The NBA offseason is already almost over. Not in terms of the calendar, as it's still July, but in terms of its activity -- LeBron James' latest decision awaits, but most of the moves that will affect the 2026-27 season have already been made.
So, it's time to grade how each team did with its overall set of trades, free agent signings and extensions this summer. Picks in the 2026 draft are not considered for this exercise; read Ben Golliver's draft grades for a comprehensive review there.
Note that I'm treating a "C" grade as neutral; grades better than a C suggest a team met its offseason goals to at least some extent, while the few grades lower than a C suggest the opposite. These grades are in order of best to worst, with ties at each grade in alphabetical order:
Jump to a team: ATL | BOS | BKN | CHA | CHI | CLE DAL | DEN | DET | GS | HOU | IND LAC | LAL | MEM | MIA | MIL | MIN NO | NY | OKC | ORL | PHI | PHX POR | SAC | SA | TOR | UTA | WAS
San Antonio Spurs
Grade: A
You could quibble with how the Spurs built out the end of their bench even after a lack of depth hurt them in the playoffs, although Tobias Harris' two-year deal fills a big hole on the roster. But the Spurs receive a top grade because of one major move: They locked Victor Wembanyama into a 25% maximum extension rather than a potential 30% supermax, which could save them more than $50 million over half a decade.
That decision could have significant repercussions not only for the Spurs (as they build and maintain a championship-caliber roster around Wembanyama) but also for the NBA as a whole, as the owners and the players' union consider and eventually negotiate over the current financial landscape.
Full list of San Antonio's transactions.
Utah Jazz
Grade: A
Losing Walker Kessler makes the Jazz a less compelling dark horse contender next season, and it will be interesting to see how much coach Will Hardy uses Jaren Jackson Jr. as a center in Kessler's stead, because neither Jusuf Nurkic nor free agent addition Jaxson Hayes is a top-level starter.
But the Jazz made arguably the best trade of the summer when they landed two unprotected first-round picks and two swaps for a good but not star-level player in Kessler. It's hard to fault them for taking another temporary step back when the Lakers were offering so much future value.
Full list of Utah's transactions.