The Emirates NBA Cup has officially moved to Las Vegas, which means the semifinals and championship are upon us.
The two semifinal matchups are a contrast in familiarity. The New York Knicks-Orlando Magic game Saturday will be the fourth time the teams have met this season, and the second time in the past week, while the Oklahoma City Thunder and San Antonio Spurs face each other for the first time this season.
Both games feature unique intrigue, as the Knicks and Magic are both vying for supremacy in a wide-open Eastern Conference and the Thunder and Spurs are renewing a rivalry in the Western Conference.
How did the teams earn their trip to Vegas? Which matchups will define the semifinals, and will Victor Wembanyama return to face his old rival Chet Holmgren?
Our NBA insiders give their insights ahead of Saturday's semifinals.
How did they get here?
East
New York Knicks
It feels like worlds ago from when the Knicks began Cup play, as the then-surprising Chicago Bulls dealt them their first loss of the season. It highlighted two issues: a frustrated Josh Hart, who was dealing with the effects of a nerve injury on a finger in his right hand, and the Knicks' inability to win on the road.
The loss seemed like a harbinger for all the unnecessary things that can haunt a team for 82 games, let alone an early-season tournament. But the Knicks are finding their way on the road, having qualified for the semifinals with a convincing 117-101 win in Toronto on Tuesday. And Hart, reinserted into the starting lineup after being a reserve, has been a catalyst in the Knicks righting the ship.
Karl-Anthony Towns had his best statistical game of the season, a 39-point, 11-rebound, four-assist showing against the Miami Heat in a mid-November NBA Cup game. Towns needed a breakout game to show he could fit into Mike Brown's new offensive system, which focuses more on ball movement and not the occasional stagnant play that plagued the Knicks last season.
The Knicks are catching a break in playing the Orlando Magic without Franz Wagner, and there's also the benefit of familiarity considering they've seen each other three times already this season, including a 106-100 win Sunday.
They're getting closer to figuring out a true identity, and the Magic could be the best team to bring that out of them. Jalen Brunson has been the constant, and he had a masterpiece in Toronto with 20 of his game-high 35 points in the first quarter. He has scored at least 30 in the Knicks' last three Cup games and that formula will be on display once again Saturday afternoon. -- Vincent Goodwill
Orlando Magic
The Magic made it to Las Vegas even though they have not been at full strength for much of their NBA Cup run. Despite not having Paolo Banchero for three of their four Cup group games, the Magic went undefeated in group play, with multiple players stepping up at different times. Depth and versatility have been big pieces of the Magic's turnaround after a 1-4 start to the season, as six different players have led Orlando in scoring in a game this season.
Desmond Bane has been the big difference-maker for Orlando. Since he drilled a buzzer-beating game winner against Portland in a non-Cup game on Nov. 10, the Magic are 11-4. He has been even more than the Magic hoped for when they traded four unprotected first-round picks, a first-round pick swap and two players to Memphis for him. He scored 37 points to help Orlando win its group in a 112-109 victory at Detroit on Nov. 28 and then dropped another 37 points during a 117-108 win against Miami in the NBA Cup quarterfinal.
Banchero returned three games ago, but the Magic will not have Franz Wagner available in Las Vegas. Wagner, Orlando's steadiest player, is out with a high left ankle sprain suffered on Dec. 8.
Banchero ramped his minutes up to 32 during the win over Miami, and Orlando will need him and Bane to come up big to have any shot at winning the Cup. Jalen Suggs will also have to excel on both ends of the floor, like he did against Miami with 20 points and active defense, and Wendell Carter Jr.'s presence inside will be key in Vegas -- he recorded 14 points and 10 rebounds in the quarterfinal win. The Magic are hoping Anthony Black's and Tristan da Silva's versatility, energy and shotmaking will help offset the loss of Wagner, as well. -- Ohm Youngmisuk
West
Oklahoma City Thunder
The Thunder punched their ticket to Vegas for the second straight season with the same blend they've used to build a record-tying 24-1 start: heavy on the blowouts with a bit of clutch dominance when necessary.
Oklahoma City went 5-0 in Cup play with an average margin of victory of 24.8 points. That point differential was padded by Wednesday's 49-point win over the Phoenix Suns in the quarterfinals, the most lopsided result in the league so far this season.
