Five weeks into the 2025-26 NBA season, Shai Gilgeous-Alexander holds a slight edge in the MVP race over Nikola Jokić due to the Thunder's dominant start. The Oklahoma City Thunder are on pace for 77 wins, while Jokić is posting historic offensive numbers for the Nuggets. Other contenders include Luka Dončić, Giannis Antetokounmpo, and Tyrese Maxey.
The 2025-26 NBA season has produced an exceptionally competitive MVP race, with three players posting the highest single-season PERs in history as of early November. Shai Gilgeous-Alexander of the Oklahoma City Thunder ranks first, averaging 32.2 points on just 68 touches per game and generating over 47 points per 100 possessions. He has played in only seven of the Thunder's 18 fourth quarters, yet averages 9.3 points in clutch time. The Thunder's net rating remains elite without him, highlighting their depth, and they are on pace for 77-5 despite a soft schedule and the absence of Jalen Williams.
Nikola Jokić of the Denver Nuggets is a close second, delivering what is described as the best offensive season ever. He averages 29.6 points on fewer than 18 field goal attempts, shooting 70% on 2-pointers and setting career highs in 3-point volume and percentage. His true shooting percentage stands at 72.9%, with a PER of 36.71 and BPM of 18.2, both all-time records. The Nuggets are on a 63-win pace despite injuries to two starters, though their defense ranks 11th.
Luka Dončić ranks third with the Los Angeles Lakers, averaging 34.5 points through his first 12 games on high volume. He shoots 61.4% on 2s and has a 55.1% free-throw rate, but his 3-point shooting is a career-low 31.1% on 11 attempts per game. The Lakers are 6-0 in clutch games but 15th in net rating, shooting a record 62% on 2s as a team.
Giannis Antetokounmpo of the Milwaukee Bucks is fourth, posting career highs in points, assists, and efficiency, including over 75% shooting in the restricted area. The Bucks are 8-10 overall and 7-6 with him playing, with their offense thriving but defense middling; he contests just 5.4 shots per game.
Tyrese Maxey rounds out the top five with the Philadelphia 76ers, averaging 33 points and 55.9% effective field goal percentage before a loss to Orlando. He leads the league with over 106 touches per game and more than 40 minutes played, but concerns linger about sustainability and defense on a good but not elite team.
Donovan Mitchell's strong play for Cleveland, at 29.9 points and 60% eFG on a 52-win pace team hampered by injuries, goes unmentioned in most ballots amid the crowded field. Current MVP odds from Caesars Sportsbook list Gilgeous-Alexander at +150, Jokić at +140, Dončić at +400, Antetokounmpo at +2200, and Maxey at +5000. The race is expected to evolve with injuries and schedule strength.