incomplete

Preseason Over/Under: 45.5
2023-24 Win Pace: 30
First Quarter Progress Report: C

At this point, there's really no use in grading the Memphis Grizzlies. The 25-game suspension for Ja Morant was expected, so we could at least analyze them relative to our expectations with that in mind.

Season-ending surgeries for both Morant and Steven Adams, and multiple extended absences from Marcus Smart, on the other hand, came out of nowhere.

What's left of the Grizzlies is nowhere near the team anyone expected to see this season, and they're basically in the "I just have to finish out the semester and retake the course" camp now.

Desmond Bane (24.4 points and 5.3 assists) and Jaren Jackson Jr. (21.3 points and 1.7 blocks) deserve some credit for keeping Memphis competitive in a handful of games it probably shouldn't have been, but even Bane suffered a Grade 3 left ankle sprain on Friday and will miss at least six weeks. This team is simply having brutal injury luck.

Miami Heat: B+

Preseason Over/Under: 45.5
2023-24 Win Pace: 47
First Quarter Progress Report: B-

Jimmy Butler, Bam Adebayo, Tyler Herro and Caleb Martin have all missed at least 10 games this season.

Given that context, the Miami Heat being on pace for almost 50 wins is actually pretty impressive. Each of those players (as well as rookie Jaime Jaquez Jr., who's yet to miss a single game) deserves credit for carrying a little extra weight when others are out.

As cliche as it sounds, Miami truly embodies "next man up." And the experience everyone is getting with extra responsibility could pay off down the line. It certainly did last postseason.

Still, it's hard to bump the Heat into the ranks of others receiving A grades here. They're in the bottom half of the league in net rating and outside the top 10 in both offense and defense.

It's easy to say those numbers will improve when everyone's healthy for a while, but there's no guarantee that will happen. This team boasts some fairly robust injury histories.

Milwaukee Bucks: B+

Preseason Over/Under: 54.5
2023-24 Win Pace: 56
First Quarter Progress Report: B+

Concerns for the Milwaukee Bucks defense are legitimate. They're still in the bottom half of the league on that end. And Damian Lillard is routinely losing track of assignments on the outside.

But the team's search for offensive balance between he and Giannis Antetokounmpo seems to have been struck. And they're gaining on the Indiana Pacers for the league's best attack.

When those two are on the floor, Milwaukee scores a whopping 125.3 points per 100 possessions. And when they're surrounded by shooting from Khris Middleton, Brook Lopez and Malik Beasley, they look completely unstoppable.

Giannis has long been able to get downhill and to the rim against almost any defense, and that's even easier to say on this team. Loading up on his drives leaves opponents exposed to potential three-point barrages from a supporting cast now led by Lillard.

Bobby Portis aside, depth is certainly an issue for this team. That's especially true if Middleton picks up another injury in the playoffs, but Milwaukee may very well be the juggernaut hiding in plain sight.

There's been plenty of talk about the title prospects of the defending champion Nuggets, the Boston Celtics and even the Philadelphia 76ers, but the last month and change from the Bucks suggest they have to be in that conversation too.

Minnesota Timberwolves: A

Preseason Over/Under: 44.5
2023-24 Win Pace: 58
First Quarter Progress Report: A+

The Minnesota Timberwolves have certainly looked more human since the last report card. In that stretch, they're 10-6, but five of those losses came on the road. And they're still in first place.

Grand scheme, they're still on track to crush that preseason over/under too, but the Timberwolves have now been legitimately good for long enough to nitpick a bit.

They still have the league's best defense, but they're in the bottom half of the NBA on the other end of the floor. In today's high-octane NBA, if you're going to have some roster and production imbalance, you'd probably prefer the other way around.

But again, those are nits.

Anthony Edwards is averaging 25.8 points and 4.9 assists. Karl-Anthony Towns is averaging 21.8 points and shooting 41.7 percent from deep. Rudy Gobert is the overwhelming favorite for Defensive Player of the Year.

Less than a year after countless fans and analysts took victory laps over their "Gobert and KAT can't play together" takes, Minnesota is plus-9.8 points per 100 possessions when those three are on the floor.