But the Thunder, who opened Cup play with 31- and 32-point road routs over the Kings and Jazz, respectively, were challenged a couple of times en route to Vegas.
That only brought out the best in this Oklahoma City team, which has a plus-41.4 net rating in clutch situations -- by far the best in the league.
The score was tied with three minutes remaining when the Minnesota Timberwolves visited Paycom Center on Nov. 26 in a Western Conference finals rematch. Then Shai Gilgeous-Alexander stole the ball from Donte DiVincenzo at half court and converted a layup in transition to give the Thunder the lead for good. OKC's league-best defense held the Wolves to one field goal in the final few minutes.
A couple of nights later, the scrappy Suns sliced a 15-point deficit to one in crunch time. Gilgeous-Alexander, who leads the league with 87 clutch points in 53 minutes, slammed the door on the Suns with 10 points in the final 2:40.
There wasn't any suspense when the Suns returned to OKC. Gilgeous-Alexander and the rest of the Thunder starters checked out with 3:32 to go in the third quarter, comfortable with a 41-point lead on their way to a second straight NBA Cup semifinals appearance. -- Tim MacMahon
San Antonio Spurs
The Spurs played half of their NBA Cup group stage games without Victor Wembanyama, clinching the West Group C with a 3-1 record the day after Thanksgiving on the road at Denver. Adding to the intrigue going into Saturday's semifinals matchup against Oklahoma City is the potential availability of Wembanyama, who hasn't played since Nov. 14 because of a left calf strain.
The third-year star rejoined the team on the road in New Orleans at the start of the week and participated in back-to-back workouts Sunday and Monday, before taking in two more sessions in Los Angeles ahead of the team's NBA Cup quarterfinals win over the Lakers on Wednesday. In the wake of the victory, Spurs coach Mitch Johnson indicated Wembanyama could be in play for a return Saturday against the defending champion Thunder.
"Very much so," Johnson told reporters. "He had a really good day today. He had a very intense day, and we'll have to see how he responds or reacts [on Thursday]."
If Wembanyama can play in Las Vegas, it would mark just his fifth matchup against Oklahoma City big man Chet Holmgren, who played a role in limiting him to six points on 1-of-8 shooting the last time the players faced off in October 2024. Holmgren owns a 3-1 record in the series against Wembanyama in a rivalry dating back to the 2021 U19 FIBA World Cup final between the United States and France in Riga, Latvia.
Interestingly, the first time Wembanyama and Holmgren clashed in the NBA was during the inaugural season of the in-season tournament. Wembanyama scored eight points on 4-of-15 shooting, and Holmgren had nine points on 3-of-10 from the floor on a night Oklahoma City dominated San Antonio 123-87 behind Shai Gilgeous-Alexander's 28 points and seven steals. -- Michael C. Wright
Matchup to watch
Orlando Magic vs. New York Knicks (5:30 p.m. ET, Prime)
A common theme has emerged from the three meetings Orlando and New York have already had this season. In the first two games, both Magic wins, Franz Wagner averaged 32.5 points on 56% shooting, and Orlando averaged 128.5 points as a team. In the third game, though, Wagner suffered a high ankle sprain and played just seven minutes, as Orlando managed only 100 points in a loss.
Can Paolo Banchero and Desmond Bane supply enough scoring to compensate for Wagner's absence in the Cup semifinal? Bane led the way with 37 points in the quarterfinal, but it seems likely that Banchero -- who missed most of the Magic's two wins against New York this year, then shot just 4-for-11 in their loss -- will need to step up to boost his team to the final. -- Zach Kram
San Antonio Spurs vs. Oklahoma City Thunder (9 p.m. ET, Prime)
The quickness of San Antonio's guards against Oklahoma City looks pivotal. The Lakers had no answers for the Spurs' trio of All-Star De'Aaron Fox and recent lottery picks Stephon Castle and Dylan Harper, who combined for 63 points on 24-of-43 shooting Wednesday night -- just the second time all season all three have been healthy.
Most teams don't have multiple perimeter defenders capable of matching up with San Antonio's dynamic trio. Alas, the Thunder have repeatedly proved they're not most teams. All four of Oklahoma City's perimeter starters are capable defenders, and reserve Alex Caruso might be even better. -- Kevin Pelton
Expert championship picks
Marks: Oklahoma City over New York
Kram: Oklahoma City over New York
Pelton: Oklahoma City over Orlando