The 2024–25 campaign produced a tight, dramatic MVP chase — and when the dust settled the narrative belonged to one man.
Below I rank the players who shaped the MVP conversation for 2025, explain why each was in the mix, and note the key factor that pushed (or held) them back.
NBA MVP 2025 RANKED: The Top Contenders for the Award
1) Shai Gilgeous-Alexander (Oklahoma City Thunder) — 2025 MVP (winner)
Shai led the conversation all season: dominant scoring, team success and a sustained stretch in which OKC looked like the league’s top team.
Voters rewarded production married to team impact — Shai finished top of the ballots and captured the 2025 award.
His combination of usage, efficiency and leadership on a top seed made him the clear choice.
2) Nikola Jokić (Denver Nuggets)
Jokić remained the ultimate box-score engine: elite playmaking, rebounding and clutch scoring plus the Nuggets’ win rate kept him firmly in contention.
His résumé — multiple recent MVPs and a historic statistical profile — made him the automatic “second-man” in most discussions.
In seasons like this, Jokić needs Denver to out-perform expectations; when they do, he’s usually impossible to overlook.
3) Luka Dončić (Los Angeles Lakers)
Luka’s case is simple: massive counting numbers, usage through the roof and the ability to carry a roster on his back.
The only real drag on his candidacy was team context — voters still reward wins — and occasional defensive lapses.
When Luka elevated the Lakers into top standings, his MVP stock surged; when the team stuttered, doubts crept in.
4) Giannis Antetokounmpo (Milwaukee Bucks)
Giannis is always in the MVP frame when he’s healthy and the Bucks win.
His two-way dominance and ability to lift Milwaukee make him a perennial top contender.
For 2025, Giannis’s place was more about consistency and a lower usage gap vs. the leaders — elite but not as statistically overwhelming as the top three.
5) Victor Wembanyama (San Antonio Spurs) — Dark Horse
Wembanyama’s ceiling is astronomical: defensive impact, playmaking for a seven-footer and a rising offensive toolkit.
Injuries and roster context temper expectations, but when healthy and surrounded by improvement, he becomes a real long-term MVP candidate — and in 2025 he was increasingly being listed among the “watch” names by analysts.
6) Anthony Edwards / Jayson Tatum / Others (sleeper tier)
The final tier includes players who can threaten the top three if they combine monster individual seasons with team jumps in the standings.
Edwards (volume + improved efficiency), Tatum (two-way star role) and other breakout names were on many ballots as plausible surprises.
Injuries or team slides prevented these names from mounting a full-time charge in 2025.
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Why the Rankings Looked This Way
MVP voting is a blend of individual stats, team success and narrative momentum.
In 2025 that mix favored a high-usage scorer who also carried his team to the top of the standings — Shai fit that profile and won.
Jokić’s all-around brilliance and Luka’s gargantuan numbers kept them close, but the final edge went to the player voters felt had the most complete case when team results were considered.
Betting markets and awards pages reflected the same hierarchy all season.
The MVP chase is never purely mathematical; it’s also emotional and contextual.
For 2025, a mix of elite scoring, team leadership and timely narrative elevated Shai Gilgeous-Alexander to the top.
But the next season’s race already has new contours — and names like Jokic, Luka, Giannis and Wembanyama ensure the argument will stay hot for years to come.