New Orleans Pelicans: B

Preseason Over/Under: 44.5
2023-24 Win Pace: 48
First Quarter Progress Report: C-

The last month and change didn't erase the first quarter of the season, but it sure has helped for the New Orleans Pelicans.

They've crept into the top 10 in net rating, thanks in large part to a top-10 defense and just enough scoring from Zion Williamson, Brandon Ingram and CJ McCollum.

Those three are all between 22.0 and 19.4 points per game and 4.6 and 5.4 assists. And the balance between those three makes this team more dynamic than most with a bottom-half-of-the-league offense.

The depth around the trio is starting to get healthy too. If Trey Murphy III, Jonas Valančiūnas, Larry Nance Jr., Herbert Jones and the rest of the supporting cast remains available, New Orleans' slow climb up the standings will continue.

New York Knicks: B+

Preseason Over/Under: 45.5
2023-24 Win Pace: 47
First Quarter Progress Report: B

The OG Anunoby trade may have cost the New York Knicks a hint of depth, but RJ Barrett had an overwhelmingly negative impact on the team's point differential during his career there. And Anunoby is enough of an upgrade there to make up for the loss of Immanuel Quickley. Donte DiVincenzo's play throughout the season helps there too.

In short, New York is now a better team. More specifically, it's better equipped to hang with Eastern Conference contenders like the Boston Celtics and Milwaukee Bucks.

Jalen Brunson (25.8 points and 6.4 assists) and Julius Randle (24.4 points, 9.2 rebounds and 4.8 assists) have played like legitimate stars, and their games made Barrett largely redundant (and a low-efficiency redundancy at that). Anunoby is a better gap-filler. He can take on the opposition's best perimeter attackers. He's a more reliable catch-and-shoot threat.

The roster has two starting-caliber centers in Mitchell Robinson and Isaiah Hartenstein to anchor lineups with those three too. DiVincenzo, Josh Hart and Quentin Grimes provide solid depth in the backcourt and on the wings.

Are the Knicks a bona fide title contender? Maybe not, but the Anunoby deal brings them closer.

Oklahoma City Thunder: A+

Preseason Over/Under: 44.5
2023-24 Win Pace: 58
First Quarter Progress Report: A

It wasn't risky to predict a breakout season for the Oklahoma City Thunder. Sure, they're young, but they were coming off a 40-win season and Shai Gilgeous-Alexander had already proved himself a bona fide superstar. With even moderate improvements around the rest of the roster, OKC should've been in the hunt for 50 wins.

Now, predicting them to have a real shot at first in the West? Predicting legitimate MVP candidacy for SGA? Picking Chet Holmgren to win Rookie of the Year over Victor Wembanyama?

Those takes would've been a bit spicier, but all three possibilities are very much on the table. And the Thunder, frequent though perhaps unwilling participants in trade machine exercises, might not even need to move any of their mountain of draft capital to accomplish all of the above.

Yes, OKC could combine Dāvis Bertāns' salary with interesting young players and some picks to make a win-now trade, but they're on pace for almost 60 wins as is. And the trio of Gilgeous-Alexander, Chet Holmgren and Jalen Williams is already one of the game's best.

This team is young, athletic, loaded with talent and suddenly looking an awful lot like the 2011-12 squad that went all the way to the NBA Finals.

Orlando Magic: B

Preseason Over/Under: 37.5
2023-24 Win Pace: 45
First Quarter Progress Report: A

The Orlando Magic are still comfortably passing the 2023-24 course, but they've certainly come back to earth of late.

Since the last report card, they're 5-10. And while injuries have a lot to do with that (Markelle Fultz has missed most of the season and Franz Wagner has missed most of January), age and offensive inefficiency are certainly factors too.

Orlando has a bottom-10 offense, and its highest-usage player (Paolo Banchero) has a way-below-average true shooting percentage.

It's still easy to buy him as the face of the franchise, but the Magic have been far worse with him on the floor in each of his first two seasons.

This all feels very pessimistic for a team getting a B, though. Paolo is 21. Wagner is 22 and probably a top 30-40 player already. And there should be at least some intrigue for Jalen Suggs, Cole Anthony and Fultz.

