With the Milwaukee Bucks being crowned NBA Cup champions this week, we are well on our way into the heart of the 2024-25 regular season.

From here on out, trade rumors are going to heat up, contenders are going to start to separate themselves from the field, and tankers may start unloading vets and chasing losses.

And the wins and losses that result from all of the above will continue to help guide us through these power rankings.

Below, you'll find the entire league sorted based on team and individual numbers, recent performance, championship chances and plenty of subjectivity.

30. Washington Wizards (4-21)

Previous Ranking: 30

Net Rating: -14.0

Somebody break up the Washington Wizards!

After managing just two wins (both against the Atlanta Hawks) through their first 20 games, they've won two of their last five, including a huge upset over the visiting Denver Nuggets on December 7.

This surely doesn't mean Washington is in for some kind of dramatic turnaround, but a few solid team performances could help the team's future prospects.

Jordan Poole, specifically, was dynamic in both recent wins.

He had 39 points on 12-of-26 shooting against Denver, then he poured in another 27 on 15 shots in Thursday's win over the Charlotte Hornets.

If that's enough for one of the 29 other teams in the league to give the Wizards even a little value for Poole in a trade, the organization would have to be thrilled.

29. Utah Jazz (6-20)

Previous Ranking: 29

Net Rating: -10.0

Lauri Markkanen and the Utah Jazz offered a bit of a reminder in Thursday's win over the Detroit Pistons.

They dropped 126 points, and Markkanen (27), Keyonte George (28) and Collin Sexton (30) all went for big individual scoring numbers.

Obviously, the result isn't some harbinger of a coming push toward the play-in tournament, but it might reassure Jazz fans looking forward to Markkanen playing for a more competitive team in future seasons or hoping for a good return in a Sexton trade.

28. New Orleans Pelicans (5-23)

Previous Ranking: 28

Net Rating: -11.8

Injuries completely derailed this 2024-25 campaign for the New Orleans Pelicans. And even as rotation players such as Dejounte Murray, CJ McCollum and Trey Murphy III have started to filter back into the rotation, it's starting to feel like the momentum toward tanking is inescapable.

The Pelicans lost their fifth straight on Thursday. They have just one win since November 15. And they're in the West.

They're nine wins shy of the 10th-place team in that conference, but they're six behind 10th in the win column in the East.

They might be able to justify staying in the hunt for a play-in spot if they were over there, but the West may force them to start making some rebuilding trades.

27. Charlotte Hornets (7-20)

Previous Ranking: 26

Net Rating: -6.3

The Charlotte Hornets are in a total free-fall. They've lost 11 of their last 12, and they can't blame the skid entirely on the absence of LaMelo Ball.

He was in action for the first three and the last two losses of this run. And while his raw numbers look good, the volume of missed shots has to be getting a little concerning.

Over his last nine appearances, Ball has averaged 10.4 makes and 16.1 misses per game. In Thursday's loss alone, he went 3-of-18 from three.

26. Toronto Raptors (7-21)

Previous Ranking: 25

Net Rating: -4.7

After dropping their sixth straight on Thursday, the Toronto Raptors now have three separate losing streaks of at least four games (and two streaks of at least six losses).

Injuries have obviously been a factor, but it's hard to peg everything on that.

Scottie Barnes returned from an ankle injury on Thursday, and the Raptors are now 5-10 when he's in the rotation.

If they haven't already, it's probably time for Raptors fans to accept the fact that this season is all about 2025 draft odds.

25. Portland Trail Blazers (9-18)

Previous Ranking: 27

Net Rating: -8.7

The Portland Trail Blazers have a bottom-four net rating, but there's enough talent here to generate some seemingly random results from time to time.

On Thursday, after losing 10 of their previous 12, the Blazers dropped 126 points and got a win over a lethargic Denver Nuggets squad.

And the game served as a showcase for the talented young backcourt of Anfernee Simons (28 points and 10 assists) and Shaedon Sharpe (27 points on 9-of-18 shooting).

24. Detroit Pistons (11-17)

Previous Ranking: 23

Net Rating: -3.3

When the Detroit Pistons started 7-8, it felt like the play-in tournament would be within reach. And because the East is as bad as it is, they're still in 10th place.

