Updated 2022 NBA Championship Odds After Opening Night of Free Agency

• The Nets and Lakers remain the two favorites to win the NBA title in 2022 following a wild first night of free agency
• With the additions of Kyle Lowry and P.J. Tucker, the Miami Heat are one of the biggest movers in the market
• Read below for the latest title odds and analysis on the opening night of player movement

It might not be a bumper free agent class, but it was a wild first night of NBA free agency. The NBA Championship odds have shifted drastically over the last few days, though the Nets and Lakers remain a long way ahead of the chasing pack.

The defending champion Milwaukee Bucks remain alone in third, just ahead of the Golden State Warriors. Miami was the most active team on Monday evening, picking up Kyle Lowry and P.J. Tucker while extending sharpshooter Duncan Robinson.

2022 NBA Championship Odds

Odds as of Aug 3rd

Lakers Add Supplementary Players

Following the shock Russell Westbrook trade, the Lakers had some obvious requirements. They have delved into the former Laker market to address those issues, picking up Wayne Ellington, Kent Bazemore, Trevor Ariza and Dwight Howard. Marc Gasol has confirmed he will return for 2021-22, too.

Lakers have signed 4 former Lakers who used to play with Kobe.

— Chris Palmer (@ChrisPalmerNBA) August 3, 2021

Los Angeles got what they needed. They had done their flashy move of the offseason, but they used the lure of Southern California and a championship to bring in experience, defense and shooting.

So far, the Lakers' only free agent signings have been former Lakers:
• Trevor Ariza
• Dwight Howard
• Wayne Ellington
• Kent Bazemore@LakersSBN pic.twitter.com/9UdIcrCpYs

— SB Nation (@SBNation) August 3, 2021

Although still with a gap behind the Nets, the Lakers are the comprehensive favorites in the Western Conference. How it works with Westbrook, Anthony Davis and LeBron James might be unclear at this stage, but the other West contenders have plenty of their own issues to address.

Heat Go All-In

No team could match what the Heat did on Monday. They pulled off a Kyle Lowry sign-and-trade without giving up Tyler Herro. They signed P.J. Tucker, and they extended Duncan Robinson and Jimmy Butler. The nature of Butler’s contract, and Lowry’s age, makes them as win-now as it gets. Miami has gone all-in on a championship in the next two or three seasons, and their title odds shortened as a result.

Miami was an average of +3500 on July 20th. They are in to +1600 at FanDuel as of August 3rd, putting them as the third favorites in the East.

The Heat new squad:

Kyle Lowry
Duncan Robinson
Jimmy Butler
PJ Tucker
Bam Adebayo

6th man: Tyler Herro pic.twitter.com/qyzqjTARPo

— StatMuse (@statmuse) August 3, 2021

Whoever landed Lowry was going to see their championship odds shorten. The fact the Heat managed to do so while prying Tucker away from the Bucks is a real feat. They weakened one of their direct rivals and brought in yet another top-tier defensive player alongside Butler, Lowry and Bam Adebayo.

Bulls Make Moves

The average price on a Bulls title was +11000 on July 20th. While still massive outsiders, their work in free agency has shifted their odds all the way to +6000 with FanDuel. Chicago landed Lonzo Ball in a bargain sign-and-trade with the Pelicans, and added Alex Caruso on a four-year deal.

CHICAGOOO.. LETS GET IT #BullsNation pic.twitter.com/psA9KXaSi5

— Alex Caruso (@ACFresh21) August 3, 2021

Those moves might not throw the Bulls into championship contention, but it gives them a very competitive team alongside Patrick Williams, Zach LaVine and Nikola Vucevic. Further improvement from Williams and Ball, and some injury luck for their opponents, and it’s not wild to see Chicago enjoying a season like the Hawks just did.

Chicago, for instance, is a longer price than the Knicks. New York re-signed Alec Burks, Nerlens Noel and Derrick Rose while handing a big deal to Evan Fournier. Despite a surprising season in 2020-21, the Knicks have far less upside than these Bulls even with their remaining cap space.

The Bulls new squad:

Lonzo Ball
Zach LaVine
Patrick Williams
Thad Young
Nikola Vucevic
Coby White
Alex Caruso pic.twitter.com/GzFbYe95rG

— StatMuse (@statmuse) August 3, 2021

The Bulls could be a half-decent longshot bet in the East given the Nets’ injury issues and the massive changes taking place in Philadelphia, Boston and Toronto.

Golden State Have More to Do

With several massive contracts on the books, the Warriors were never going to be big players on the first day of free agency. They remain a team to keep an eye on, however.

Otto Porter made 44% of his catch-and-shoot 3s over his last five seasons. He’s gonna feast playing for the Warriors. Not a better situation to restore his value than playing off Steph, Klay and Draymond. https://t.co/a8mKSD4aMk

— Kevin O'Connor (@KevinOConnorNBA) August 3, 2021

The Warriors were unable to find a trade involving their two first-round picks despite rumors linking them with Bradley Beal, Myles Turner and others. Their title odds have barely moved over the last few weeks, and unsurprisingly, the Otto Porter Jr signing hasn’t seen them overtake the Bucks or Lakers.

Porter is a good fit, though, and he crucially was picked up on a minimum deal. As a result, they still have their mid-level exception to use during the next few days. Patty Mills is one player who has frequently been linked with a move to The Bay.

If the Warriors land Mills for the MLE after getting Porter for the minimum, man, that's about as strong a free agency period as they could've hoped for.

— Sam Quinn (@SamQuinnCBS) August 3, 2021

Klay Thompson might not have played in two years. Their roster is worryingly dependent on rookies. It’s still possible to talk yourself into the Warriors at that price. Steph Curry is coming off an MVP-level season, and they could yet make a big trade using their young talent and future picks.

Deserving Favorites

The Nets saw Jeff Green depart, which hurts their frontcourt depth. Blake Griffin re-upped, though, and they will be a major player in the market for role players on veteran minimum deals.

DeMar DeRozan Appreciation Post

pic.twitter.com/eEgJi9jnoh

— Ballislife.com (@Ballislife) August 2, 2021

Fit questions remain with the Lakers, but there’s a lot to like about the veterans they added. There are still questions to be answered about Dennis Schroder and Talen Horton-Tucker, yet with the flaws of the West’s other contenders, it’s fair to label the Lakers as favorites with their star power and shooting.

The top-end talent of the Nets and Lakers justifies their odds. Some will wonder why Milwaukee are such a long price, but Tucker’s departure will hurt them, and it’s unclear how they will out the roster.

It’s a wide-open field behind the top three. With DeMar DeRozan, Dennis Schroder and many other impactful free agents remaining, it’s a big few days for teams in that group from the Warriors down to the Raptors.