Small-Market Teams Shine in 2025 NBA Finals

The 2025 NBA Finals have brought an unexpected spotlight to the Oklahoma City Thunder and the Indiana Pacers, two small-market teams that have defied expectations to compete for the championship. This matchup, the first of its kind since 2006, underscores a significant shift in the NBA's competitive landscape, influenced by recent financial reforms aimed at promoting parity.

The series is currently tied at 1-1, with Game 3 scheduled for June 11 in Indianapolis. In Game 1, the Pacers staged a remarkable comeback from a 15-point deficit, clinching a 111-110 victory with Tyrese Haliburton's decisive 21-foot jumper with 0.3 seconds remaining. Haliburton's clutch performance marked the latest game-winning shot in an NBA Finals since Michael Jordan's iconic 1997 basket. Shai Gilgeous-Alexander led all scorers with 38 points, the third-highest total in a Finals debut.

Game 2 saw the Thunder respond emphatically, securing a 123-107 win. Gilgeous-Alexander continued his stellar play, contributing 34 points and bringing his two-game total to 72—the highest ever for a player in their first two Finals appearances. The Thunder's victory was bolstered by significant contributions from Chet Holmgren, Jalen Williams, and bench players Alex Caruso and Aaron Wiggins.

Despite the on-court excitement, the Finals have experienced a notable decline in viewership. Game 2 averaged 8.76 million viewers, marking the lowest for a Finals Game 2 in 18 years, excluding the COVID-affected 2020 season. This represents a 30% drop compared to the previous year's Finals, raising questions about the broader appeal of small-market team matchups.

The presence of the Thunder and Pacers in the Finals highlights the impact of the 2023 Collective Bargaining Agreement (CBA), which introduced financial constraints like the "second apron" to limit excessive spending and prevent the formation of superteams. These measures have enabled well-managed, lower-payroll teams to compete at the highest level. However, as rising stars like Gilgeous-Alexander approach contract extensions, maintaining financial sustainability will be a challenge.

The Thunder, finishing the regular season with a league-best 68-14 record, are the youngest team to reach the Finals since the 1977 Portland Trail Blazers. Gilgeous-Alexander, the regular-season MVP, led the league with 32.7 points per game. The Pacers, after a mid-season turnaround, finished strong with a 20-9 record post-All-Star break. Haliburton earned his second straight All-NBA third-team honor, and Pascal Siakam made his third All-Star appearance.

This Finals marks the seventh consecutive year with a different champion, highlighting the NBA's increasing parity. It's also the first Finals without a luxury tax team since the salary cap era began in 2002. As the series progresses, the performances of emerging stars like Gilgeous-Alexander and Haliburton will be pivotal. Their leadership and playmaking abilities have been instrumental in their teams' success and will continue to shape the outcome of the Finals.

The 2025 NBA Finals not only showcase the rise of small-market teams but also reflect the evolving dynamics within the league. As financial reforms level the playing field, the NBA is witnessing a new era where strategic management and player development are paramount. However, the decline in viewership poses a challenge, prompting the league to balance competitive parity with maintaining fan engagement.