Even in the less competitive conference, though, the last month and change has to be testing the resolve of the staunchest Pistons fans.

Since that start, they're 4-9. And they just ended their week with a home loss to the 6-20 Utah Jazz.

There are still encouraging signs from Cade Cunningham, who had 33 points and seven assists Thursday, but someone else from the young core will need to catch up a bit to him to get this season back on track.

23. Philadelphia 76ers (8-16)

Previous Ranking: 20

Net Rating: -4.6

If this campaign wasn't already considered a full-fledged nightmare for the Philadelphia 76ers, this week confirmed it.

Joel Embiid appeared in his sixth game of the season last Friday, but he had to leave early with a sinus fracture. He'll be reevaluated this week, but there doesn't appear to be a solid timetable for his return.

To make matters worse, rookie Jared McCain (one of this season's few bright spots for Philadelphia) emerged from that same game with a torn meniscus that required surgery. He's out indefinitely.

The Eastern Conference is bad enough for the Sixers to survive with just Tyrese Maxey and Paul George for a bit, but the more bad news Philadelphia gets, the harder it is to buy them as the potential Finals contender they were supposed to be.

22. Brooklyn Nets (11-16)

Previous Ranking: 22

Net Rating: -4.5

A lot of the current trade buzz has swirled around Zach LaVine (and the possibility of him joining the Denver Nuggets). Jimmy Butler's likely to be a name you'll hear a lot between now and February. Brandon Ingram will be in plenty of rumors, too.

But the Brooklyn Nets, who just made a rebuild-friendly trade that sent Dennis Schröder to the Golden State Warriors, have one of the most intriguing forwards potentially in the market in Cameron Johnson.

The 6'8" forward just had 33 points in a win over the Toronto Raptors on Thursday. He's now averaging 19.2 points and 3.3 threes, while shooting 43.1 percent from deep.

His multipositional defense, low-maintenance offense and burgeoning playmaking ability (he's averaging 3.1 assists after registering six on Thursday) would make him a seamless fit with just about anyone.

21. Chicago Bulls (13-15)

Previous Ranking: 21

Net Rating: -2.6

As trade rumors swirl around Zach LaVine and Nikola Vučević, the Chicago Bulls have quietly won three in a row and five of their last seven.

On Thursday, they beat the reigning champions in Boston. And the Celtics had each of their top six players in action.

At the very least, the Bulls—at least as currently constructed—are solidifying themselves as 2025 play-in participants. But the organization still has to be asking itself whether that should even be the goal.

LaVine's scoring and playmaking should be more trade marketable than it was a few months ago. And Vučević's versatility as a shooter and passer at the 5 could have him in high demand between now and the trade deadline.

Either could dramatically impact playoff races. And getting both off of Chicago's roster would almost certainly improve the Bulls' shot to land a top pick in 2025.

20. Indiana Pacers (13-15)

Previous Ranking: 24

Net Rating: -2.7

Are the Indiana Pacers finally turning a corner?

After closing out their week with a 120-111 win over the Phoenix Suns (in Phoenix), Indiana has suddenly won three straight and four of its last five.

And perhaps just as encouraging as the wins, Tyrese Haliburton appears to be getting some of his early 2023-24 mojo back.

In a stretch that started before the winning did, the two-time All-Star is averaging 21.0 points and 8.9 assists, while shooting 48.2 percent from the field and 41.7 percent from deep over his last 13 games.

19. Sacramento Kings (13-15)

Previous Ranking: 16

Net Rating: +2.8

The Sacramento Kings ended their week with back-to-back home losses to the Denver Nuggets and Los Angeles Lakers, and it's becoming increasingly clear that the team may have to address its glaring weakness before long.

On Thursday, the Kings made fewer threes than their opponents for the 17th time this season. For the entire campaign, they've made 76 fewer threes than their opponents (only two teams have deeper deficits).

And while some of that can be chalked up to shooting struggles from De'Aaron Fox, Kevin Huerter and Keegan Murray, the issue is as much philosophical as anything.

Sacramento leads, by a wide margin, the entire league in percentage of shots that come from the midrange.

18. Phoenix Suns (14-12)

Previous Ranking: 18

Net Rating: -0.6

After starting the season 8-1, the Phoenix Suns have tumbled down the standings over the last month and change.