A team this young working through growing pains and still being on pace to crush its preseason over/under is an easy pass.

Philadelphia 76ers: A-

Preseason Over/Under: 48.5
2023-24 Win Pace: 53
First Quarter Progress Report: A-

It'd be easy to knock the Philadelphia 76ers and Joel Embiid for prioritizing his streak of 30-point, 10-rebound games to the point he got himself injured at the end of a blowout loss to the New York Knicks.

Now that the injury could endanger his postseason award eligibility, criticizing the approach is certainly fair.

But Embiid has never been the picture of durability. Stretches without the big man have been commonplace throughout his career.

What's different about this season is that the Sixers still have a positive point differential when Embiid is off the floor, thanks in large part to Tyrese Maxey.

Maxey is putting up 30.2 points and 5.7 assists per 75 possessions when he's on the floor without the MVP center. And his development into a legitimate star could be a game-changer for Philadelphia.

If Maxey, Tobias Harris, De'Anthony Melton and the rest of the Sixers are still able to win non-Embiid minutes in the playoffs, they could have their best chance yet at a title during this era.

Phoenix Suns: B

Preseason Over/Under: 51.5
2023-24 Win Pace: 43
First Quarter Progress Report: B+

The Phoenix Suns threatened the A-tier last time around, based largely on the assumption that they'd eventually get whole and look dominant whenever that happened.

But they've still only played seven games in which all three of Kevin Durant, Devin Booker and Bradley Beal were available. They're 3-4 in those games and just 8-8 overall since the last report card was published.

In the games when the whole trio plays, the supporting cast has looked pretty underwhelming too.

But let's boil things down even further. Given all the injuries, this sample size is probably too small for confident takeaways, but Phoenix is scoring 140.4 points per 100 possessions and is plus-30.5 points per 100 possessions when all three stars are on the floor.

Every single possession becomes a Sophie's Choice for the defense. Given the one-on-one scoring prowess of each, there's simply no way to have all three adequately covered.

If they're healthy is a bigger caveat for the Suns than most other teams, but if they're healthy, the Suns are a title contender.

Portland Trail Blazers: C

Preseason Over/Under: 28.5
2023-24 Win Pace: 22
First Quarter Progress Report: C+

The Charlotte Hornets are the only team with a worse net rating than the Portland Trail Blazers since the last report came out. Earlier this month, they lost to the Oklahoma City Thunder by an eye-popping 62 points.

And the No. 3 pick in the 2023 draft, Scoot Henderson, has been arguably the least efficient scorer and one of the worst players in the NBA all season.

In a one-season vacuum, this has been a disaster. But there's actually a way to spin the losing as a good thing. Portland is now clearly in the mix for the top pick in the 2024 draft.

And there's still plenty of time to turn veterans like Malcolm Brogdon and Jerami Grant into more rebuild-ready assets between now and February.

Sure, this phase of a rebuild is painful. The Blazers probably aren't going to reach a meager preseason over/under.

But Henderson is still just 19 years old. And the growing pains he's experiencing now could pay off down the line.

Sacramento Kings: B-

Preseason Over/Under: 44.5
2023-24 Win Pace: 50
First Quarter Progress Report: B

The Sacramento Kings are on pace for 50 wins, but they have a negative point differential and have been particularly bad against opponents with a top-10 point differential.

If the Kings are going to crack into the next tier and become legitimate contenders, they might need to make a trade. That's why it's not surprising that they've recently been linked to Pascal Siakam.

But now may be a time for a little perspective. This team missed 16 straight postseasons. Getting there two years in a row and totaling 50 wins in the second year (even if it's with a shaky point differential) would be a huge win.

Add to that the fact that they have two All-NBA candidates—Domantas Sabonis is averaging 20.1 points, 12.7 rebounds and 7.7 assists and De'Aaron Fox is at 27.7 points and 5.8 assists— and it's hard to get very pessimistic about this campaign or this roster's long-term prospects.

