Here's how I sees it:
1. Denver
I really like the talent on this team. My concerns here would be chemistry (a lot of fast tempo players to surround Tim Duncan with), perimiter scoring in a half court set, and to a lesser degree shooting. Still, there's enough talent for me to take them at the 1 spot.
2. Utah
I just don't think under any circumstances you can expect anything more than a half a season out of Yao Ming. Missing a year and a half is enough for me, but he also has had a long history of missing 35+ games a season. In the event he was healthy for a full season, I think you could still argue that Denver's combo of Duncan and Darko would be enough to atleast slow Gasol & Yao down enough. I think under these circumstances you'd go with Utah, but still, in my opinion there's no way Yao makes it.
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3. Minnesota
Minnesota would be my favorite team to watch in the division no doubt. And I also really like their flexibility. Unfortunately, I think lack of scoring in a half court set separates them from the elite. You can push, and push and push, at some point the game slows down.
4. OKC
I really like the collection of talent on this team, and I think they really run deep. Unfortunately, I think this team lacks the alpha-male they'd need in order to compete.
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5. Portland
Too young to compete right now. But I think people don't realize just how good they should be in the future. IMO, no question about it, this is the team of the future, and I don't think there's an argument about it.