The first day of free agency in 2025 didn't quite hit as hard as in previous years. The Nets were the only team with significant cap space coming into the day, and most of the star players like LeBron James, James Harden, and Kyrie Irving already came to terms to come back to their teams before the opening bell rang.
Despite less star power involved, there were still some significant roster moves made that could shift the landscape of the league (particularly in the Western Conference). Here are the biggest winners and losers of the day.
MORE: NBA free agency tracker 2025: Live updates on news, rumors, signings and trades
NBA free agency winners
Nuggets
The Nuggets were the massive winner of free agency. They pushed the Thunder to seven games in the playoffs this past year, and Nikola Jokic looked as good as ever. Michael Porter Jr. wasn't giving them enough (in fairness, he was battling through a shoulder injury), and their lack of depth was an issue.
They addressed both of those concerns on Monday. First, they pulled off a heist in trading Porter and a 2032 first-round pick in exchange for Cameron Johnson. Johnson is a much better defender than Porter, a more well-rounded player, and equally skilled as a shooter. Nuggets players who have high feel thrive when playing next to a brilliant passer like Jokic, and Johnson is much better in that department than Porter.
MORE: Trade grades for Michael Porter-Cam Johnson deal
The cost for the Nuggets was steep. That unprotected 2032 pick will probably be a good one. Jokic will be 37, and there's a good chance he's out of the league by then. But they will match up much better with the Thunder this year.
Denver's second move of the day was also a master stroke. Bruce Brown Jr. was one of the key cogs for their championship team in 2023. The team couldn't afford to keep him, and he signed a $45 million deal with the Pacers. Now, he's coming back to the Nuggets on a minimum-salaried contract.
The Nuggets have already seen how valuable Brown, a jack-of-all-trades player, can be in their system. He's a great cutter, good multi-positional defender, capable shooter, and isn't afraid of big moments. He was terrific in the Finals for them. He comes back to a much better fit than he had in Indiana and Toronto, and he will be a significant upgrade over what the team got from Russell Westbrook (who is still a free agent).
Denver might not be done. Those two moves also saved the Nuggets a ton of money, opening up the full mid-level exception of $14.1 million to keep on adding another player per ESPN's Bobby Marks.
Rockets
The Rockets are already looking like a contender after finishing second in the West last year and adding Kevin Durant. They continued to pick up ceiling-raising players, stealing Dorian Finney-Smith away from the Lakers on a four-year, $53 million deal.
Finney-Smith was the best 3-and-D free agent wing available. In bringing him in, they made themselves stronger and the Lakers much weaker. He's a proven playoff performer who will fit well into the gritty style the team plays.
Next, Houston came to terms on an extension for Jabari Smith. Five years and $122 million might seem like a lot, but that might end up as one of the better bargains in the league if the former No. 3 pick continues his current trajectory. He's already a very good defender and a capable 3-point shooter.
The Rockets also added to their center depth by signing Clint Capela, who is one of the best offensive rebounders in the league and will help pummel teams alongside Steven Adams.
Clippers
Brook Lopez was one of the best free agent centers available. Rumors were linking him to the Lakers, but it was the other Los Angeles team that he picked. He signed with the Clippers on a reasonable two-year, $18 million deal.
The Clippers already had one of the best defenses in the league behind Ivica Zubac. Now, teams won't get a break when Zubac is out. Lopez isn't the player he once was, but he's still a giant in the paint and a good rim protector. He will also give the team a different look as one of the better stretch centers in the league.
The Clippers also came to terms on an extension with James Harden earlier in the week and brought Nic Batum back on a two-year, $12 million deal. Those weren't game-changing moves, but it keeps them competitive in the West.
Hawks
The Hawks continue their improvement. They were one of the biggest winners from the NBA draft, but the trades they made that day sapped them of some depth.
They added a great rotation piece in Nickeil Alexander-Walker, who signed for four years and $62 million. NAW is a great two-way player who fits perfectly next to Trae Young. He has the defensive tenacity to harass opposing guards, and he doesn't need the ball in his hands to be an effective offensive player.
Luke Kennard at one year and $11 million was a bit more puzzling of a signing, but he gives them an expiring contract that can be used as trade filler and is a good shooter off the bench.
Atlanta did lose Clint Capela and Caris LeVert in free agency. But their new team, highlighted by Kristaps Porzingis, should be a fun watch and has a chance to make some noise in a weakened Eastern Conference.
NBA free agency losers
NBA Entertainment
Lakers
The Lakers absolutely could not afford to lose Finney-Smith if they had championship aspirations coming into the season. He was the linchpin to their defense and one of their only capable wing defenders. He was also a perfect fit next to Luka Doncic.
Finney-Smith signed with the Rockets, and the team has no avenues to replace him. They need to replace him, and they still have a gaping hole at starting center.
It wasn't all terrible for Los Angeles. They did pick up Jake LaRavia on a modest two-year, $12 million deal. That's good value for him. He's a solid bench player who should thrive playing next to Doncic and LeBron James.
Despite that signing, the Lakers seem to know that losing Finney-Smith means taking a step back. According to ESPN's Shams Charania, they are prioritizing two-year contracts in order to open up maximum space in 2027.
LeBron might be retired by then, and he wants to prioritize winning a championship in the few years that he has left. That doesn't seem to be the plan for the Lakers right now. This is a situation that could get messy.
Josh Giddey, Cam Thomas, Jonathan Kuminga and other restricted free agents
The longer that free agency drags on, the worse it usually is for restricted free agents. They oftentimes get squeezed as the money dries out, coming back to their teams on bargain deals.
Making things worse for those guys is that the Nets were the only team that could plausibly sign them to a big-money offer sheet that their teams would have to match. That cap space ran out as they made the trade to acquire Porter Jr.
What that means is that restricted free agents have lost what little leverage they had. Their current teams have a stranglehold on their future. They should still get good contracts, but there won't be any massive overpays happening for them this summer.