And in their most recent loss, a home game against the sub-.500 Indiana Pacers, not even 37 points from Kevin Durant could save them.

We're just over a quarter into the season, but it's already become clear Phoenix (currently bottom-10 in the league in points allowed per 100 possessions) will need some defensive upgrades to be a bona fide contender.

The problem, of course, is that the organization already churned through just about all of its trade assets (it only controls one of its first-round picks between now and 2032) and Bradley Beal still has a no-trade clause.

17. Orlando Magic (17-12)

Previous Ranking: 12

Net Rating: +3.6

The Orlando Magic are in for a tricky few weeks.

With their two best players and top two scorers, Paolo Banchero and Franz Wagner, both recovering from torn obliques, offense has been (and will be) hard to come by.

In Thursday's home loss to the Oklahoma City Thunder, rookie Tristan da Silva took a team-high 15 shots, and the team only mustered 99 points.

But the news wasn't all bad. Orlando won Da Silva's minutes by six points. And this opportunity for him to be a top option on offense could pay dividends later in the season, when Banchero and Wagner are back.

Experience is often the best teacher in basketball, and Da Silva is about to get a crash course in it.

16. Los Angeles Lakers (15-12)

Previous Ranking: 19

Net Rating: -3.1

Just when it looked like the wheels were about to fall off for the Los Angeles Lakers, they won three of four, got LeBron James back in the lineup and started looking like a potential Western Conference spoiler again.

Anthony Davis is perhaps the biggest reason for the apparent turnaround. And his own uptick actually predates this stretch by a game.

Over his last five, AD is putting up 30.4 points, 13.6 rebounds, 3.4 blocks, 3.2 assists and 1.6 steals.

15. Atlanta Hawks (14-14)

Previous Ranking: 15

Net Rating: -2.7

The Atlanta Hawks rode a little hot streak all the way to the NBA Cup semifinals in Las Vegas, but they've come back to earth in their last few games.

They're 1-3 in their last four, with that lone win being the Cup quarterfinal against the New York Knicks.

And while there are plenty of potential reasons for the up-and-down nature of this Hawks campaign, it ultimately comes down to Trae Young.

Prior to this season, he averaged 25.5 points and 2.6 threes, while shooting 43.6 percent from the field and 35.5 percent from deep. After a relatively solid shooting night in Thursday's loss to the San Antonio Spurs (and 35 points in the Cup semifinal defeat to the Milwaukee Bucks), he's at 21.6 points and 2.6 threes, while shooting 39.0 percent from the field and 32.0 percent from deep.

Young's playmaking and distribution have been as good as they've ever been, but more consistency from the Hawks will require more shooting consistency from the 26-year-old.

14. Denver Nuggets (14-11)

Previous Ranking: 13

Net Rating: +2.4

The Denver Nuggets are officially in the mix for the 2024-25 season's most disappointing team.

Earlier this month, they lost to the then two-win Washington Wizards. Then, right after they seemingly got on track with a quick three-game winning streak, they lost to the Portland Trail Blazers on Thursday.

The 126 points they surrendered was the second-most the Blazers have scored in a game all season.

In short, the Nuggets (outside of maybe Russell Westbrook and Christian Braun) simply don't appear to care all that much, particularly on defense. And as long as they keep moseying through games, the trade rumors are just going to get louder.

13. San Antonio Spurs (14-13)

Previous Ranking: 17

Net Rating: -2.2

Victor Wembanyama hasn't garnered quite as much attention as he did during his rookie campaign, but he may force his way back onto everyone's radar before long.

On Thursday, he erupted for 42 points, seven threes, six rebounds, five assists, four blocks and two steals in an overtime win over the Atlanta Hawks. He pushed his team up over .500 and to within a game of the play-in tournament (they'd be seventh in the East).

And one of his few weaknesses, outside shooting, seems to be rounding into form.

After going 7-of-15 from deep on Thursday, Wembanyama is shooting 39.6 percent from three over his last 13 games.

12. Miami Heat (13-11)

Previous Ranking: 14

Net Rating: +2.9

The Miami Heat had just one game this week, and it was an overtime loss to the sub-.500 Detroit Pistons.

That's left a vacuum for plenty of fans and analysts to discuss potential Jimmy Butler trades, though that doesn't seem to be distracting the team.

