The defending NBA champions haven’t missed a beat. Oklahoma City’s 36-8 record through mid-January has turned the regular season into something that feels less like a race and more like everyone else fighting for second place.

After being considered +230 shots in preseason, the popular Lucky-Rebel betting site now positions OKC as a mightily short +115 favourite to repeat as champions. And truth be told, they have played like a team that deserves top billing. But the more interesting story lives a tier below them, where a handful of franchises have forced oddsmakers to admit they misread the room.

The real story of the championship odds board is how those teams have dragged themselves from the long-shot margins to the centre of the conversation.