Some preliminary rankings ... for the East
Atlantic Division
#1 - New York Knicks - contender
#2 - Boston Celtics
#3 - Toronto Raptors
#4 - New Jersey Nets - lottery team
I am not sure who is on Phily's roster. So I left them out for now.
Central Division
#1 - Chicago - contender
#2 - Indiana
#3 - Milwaukee
#4/#5 - Cleveland / Detroit
It's been awhile since Indiana's roster has been updated so they might fall or rise, or stay exactly where they are, depending on their moves since then. They had a very nice foundation (Kobe, Pietrus, Tyrus, M.Gasol) to work with at their last update.
Southeast Division
#1 - Orlando - contender
#2 - Washington - contender
#3 - Atlanta
#4 - Miami
#5 - Charlotte/Seattle
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So, I think there are four contenders in the East. Chicago, New York, Orlando and Washington.