Prior to the Pistons loss, Miami had won four straight (and eight of their last 11). And whether he's solidifying his current team's spot in the standings or juicing his trade value, Butler is starting to find a groove.

In his last 11 games, the 35-year-old is averaging 21.8 points, 7.0 rebounds, 5.1 assists and 1.2 steals while shooting 60.3 percent from the field.

11. Los Angeles Clippers (16-12)

Previous Ranking: 11

Net Rating: +3.2

The Los Angeles Clippers started this week with a loss that capped a three-game streak, but they quickly got a couple gimmes to get right back on track.

Monday, they crushed the rebuilding Utah Jazz, 144-107. They then got a chance to play the Dallas Mavericks without both Luka Dončić and Kyrie Irving and won that contest, 118-95.

As long as they keep picking off the games they should win, Los Angeles should be in pretty good shape to push for a top-six finish upon Kawhi Leonard's return.

And earlier this month, we finally got some indication that could be happening soon. The six-time All-Star is now reportedly participating in practices.

10. Golden State Warriors (14-12)

Previous Ranking: 10

Net Rating: +1.9

The Memphis Grizzlies absolutely mauled the Golden State Warriors in Dennis Schröder's first game with his new team.

The final score was 144-93, with the 31-year-old going for five points on 2-of-12 shooting.

The biggest concern was likely on another row from the box score, though. Stephen Curry was minus-41 in the loss, making it (by far) the worst single-game plus-minus of his career.

Against a younger, more athletic team like the Grizzlies, it's painfully obvious the Warriors were more than just the Schröder move away from being contenders.

9. Minnesota Timberwolves (14-12)

Previous Ranking: 9

Net Rating: +3.1

After making the Western Conference Finals less than a year ago, the Minnesota Timberwolves traded 2015 first overall pick Karl-Anthony Towns and have had, to put it generously, an underwhelming 2024-25 without him.

And this week, they got a chance to play their former franchise cornerstone in Minnesota.

The New York Knicks won by 26, and Towns had 32 points (on 12 shots) and 20 rebounds.

Meanwhile, his former frontcourt partner, Rudy Gobert, was minus-37 in just 22 minutes.

Last season, Minnesota was plus-9.2 points per 100 possessions when both Towns and Gobert were on the floor.

8. Houston Rockets (18-9)

Previous Ranking: 6

Net Rating: +6.6

The Houston Rockets were manhandled by the Oklahoma City Thunder in the semifinals of the NBA Cup, but the arrow is still pointing in the right direction for this young team.

The Thunder are second in the league in defense (behind only OKC). Alperen Şengün is looking like a fringe All-Star (in the loaded West) for a second straight year, and Jalen Green is starting to prove his worth within the young core.

After he went for 34 points on 13-of-22 shooting in Thursday's win, the oft-inefficient Green is averaging 22.6 points while shooting 46.5 percent from the field in his last eight games.

7. Milwaukee Bucks (14-11)

Previous Ranking: 8

Net Rating: +1.4

The win in the championship game doesn't count toward the standings. The individual numbers from that contest aren't folded into regular-season averages.

But Giannis Antetokounmpo's performance in a blowout win over the Oklahoma City Thunder in Tuesday's final NBA Cup game could certainly leave an impression on fans and media members who love talking about the MVP.

During the action, Yahoo's Kevin O'Connor posted: "Giannis should be the MVP favorite..."

The Ringer's Bill Simmons was in on the conversation, too: "Giannis +600 for NBA MVP on Fan Duel right now. Seems high!"

And though Basketball Reference's MVP Tracker still has Giannis in third place and well behind runaway favorite Nikola Jokić, it's not hard to articulate the Bucks superstar's case.

He's averaging 32.7 points, 11.5 rebounds and 6.1 assists for one of the hottest teams in the NBA. And while he's not quite the defender he was five years ago, he's certainly more of a playmaker on that end than Jokić (even if a stark difference in impact is harder to find).

6. New York Knicks (17-10)

Previous Ranking: 7

Net Rating: +7.3

Karl-Anthony Towns completely dominated his revenge game against the Minnesota Timberwolves on Thursday, going for 32 points, 20 rebounds and six assists in a 26-point road win.

