This week, the NBA gave us a loaded Christmas Day slate, plenty of trade rumors and lots of movement all over the power rankings.

The Cleveland Cavaliers, Oklahoma City Thunder and Boston Celtics continue to soar above the rest of the league (though Boston has looked a bit more gettable of late). The usual suspects are tanking on the other end of this exercise.

Between those bookends, though, placements are mostly fluid.

Based on the criteria that's guided us for years—team and individual numbers, recent performance, championship chances and loads of subjectivity—here's how the entire league stacks up post-Christmas.

30. Washington Wizards (5-23)

Previous Ranking: 30

Net Rating: -13.4

In a season like the 2024-25 Washington Wizards are having, fans have to relish whatever glimmers of hope head their way.

And those have been a bit more common of late. Washington is 3-5 in its last eight, and that includes an upset over the Denver Nuggets. They're one of this season's most underwhelming teams, but that's still a victory the Wizards can be proud of.

Thursday's victory wasn't quite as surprising, but there were some positive takeaways from that too. Chief among them may have been rookie Alexandre Sarr hitting three threes and blocking three shots.

Offense has been a bit of an adventure for the young big man, but he's occasionally reminded us of the three-and-D potential that got him drafted second overall.

29. New Orleans Pelicans (5-26)

Previous Ranking: 28

Net Rating: -11.6

With each passing week, it feels more and more like the New Orleans Pelicans may have to be one of this trade season's biggest sellers.

Getting back into the play-in mix in the West feels almost impossible at this point. The injury bug won't leave them alone. Much of the rotation was out while Brandon Ingram tried to keep the season on track. When his teammates started filtering back into the rotation, he went down.

And, of course, expecting an extended stretch of basketball from Zion Williamson has become one of sports' least fruitful exercises.

Instead of hoping things magically come together and some kind of run puts the Pelicans within striking distance of 10th place, they should be shopping veterans such as Dejounte Murray, CJ McCollum, Ingram and maybe even Williamson now.

Lean into the losing now, hope for a franchise-changer in the 2025 draft and move forward on a new timeline.

28. Charlotte Hornets (7-23)

Previous Ranking: 27

Net Rating: -6.5

Coming into the season, guarded optimism for the Charlotte Hornets felt fair.

LaMelo Ball is one of the game's most dynamic distributors and volume scorers. Brandon Miller sometimes looked like the second coming of Paul George during his rookie campaign. And on the rare occasions he's been available, Mark Williams has looked like a solid rim-runner and -protector.

But Charlotte just lost to the equally dreadful Washington Wizards on Thursday, giving it 14 losses in its last 15 games. Williams has only appeared in eight games. And there's essentially no depth beyond him, Ball and Miller.

Those three have combined for 5.9 wins over replacement player (value over replacement player times 2.7), while the rest of the roster has minus-2.7.

27. Utah Jazz (7-22)

Previous Ranking: 29

Net Rating: -9.0

Utah Jazz fans pulling for the full-fledged tank were likely a little flummoxed last week when the team won back-to-back road games against the Detroit Pistons and Brooklyn Nets.

However, things are definitely headed toward solid lottery odds again, as Utah closed this week with back-to-back losses and has just two more wins than the Washington Wizards and New Orleans Pelicans.

The organization, arguably, leaned into losing a little too late in each of the two previous seasons, but it should have a shot a top pick in 2025.

26. Toronto Raptors (7-24)

Previous Ranking: 26

Net Rating: -5.8

For a while, it felt reasonable to say things might be different for the Toronto Raptors if they could just get a little more availability from Scottie Barnes, RJ Barrett and Immanuel Quickley.

Well, the former two have now been in the lineup together for 14 games, and the Raptors are 4-10 in those contests. And as solid as Quickley is, he's not the kind of player who'd suddenly turn that duo into a dominant trio.

Toronto is likely now resigned to playing for 2025, just as Jakob Poeltl told everyone to expect on media day.

25. Portland Trail Blazers (10-20)

Previous Ranking: 25

Net Rating: -9.2

The Portland Trail Blazers are going to end up with one of the worst records in the Western Conference, but they've been giving their fans plenty of short-term excitement of late.

Last Thursday, they beat the Denver Nuggets on a game-winner from Anfernee Simons. A week later, Scoot Henderson hit his own near-buzzer-beater.

