The NBA is in a weird spot. Actually, "weird" might be an understatement. If you told a fan in 2018 that the Golden State Warriors would win only one more ring in the next seven years while teams like the Nuggets and Thunder would finally plant their flags, they’d probably assume Stephen Curry retired early. He didn't. The league just got terrifyingly deep.
Looking back at the last 5 years NBA Finals history, we’ve seen a total demolition of the "superteam" era. No more LeBron vs. Steph every June. No more predictable 4-0 sweeps. Instead, we’ve had five different champions in five years. That hasn't happened with this kind of variety since the late 70s. It’s chaos, honestly. But it's the kind of chaos that makes you actually want to watch Game 1 in October.
The Bucks and the 50-Point Masterclass (2021)
People forget how close the Milwaukee Bucks were to being a "what if" team. In 2021, they were down 2-0 to the Phoenix Suns. Chris Paul looked like he was finally going to get his ring. Then Giannis Antetokounmpo decided to turn into a literal mythological creature.
That Game 6 was basically a fever dream. Giannis dropped 50 points. Not just 50, but he went 17-of-19 from the free-throw line. For a guy who usually struggles at the stripe, that was the basketball equivalent of a miracle. The Bucks won their first title in 50 years, and Milwaukee quite literally shook. The "Deer District" became a landmark overnight. It was the first time in the last 5 years NBA Finals run where a small-market team proved you could build through the draft and actually finish the job.
Golden State’s Last Stand (2022)
Then came 2022. This one felt different. The Warriors weren't the "KD-era" juggernaut anymore. They were older. Klay Thompson was coming off two devastating injuries. Everyone thought the Boston Celtics—led by a young, hungry Jayson Tatum and Jaylen Brown—were going to steamroll them.
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The Celtics actually had a 2-1 lead. But Steph Curry had other plans. His Game 4 performance in Boston is arguably the best game of his career. 43 points. 10 rebounds. He was hitting shots from the logo while the TD Garden crowd was screaming in his face. The Warriors won in six, proving that "championship DNA" isn't just a cliché coaches use to sound smart. It was a reminder that even in a changing league, you still have to kill the king to take the crown.
Denver and the Rise of the Joker (2023)
By 2023, the narrative shifted toward the "Unicorns." Nikola Jokic and the Denver Nuggets basically toyed with the Miami Heat in the Finals. It wasn't even fair, sort of. Jokic became the first player ever to lead the entire playoffs in total points, rebounds, and assists.
The Heat were an 8-seed that had scratched and clawed their way there, but Denver was a machine. Jamal Murray was playing like an All-NBA lock, and Aaron Gordon was catching lobs that didn't seem physically possible. The Nuggets won 4-1. It wasn't the most dramatic series in the last 5 years NBA Finals timeline, but it was the most dominant. It signaled that the era of the "skill-big" had officially arrived.
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Boston Finally Gets Over the Hump (2024)
If 2023 was about dominance, 2024 was about redemption. The Boston Celtics had been knocking on the door for a decade. They had made the Conference Finals almost every year but couldn't close. They traded for Jrue Holiday and Kristaps Porzingis, went all-in, and it paid off.
They faced Luka Doncic and the Dallas Mavericks. On paper, it was the best scorer in the world (Luka) against the best team in the world. The team won. Easily. Boston took the series 4-1, and Jaylen Brown took home the Finals MVP. It broke the tie with the Lakers for the most titles in NBA history (18). Honestly, the most surprising part was how much Joe Mazzulla, their coach, obsessed over "The Town" and random animal documentaries to motivate them. It worked.
The Thunder’s Youth Movement (2025)
And that brings us to the most recent shocker. The 2025 Finals featured the Oklahoma City Thunder and the Indiana Pacers. Talk about a "small market" dream. Both teams were led by guys who were just kids when LeBron went to Miami.
Shai Gilgeous-Alexander was the best player on the floor, period. But the real story was the Thunder’s defense. Chet Holmgren and Jalen Williams turned the paint into a "no-fly zone." Even though Tyrese Haliburton kept the Pacers in it with some insane shooting, the Thunder took it in seven games. It was the first Game 7 in the Finals since 2016. SGA walked away with the Finals MVP, and the Thunder—once a team with nothing but a mountain of draft picks—finally had a trophy.
Why These Last 5 Years NBA Finals Change Everything
When you look at the last 5 years NBA Finals, you see a pattern: the "Mid-Range" is back, but so is the "Positionless" big man. We’ve moved away from the era where three superstars join forces in Miami or Brooklyn. Now, it's about depth. It's about having seven guys who can all shoot and defend.
- Parity is real: We haven't had a repeat champion since 2018.
- Small markets are winning: Milwaukee and Denver proved you don't need the bright lights of LA to attract or keep talent.
- The "Old Guard" is fading: LeBron, Durant, and Curry are still great, but they aren't the ones lifting the trophy every June anymore.
If you’re looking to understand where the league is heading, don't look at the trade rumors. Look at the rosters of these last five winners. They all have one thing in common: they didn't skip steps. They built, they failed, they adjusted, and then they won.
To stay ahead of the curve for the next season, start tracking the "Net Rating" of teams in January rather than just their win-loss record. Historically, the teams that end up in the Finals are almost always in the top five for both offensive and defensive efficiency by the All-Star break. Keep an eye on the younger rosters that are defensive-minded; as OKC showed us, defense still wins championships, even in a high-scoring era.