I think two teams that aren't clear winners or losers are the Celtics and Warriors. I'd put them in the "something from nothing" category.
Golden State salvaged some good from this off-season even after losing Durant. The D'Angelo Russell trade preserves an asset for them, and I didn't think they'd be able to bring back Looney, let alone add WCS on top of it. The only real criticism I have is that they paid a potentially heavy price to move Iguodala.
With the Celtics, I was expecting a full rebuild, which was a bit depressing. Landing Kemba is a coup, and the Celtics got a surprisingly good big man in Kanter. Yes, our team is a lot worse than a lot of us were hoping for six months ago, when we had dreams of Davis-Horford-Hayward-Brown-Kyrie. But, they should be a fun team with a bright future.
That said, there are things to debate. Could Danny have enticed Brooklyn or Houston into a sign and trade, allowing us more cap flexibility? Even assuming Horford was gone, the sign-and-trade could have netted us another $5 million to throw at a big (could we have signed WCS?), and Bird Rights on Marcus Morris, etc.