With the game tied against the Utah Jazz, Henderson drove the lane, stopped on a dime and hit a turnaround jumper with 0.1 seconds left that proved to be the difference.

For Henderson specifically, the moment had to feel special. The No. 3 pick in the 2023 draft has struggled mightily to put the ball in the basket and take care of the ball. But he finished Thursday's win over Utah with 18 points, 10 assists and two steals. He was 6-of-12 from the field and only turned it over once.

Maybe this is the confidence boost the 20-year-old needs to start heading in the right direction individually.

24. Brooklyn Nets (12-18)

Previous Ranking: 22

Net Rating: -4.6

The Brooklyn Nets immediately started spiraling down the standings when they traded Dennis Schröder to the Golden State Warriors, but they closed this week with a win over the Giannis Antetokounmpo-less Milwaukee Bucks.

And even as they've dropped eight of their last 11, Cameron Johnson has continued to boost his own trade value.

The 28-year-old dropped 29 on Thursday and went 4-of-6 from deep. He's now averaging 19.4 points and 3.2 threes, while shooting 42.9 percent from three.

Johnson's quick trigger, scoring efficiency, positional versatility and emerging playmaking could be a real boost to any team chasing the title.

23. Chicago Bulls (13-18)

Previous Ranking: 21

Net Rating: -3.9

Rebuild-boosting trades feel inevitable for this team. So, each passing contest feels as much like a leaguewide audition for Zach LaVine and Nikola Vučević as it does a Chicago Bulls game.

Thursday, in a loss in which they surrendered 141 points to the Atlanta Hawks, both flashed what they have to offer.

LaVine dropped 37 points on 14-of-25 shooting, added seven assists and went 7-of-9 from deep. Vučević had 19 points, eight rebounds, three assists and a triple.

Neither is likely to help a team in need of defense much, but they can certainly offer a boost on the other end.

22. Sacramento Kings (13-18)

Previous Ranking: 19

Net Rating: +1.6

The Sacramento Kings are unraveling.

Things already felt a little underwhelming when they were hanging in or around the play-in tournament. But they've now dropped five straight and are three games back of 10th place.

Most recently, they coughed up a 15-point fourth-quarter lead to a sub-.500 team. And for the entire season, they've been dreadful when Domantas Sabonis isn't on the floor (he missed all of Thursday's loss to the Detroit Pistons with an illness).

Naturally, the losing has led to trade rumors. And if things don't turn around soon, you can probably expect to hear about possible landing spots for De'Aaron Fox, DeMar DeRozan and maybe even Sabonis, if Sacramento opts for a full teardown.

21. Detroit Pistons (14-17)

Previous Ranking: 24

Net Rating: -2.6

The Detroit Pistons have won three straight and four of their last five. And the most recent win was a thriller.

Thursday, they were down 15 in Sacramento with just over eight minutes left in the fourth quarter. They then proceeded to outscore the Kings, 31-15, the rest of the way.

And the run was capped with an electrifying four-point play from Jaden Ivey.

Things are undoubtedly different in Detroit this season, and moments like that emphasize it.

In 2023-24, the Pistons got their 14th and final win in the second-to-last game of the season.

20. Philadelphia 76ers (11-17)

Previous Ranking: 23

Net Rating: -4.3

The Philadelphia 76ers gave us a taste of how good they can be when at full strength on Christmas Day.

They beat the Boston Celtics (in Boston), 118-114. Tyrese Maxey and Joel Embiid combined for 60 points. Maxey had 12 assists. And they got the victory without a great game from Paul George.

If (or when) it has all three stars available and playing well, Philadelphia is going to be tough for anyone to beat.

And though the injuries contributed to a slow start, being in the East means they're a game out of the play-in tournament, despite being six below .500.

19. Indiana Pacers (15-16)

Previous Ranking: 20

Net Rating: -1.7

They ended their week with a loss to the red-hot Oklahoma City Thunder, but things are definitely headed in the right direction for the Indiana Pacers.

They had won five straight to get back to .500 prior to Thursday's setback, and a return to All-NBA form for Tyrese Haliburton is a big reason why.

During the winning streak, the 24-year-old averaged 19.2 points, 10.6 assists and 4.2 threes, while shooting 43.8 percent from deep.

