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Nuggets, Bucks And The NBA’s Between-Dynasty Missed Opportunities
John Cassillo · 2026-05-02 · via Forbes - Business
DENVER NUGGETS VS MINNESOTA TIMBERWOLVES, NBA PLAYOFFS

MINNEAPOLIS , MN - APRIL 30: Nikola Jokic (15), Jamal Murray (27) and Tim Hardaway Jr. (10) of the Denver Nuggets walk to the bench for a timeout as the Minnesota Timberwolves celebrate during the third quarter of the Timberwolves' 110-98 Game 6 first round NBA Playoffs series win at the Target Center in Minneapolis, Minnesota on Thursday, April 30, 2026. Minnesota eliminated the Nuggets 4-2. (Photo by AAron Ontiveroz/The Denver Post)

Denver Post via Getty Images

When the Denver Nuggets fell to the Minnesota Timberwolves on Thursday night, the loss carried some finality to it.

The series was over, yes, with Minnesota advancing in six games. But more than that, it felt like the end of Denver’s time as a serious contender in the NBA’s Western Conference with this current core.

In the wake of the defeat, Denver star Nikola Jokic said the team was far from contention – damning for a team that was tied for second in championship odds going into the 2025-26 season. The Nuggets’ diminishing returns since winning the 2023 NBA title say he’s right, though.

Since winning the 2023 NBA championship, Denver has lost twice in the West semifinals, and now in the first round. Despite Jokic’s MVP-caliber play, the team around him isn’t getting any younger, and is mostly boxed into its current roster build that’s falling behind the burgeoning potential dynasties in the West, with Oklahoma City and San Antonio.

Between-Dynasty Opportunities

The NBA’s history is primarily defined by dynasties (Celtics, Bulls, Lakers, Spurs, Warriors), but in between those stretches are usually some interstitial years where other teams can sneak in a title before the baton gets passed.

In the 1990s, the Rockets pulled it off twice before Michael Jordan’s full return when the Bulls reclaimed the NBA’s mantle again from 1996-98. The Pistons and Heat squeezed in titles between the Kobe/Shaq Lakers and Duncan Spurs in the 2000s.

This handoff between the end of the Warriors’ dynasty and the beginning of the Thunder and/or Spurs’ reign could’ve belonged to the Nuggets, Milwaukee Bucks or various other franchises. Instead, it may go down as the NBA’s most chaotic window of title winners yet, before “order” (in the form of dynasties) is restored.

Since the Warriors’ swept the Cavaliers in the 2018 Finals, the NBA has had seven different champions in as many years (including Golden State’s surprising 2022 run that isn’t necessarily part of its proper “dynasty”). The record run may come to an end this year if OKC repeats. But the list of Finals matchups and winners in that timeframe becomes a fascinating series of what-if moments.

  • 2019: What could a Kawhi Leonard-led Raptors team have accomplished had he stayed in Toronto?
  • 2020: Would the LeBron/Anthony Davis Lakers have won more if they’d acquired a younger star earlier to pair with them?
  • 2021: How could the Bucks have better handled the roster build, AND what if the Suns hadn’t dropped the ball on theirs?
  • 2022: What if the Warriors had threaded the needle on the two-timelines approach?
  • 2023: What if Jamal Murray was healthier for the Nuggets?
  • 2024 and 2025: These stories are admittedly still in progress for the Celtics and Thunder, but Boston’s on the ropes in the first round against the 76ers this year

While all fascinating, perhaps none of those are more glaring than the Nuggets or Bucks, though.

Basketball: NBA Finals: Milwaukee Bucks Giannis Antetokounmpo (34) victorious holding NBA Finals MVP Trophy and Khris Middleton holding Larry O'Brien Championship Trophy after winning game and series vs Phoenix Suns at Fiserv Forum. Game 6. Milwaukee, WI 7/20/2021 CREDIT: Greg Nelson (Photo by Greg Nelson/Sports Illustrated via Getty Images) (Set Number: X163696 TK1)

Sports Illustrated via Getty Images

Big Plans For Big Men

Both Denver and Milwaukee, led by generational big men, won titles in ways that seemed to preview more to come as Jokic and Giannis Antetokounmpo respectively marched to greatness.

As indicated above, the years since have not gone as planned for either.

Since winning the 2021 title, Giannis has primarily struggled to stay healthy, the team has lost in the first round three times (including an upset against the 8-seeded Heat in 2023), and this season, the Bucks missed the playoffs entirely. The team also held its star out of games for weeks, making for a feud that likely sends Antetokounmpo elsewhere this offseason.

Denver, as mentioned, has run up against roster limitations and apparent kryptonite in the Timberwolves (defeated the Nuggets in two of last three postseasons). Jokic is still one of the two or three best players in the league. Yet, the dynasty talk in the wake of the 2023 championship is now a thing of the past.

Giannis and Jokic will both be defining players for this era of the NBA, post-Warriors dynasty. Yet their legacies could also wind up tied up in what they couldn’t accomplish: Namely, winning – or even playing for – more than one title.

Averting the Narrative

To an extent, all of this makes major assumptions that the Nuggets are done as contenders and the Thunder are going to repeat.

The Bucks/Giannis divorce may be all but assured. Yet, Denver could still get creative this offseason and another team could still find a way to upset OKC.

San Antonio is the primary suspect there, in a way that feels like it still fits the dynasty narrative, as it’s assumed the Victor Wembanyama-led Spurs fight it out with Shai Gilgeous-Alexander’s Thunder for the next decade. But they’re also not the only ones that can upend conventional wisdom this season.

The Timberwolves and New York Knicks have been two of the defining teams of the last few NBA seasons, yet only have moments – not banners – to show for it. Both teams lost in their respective conference finals last season. And both have already advanced to the second round this year.

If the NBA can avoid the dynasty handoff for one more season, those are the two teams that can sneak in a title as a crowning achievement for years of their savvy team building. There are other competitors, of course. But either of those teams winning become what-if course-corrections after repeatedly knocking on the door in recent years.