The rankings aren't that crazy but the implication that picking up a top 3 FA, draftee, and at least top 5 trade target (in the wildest trade season for stars in memory) is treading water or even losing a bit of ground seems misplaced. Even with the guys we lost.
My completely half-baked counter would be:
Tier 1 - overwhelming title favorite: GSW
Tier 2 - small chance of title, favorites for conference final: CLE, BOS, HOU
Tier 3 - fringe chance of title, solid chance at conference final: SAS, OKC
Tier 4 - no chance of title, small chance of conference final, likely 2nd rd fodder: WAS, TOR