18. Golden State Warriors (15-14)

Previous Ranking: 10

Net Rating: +1.9

The Golden State Warriors probably stayed in the top 10 a little longer than they deserved to.

They put up a valiant effort on Christmas Day but eventually lost to the Los Angeles Lakers (who have a sub-zero net rating). And they're now 3-11 since their 12-3 start.

So, it should come as no surprise that Golden State might be one of the teams in on a possible Jimmy Butler trade.

The Warriors have understandably been protective of some of their younger prospects over the years, but 36-year-old Stephen Curry's window for title contention won't be open much longer (if it's open at all).

And the last month and change has proved Golden State needs to get a little more desperate.

17. Phoenix Suns (15-14)

Previous Ranking: 18

Net Rating: -1.4

The Phoenix Suns needed a win something fierce on Christmas Day, and they authored a convincing one (without Devin Booker) over the Denver Nuggets.

But all is not quite right yet.

Phoenix came into the holiday 2-6 in its last eight and 5-12 since mid-November. The vibes weren't great, and a lack of depth felt like a major issue.

While it's easy to point to absences from each of the stars as a culprit, those probably should have been expected from 36-year-old Kevin Durant and the oft-injured Bradley Beal.

And even when those two are on the floor with Booker, the Suns are minus-1.6 points per 100 possessions this season.

16. Orlando Magic (19-13)

Previous Ranking: 17

Net Rating: +3.5

The injury bug has come after the Orlando Magic as aggressively as anyone, but they simply refuse to relent.

They went 2-1 this week, overcoming a 22-point fourth-quarter deficit against the Miami Heat on Sunday and beating the reigning champion Boston Celtics two days later.

The Heat got them back on Thursday, but they had to scratch and claw for every second of that 89-88 affair. And it's become clear that regardless of who's available, Orlando will bring everything it has on the defensive end.

When Jalen Suggs or Tristan da Silva are hitting shots, it's enough to still surprise just about any opponent in the league.

15. Los Angeles Lakers (17-13)

Previous Ranking: 16

Net Rating: -2.8

The Los Angeles Lakers have to be feeling pretty good after Austin Reaves' late drive and score past Andrew Wiggins to beat the Golden State Warriors on Christmas Day.

Yes, the season has been underwhelming. They're in the bottom 10 in net rating, and Anthony Davis had to leave the holiday game early with an ankle injury, but they do have reason to celebrate.

Despite the up-and-down nature of the campaign, they're in the West's top six. And Reaves is having a career year on one of the league's best contracts. He's averaging 17.4 points, 5.1 assists and 2.6 threes.

14. Atlanta Hawks (16-15)

Previous Ranking: 15

Net Rating: -2.3

It took longer than expected, but the Atlanta Hawks are finally showing hints of their upside.

Surrounding Trae Young with rangy, mostly position-less three-and-D forwards was a smart move, and the philosophy is starting to translate into wins.

Atlanta is 9-4 in its last 13. The chemistry between Young and Jalen Johnson (the league's most prolific assist combo) is unmistakable. And the offensive ceiling when those two are on the floor is high.

Thursday, they combined for 57 points and 17 assists in a come-from-behind win that included a 50-point fourth quarter.

13. Denver Nuggets (16-12)

Previous Ranking: 14

Net Rating: +2.8

The Denver Nuggets are 5-2 in their last seven games, but all is not well for the 2023 champions.

One of the losses in that stretch came against the Portland Trail Blazers. They needed overtime to beat the injury-ravaged New Orleans Pelicans. They also lost to the Washington Wizards earlier this month.

And perhaps more concerning than the individual game results, after signing a max extension this past offseason, Jamal Murray looks less explosive than he has in the past, and his production hasn't been much better than Russell Westbrook (who's playing on a vet minimum).

This week alone, Denver blew out the Phoenix Suns in a game Murray missed and lost to them when he started. On the season, the Nuggets are 11-11 when the 27-year-old starts and 5-1 when he doesn't.

12. San Antonio Spurs (15-15)

Previous Ranking: 13

Net Rating: -1.5

The San Antonio Spurs lost by three to the New York Knicks on Christmas Day, but it's hard to feel anything but optimistic about this team's future.

Victor Wembanyama, who turns just 21 years old next month, dropped 42 in his holiday showcase. And over his last 15 games, he's averaging 30.2 points, 10.3 rebounds, 4.9 assists, 4.3 threes and 3.9 blocks, while shooting 38.9 percent from deep.