The four-time All-Star went 5-of-5 from deep, offering a vivid reminder of the kind of spacing Minnesota enjoyed when he was a Timberwolf. And even before this performance, it was pretty clear he was on his way to a special campaign.

Towns is averaging 25.0 points, a league-leading 14.2 rebounds and 3.4 assists, while shooting 46.1 percent from deep.

5. Dallas Mavericks (17-10)

Previous Ranking: 5

Net Rating: +5.4

It doesn't sound like anything too serious, but Luka Dončić (heel contusion) and Kyrie Irving (shoulder soreness) both missed Thursday's matchup with the Los Angeles Clippers. And the Dallas Mavericks predictably lost.

But whenever the Mavs have had both of those stars available, they've looked like a real threat to represent the West in the Finals again.

When Irving and Luka are both on the floor, Dallas is plus-10.6 points per 100 possessions.

4. Memphis Grizzlies (19-9)

Previous Ranking: 4

Net Rating: +9.2

If they weren't already on your short list of 2025 title contenders, it might be time to add the Memphis Grizzlies.

They just closed out their week with a 51-point win over the Golden State Warriors in which Ja Morant only played 17 minutes. They're 11-2 since November 20. And that stretch includes the blowout of Golden State and a road win over the Boston Celtics.

With Morant's dynamic playmaking, Jaren Jackson Jr.'s scoring and rim protection and a wealth of competent role players (after those two, there are 10 players averaging between seven and 15 points), Memphis is one of the deepest, most athletic and most well-rounded teams in the NBA.

3. Oklahoma City Thunder (21-5)

Previous Ranking: 2

Net Rating: +11.9

Shai Gilgeous-Alexander and the Oklahoma City Thunder laid an egg in Tuesday's NBA Cup final. They lost by 16 to the Milwaukee Bucks and only managed 81 points. SGA had 21 points on 24 shots.

And while that loss doesn't count toward the standings, it could impact your evaluation of OKC's title chances.

Though the stakes for the Cup can still feel a little contrived, it was undoubtedly bigger than your average regular-season game in December. And the young Thunder had perhaps their worst game of the season in it.

And for the first time in weeks, OKC has shown just enough weakness to move down a bit in the rankings.

2. Boston Celtics (21-6)

Previous Ranking: 1

Net Rating: +9.5

The Boston Celtics (5-3 in their last eight) have looked mortal of late. Thursday's home loss to the sub-.500 Chicago Bulls was the most recent sign, and it capped a stretch that's just enough to bump the Cs from the top spot.

But Boston is still a pretty heavy favorite to win the title, and it's on the verge of a stretch in which it can reestablish its dominance over the rest of the league.

Saturday, they get a shot at revenge against the Bulls. Then, they play the Orlando Magic without Paolo Banchero and Franz Wagner, the Philadelphia 76ers presumably without Joel Embiid, the sub-.500 Indiana Pacers (twice) and the Toronto Raptors.

1. Cleveland Cavaliers (23-4)

Previous Ranking: 3

Net Rating: +10.3

It was a light week for the Cleveland Cavaliers, who went 2-0 with wins over the Washington Wizards and Brooklyn Nets.

But things are about to ratchet up for a team that's had the easiest strength of schedule in the entire league to this point of the season.

Friday, the Cavaliers have a matchup with the recently crowned NBA Cup champion Milwaukee Bucks, who are 12-3 after their 2-8 start. And after Christmas, Cleveland embarks on a four-game road trip that includes matchups with the Denver Nuggets, Golden State Warriors and Dallas Mavericks.

The Cavs have a home win over the Boston Celtics on their 2024-25 resume, but their stiffest tests may still be on the way.

Stat of the Week

There's been plenty of talk about the ongoing three-point revolution over the last several years, and we saw a nice example of its consequences this week.

In Friday's game between the Charlotte Hornets and Chicago Bulls, the teams combined to miss a whopping 75 threes. Yes, seventy-five missed threes.

And yes, that's an all-time record.

By now, we and all 30 NBA teams are obviously well aware of the fact that three points are worth more than two. That simple truth is one of the driving reasons behind the surge in three-point attempts in recent years.

But this game was a pretty vivid reminder of the need to be able to score in other ways when the threes aren't falling.