Teams have up and down periods in the regular season. Injuries, schedule, general mojo, all these things seem to impact teams. DEN is no exception to this but I feel they are clearly the best team in the West, the favorite to reach the finals. They need to have Murray healthy though, of course, he seems to be the one with the most durability risk.
It doesn't mean they won't get beat though. There are other good teams. If DEN is even a little off, for whatever reason, they can be beat. Look what happened to BOS vs MIA last season. BOS was a little off, MIA had scrubs play out of their minds, and poof, there goes the playoff run. There are a few teams that could get hot for a few games and take out DEN. I would say LAC, OKC, PHO, all have the top end personnel and depth to be spoilers.