He might already be good enough to carry this young Spurs roster to the play-in tournament. And if he stays on his current trajectory, he could enter MVP conversations as early as next season.

11. Minnesota Timberwolves (15-14)

Previous Ranking: 9

Net Rating: +2.1

The Minnesota Timberwolves are another team that entered 2024-25 with title aspirations that have at least been stymied by the reality of the season.

They won on Christmas Day, but Luka Dončić left that game with a calf strain after 16 minutes. And they entered the holiday slate on a three-game losing streak.

Add that to the stellar season Karl-Anthony Towns is having for the New York Knicks, and it might feel genuinely challenging to be a Timberwolves fan right now.

KAT is up to 4.9 wins over replacement player (value over replacement player times 2.7) on the season. Julius Randle and Donte DiVincenzo have combined for 2.7.

10. Miami Heat (15-13)

Previous Ranking: 12

Net Rating: +2.5

The Jimmy Butler noise got loud enough this week that Miami Heat president Pat Riley released a bold, public statement to refute reports that the star might be traded.

Given the lack of a contract extension for Butler and the constant rumors on this front, it's hard to blame fans who are still open to the possibility of a move.

In the meantime, Butler's more available teammate, Tyler Herro, continues to play like a fringe All-Star.

Thursday, he drilled a game-winner to avenge a "snatched defeat from the jaws of victory" from earlier in the week against the Orlando Magic.

For the season, Herro is now averaging 23.8 points and 4.9 assists.

9. Los Angeles Clippers (17-13)

Previous Ranking: 11

Net Rating: +2.5

The Los Angeles Clippers had a pretty quiet 1-1 week. And they've now played .500 basketball for about a month (they're 6-6 in their last 12).

But they continue to be one of the league's more impressive teams, when you factor in the context of this season.

L.A. lost Paul George for nothing this past offseason. Kawhi Leonard has yet to play a single minute. But James Harden (22.0 points and 8.1 assists), Norman Powell (24.1 points and 3.8 threes) and Ivica Zubac (15.2 points and 12.6 rebounds) have kept them in the playoff hunt.

8. Milwaukee Bucks (16-13)

Previous Ranking: 7

Net Rating: +1.2

Back spasms for your best player are worth at least some mild concern. And that's what has kept Giannis Antetokounmpo out of action since December 20.

But it's certainly not time for a panic button. After all, the Milwaukee Bucks did win two of three games without Giannis this week. Each of their next five are against sub-.500 opponents.

And for the entire season, Milwaukee's point differential per 100 possessions is actually a little better when its eight-time All-Star is off the floor.

Assuming this injury isn't something serious, the Bucks should be fine until Giannis returns, and their climb up the Eastern Conference standings will almost certainly continue.

7. Dallas Mavericks (19-11)

Previous Ranking: 5

Net Rating: +6.1

The Dallas Mavericks' depth is better than it's been for much of Luka Dončić's career, but it's about to go through perhaps its toughest test.

The superstar and perennial MVP candidate will reportedly "miss an extended period of time with his calf strain," according to ESPN's Tim MacMahon.

And though the Mavericks are winning the non-Luka minutes this season, they're minus-3.8 points per 100 possessions when Dončić and Kyrie Irving are both off the floor, something that's about to be a lot more common for the foreseeable future.

6. Houston Rockets (21-9)

Previous Ranking: 8

Net Rating: +7.1

The Houston Rockets are on pace for 57 wins.

Just think about that. A team that went 22-60 just two seasons ago is in second place in the annual gauntlet that is the Western Conference. It's beaten the first-place Oklahoma City Thunder. Six of its top eight players in total minutes are 23 or younger.

Now over a third of the way into the season, it's probably safe to stop waiting for the other shoe to fall. This team is young, but it's for real, particularly on defense.

5. New York Knicks (20-10)

Previous Ranking: 6

Net Rating: +7.5

After beating the San Antonio Spurs on Christmas Day, the New York Knicks' win streak is up to five games. And since they dipped a game below .500 in mid-November, they're 15-4.

Karl-Anthony Towns (24.6 points and a league-leading 13.7 rebounds) and Jalen Brunson (24.5 points and 7.6 assists) have understandably gotten the bulk of the credit, but Mikal Bridges is starting to look like a player worth the massive trade package New York gave up to get him, too.