San Antonio Spurs: C

Preseason Over/Under: 28.5
2023-24 Win Pace: 15
First Quarter Progress Report: D

The San Antonio Spurs' season-long numbers still look like a full-fledged basketball disaster, but Victor Wembanyama looks more like a bona fide star with every passing week.

And it looks like the organization is more willing to nourish that stardom than it was earlier this season (maybe because it looks like a bottom-three record and a 14.5 percent chance at the top pick in 2024 can't be fumbled now).

Since the last report card, San Antonio has fully embraced Wembanyama playing center. He's put up 20.5 points, 9.6 rebounds, 3.8 assists and 3.7 blocks while shooting 38.2 percent from deep in that stretch. It has explored the option of bringing back Dejounte Murray (which would probably be more embarrassing for the Atlanta Hawks than the Spurs). And it has a better net rating than the Los Angeles Lakers since then.

Winding up with 15-20 wins wouldn't feel great in the moment, but this team's arrow is pointed in the right direction with Wembanyama, Devin Vassell and another incoming draft pick.

Toronto Raptors: C+

Preseason Over/Under: 36.5
2023-24 Win Pace: 32
First Quarter Progress Report: C

The Toronto Raptors have been one of this season's more underwhelming teams. A 36.5-win over/under certainly wasn't inspiring to begin with, and they're not even on pace to get there.

Finally turning the page on the OG Anunoby-Pascal Siakam era (such as it was) is encouraging, though. The Raptors' future needs to be tailored around Scottie Barnes, and Immanuel Quickley is a player who makes sense with that approach. If RJ Barrett can become a consistent shooter who uses fewer possessions on his own, maybe he fits too.

More players in the right mold could be on the way. Toronto failed to pull off a Fred VanVleet deal before he walked in free agency, but a Siakam deal feels almost inevitable. If he turns into more useful players around Barnes' age, Toronto might even be able to push into the B range by the time the next report card comes out.

Utah Jazz: B+

Preseason Over/Under: 35.5
2023-24 Win Pace: 42
First Quarter Progress Report: C-

For the second year in a row, the Utah Jazz are exceeding expectations. It just took a little longer to start exceeding them this time.

Utah started the season 10-18, but it's now 21-20. And the Jazz have wins over the Miami Heat, Dallas Mavericks, Philadelphia 76ers, Milwaukee Bucks, Denver Nuggets and Los Angeles Lakers in that stretch.

This team is for real.

It's led by a legitimate star in Lauri Markkanen, who's averaging 23.6 points, 8.8 rebounds and 3.2 threes. It's suddenly getting more than competent guard play from Collin Sexton, Kris Dunn and Jordan Clarkson. Kelly Olynyk is one of the most underrated bigs in the league. And few teams can boast as much depth and scoring balance.

During this 11-3 run, three players are averaging at least 19 points. Eight are averaging at least eight.

No one will confuse this team for a title contender. It still has a bottom-10 net rating. But a star and a competitive core are already in place, with most of the draft assets from the Rudy Gobert and Donovan Mitchell trades still on the way.

Washington Wizards: D-

Preseason Over/Under: 24.5
2023-24 Win Pace: 13
First Quarter Progress Report: F

The Washington Wizards get a slight bump from their last grade based on little more than the fact that they've been a bit more competitive over the last four or five weeks.

Don't misunderstand. A bit more competitive for these Wizards is still really bad. They're 26th in net rating since the last report card published. Relative to Washington's first quarter, though, that's progress!

Hints of three-and-D upside from Bilal Coulibaly are helpful too. And Kyle Kuzma and/or Tyus Jones (12.6 points per game with a 6.2 assist-to-turnover ratio and a 43.1 three-point percentage) being traded for more rebuild-ready assets would yield some extra-credit points.

After that, the indicators aren't great. Jordan Poole's season-long numbers are bad. And there isn't a ton of upside beyond Coulibaly and Deni Avdija.

But at this point, a lot of that is pretty easy to look past. Losing this season is probably a good thing. Adding a top pick from 2024 to this core is this organization's next big step. And it should be keen on improving the odds of that pick being first.

Unless noted otherwise, stats courtesy of Basketball Reference, NBA.com and Cleaning the Glass and are current through January 12, 2024.