After he went for 41 on Christmas, Bridges is averaging 22.7 points, 3.5 threes and 3.5 assists while shooting 46.9 percent from three over his last 11 games.

4. Memphis Grizzlies (21-10)

Previous Ranking: 4

Net Rating: +9.5

The Memphis Grizzlies' rapid return to contention obviously coincides with this season's return of Ja Morant, but he's getting plenty of help from a rookie and teammates who grew in his absence.

In Thursday's win, the Grizzlies dropped a whopping 155 points on the Toronto Raptors.

Jaren Jackson Jr. had his seventh game with 20-plus points and three-plus blocks (only Victor Wembanyama and Anthony Davis have more such games). Desmond Bane went 3-of-6 from deep. After a cold start to the season, he's now averaging 17.4 points and shooting 43.8 percent from three in his last nine appearances.

And after a 21-point, 16-rebound double-double on Toronto, Zach Edey is at 11.1 points and 7.9 rebounds in just 21.6 minutes per game for the season.

3. Boston Celtics (22-8)

Previous Ranking: 2

Net Rating: +9.1

The Boston Celtics are still the understandable favorites to win the 2025 NBA Finals, but they've looked a little closer to mortal of late.

They have dropped three of their last four. One loss came to the sub-.500 Chicago Bulls. The next was to an Orlando Magic squad without Paolo Banchero, Franz Wagner and Moritz Wagner. And on Christmas Day, they failed to protect home court against Joel Embiid and Philadelphia 76ers.

Against Philly, the defense simply couldn't slow down Joel Embiid and Tyrese Maxey, but falling short against Chicago and Orlando was the result of struggles on the other end.

The Celtics made fewer than 30 percent of their three-point attempts in both contests. And though it's hard to imagine that happening in four out of seven games against a single opponent, that's the risk of being as reliant on three-point shooting as Boston is.

If the triples dry up in a playoff series, someone will have an outside shot to eliminate the Celtics.

2. Oklahoma City Thunder (24-5)

Previous Ranking: 3

Net Rating: +11.7

When you remove the NBA Cup championship game (which doesn't count toward the standings anyway), the Oklahoma City Thunder have just one loss in December.

And even with Chet Holmgren out, it's starting to feel more and more like they may not have a regular-season equal in the Western Conference.

Shai Gilgeous-Alexander may be the toughest cover in the NBA. Jalen Williams may be the league's best second option to this point of the season. And Holmgren's replacement, Isaiah Hartenstein, doesn't space the floor like the 2022 No. 2 pick, but he's a significant upgrade on the boards.

1. Cleveland Cavaliers (26-4)

Previous Ranking: 1

Net Rating: +11.3

The Cleveland Cavaliers still have the easiest strength of schedule in the NBA to this point of the season, but they've also won most of their toughest tests.

Early in the year, that was a road game against the New York Knicks. More recently, it was a victory over the Boston Celtics. And just this week, when Giannis Antetokounmpo and the Milwaukee Bucks were rolling (and fresh off the NBA Cup title), Cleveland beat them for the third time this season.

With the best offense in the league, a top-10 defense, four players playing like stars (Donovan Mitchell, Evan Mobley, Darius Garland and Evan Mobley) and a supporting cast that's looked better than it has at any other point in Cleveland's Mitchell era, the Cavs are real title threats.

Stat of the Week

The future of the NBA may have already arrived, and his name is Victor Wembanyama.

With his Christmas Day explosion, he's now averaging 25.4 points, 10.2 rebounds and 4.0 blocks per game in his age-21 season.

Kareem Abdul-Jabbar (who did it in his age-28 campaign), Patrick Ewing (27) and Hakeem Olajuwon (30) are the only players in league history with 25-10-4 campaigns.

Wemby also recorded his sixth career game with at least four blocks, four assists and four threes on Wednesday. And he's the all-time leader on that list of just 37 players (James Harden and Kristaps Porziņģis are tied at four apiece).

The San Antonio Spurs may still need another star (or near-star) or two to be ready to truly push toward contention, but they undoubtedly have a cornerstone-level talent. And not just a cornerstone for their franchise.

Wembanyama is capable of carrying the mantle LeBron James, Kevin Durant and Stephen Curry will soon be forced to give up.