With the Oklahoma City Thunder, Milwaukee Bucks, Atlanta Hawks and Houston Rockets headed to Las Vegas for the NBA Cup semifinals and finals, there’s talk about NBA small market teams – particularly no New York Knicks, Boston Celtics, Los Angeles Lakers or Golden State Warriors.
We all know that the two teams on the coast New York and Los Angeles get the lion’s share of the media attention. Even when the Knicks and Lakers are losing, these two franchises are still covered by the sports media. That’s because they’re considered the biggest markets when factoring in the support (fans), resources and national media coverage. Even without the Lakers, Knicks r Celtics, the NBA Cup is in Las Vegas after all so there’s still opportunity to explore NBA betting promos for the NBA Cup
Those factors often reflect the size, affluence and influence of that metropolis’ population. Not just that, there are reasons that the majority of NBA players are drawn to these cities. That’s because of New York and L.A.’s out-sized energy and media coverage. The denser the population; the more options one has from a culture, food, convenience and nightlife standpoint. That’s not to mention how much playing in a larger NBA market can impact that player’s brand and lifestyle.
What Makes a Small Market, Small?
While there are different interpretations of “small market” and isn’t officially defined by the league, several key factors contribute to this designation. In the NBA, most can agree that a small market typically refers to teams located in cities with smaller populations, less media exposure, and fewer financial opportunities compared to larger metropolitan areas.
Small-market NBA teams are typically defined by their location in cities with smaller populations, limited media reach, and fewer economic opportunities compared to larger metropolitan areas. These teams operate in smaller media markets, resulting in reduced local broadcast revenue and less national exposure. Additionally, they often face challenges in securing corporate sponsorships due to a less robust local business ecosystem. Attracting top free agents to the cities can also be difficult, as players are often drawn to large markets with better endorsement opportunities and lifestyle benefits.
While NBA revenue-sharing policies help mitigate some disparities, small-market teams still generate less income from broadcasting and sponsorships compared to their large-market counterparts.
The 15 NBA Teams That Have the Smallest Markets
Measuring the size of the market is a rather complicated matter and that’s why we’ve decided to the total number of homes with television when stating the Top 5 smallest NBA markets today. You’ll notice that most of these teams have some superstars or potential superstars on their roster and it is interesting to see what tactics will they use in order to keep them where they are.
5. Utah Jazz, Salt Lake City
Number of homes with television: 897,390
The Utah Jazz are a model of how a small-market NBA franchise can achieve sustained success by connecting with its local community and embracing the unique characteristics of its city and state. Based in Salt Lake City, the Jazz operate in one of the smallest NBA markets, with the city itself having a population of about 200,000 and the greater metropolitan area, including surrounding suburbs, reaching approximately 1.3 million.
Salt Lake City is notable for its unique cultural identity, shaped by its history as the headquarters of the Church of Jesus Christ of Latter-day Saints (LDS). This distinct background has fostered a sense of pride, resilience, and community that aligns with the Jazz’s identity as a hardworking, overachieving team.The Utah Jazz were one of the most recognizable franchises of the 90s. They were led by legends John Stockton and Karl Malone on the floor while having one of the best coaches in the history of the game in the likes of Jerry Sloan, the Jazz became a symbol of small-market competitiveness, reaching the NBA Finals in 1997 and 1998.
Today, the Jazz continue to thrive as a small-market team, adapting to the challenges of the modern NBA by focusing on player development and savvy roster moves. After trading stars like Rudy Gobert and Donovan Mitchell in 2022, the Jazz entered a new phase, building around rising talents like Lauri Markkanen and Walker Kessler.
This ad from a few years ago featuring then Utah all-star Gordon Hayward only shows how close is the community back in Salt Lake City.
4. Milwaukee Bucks
Number of homes with television: 893,210
3. Oklahoma City Thunder
Number of homes with television: 704,490
The Oklahoma City Thunder have long been a prime example of a small-market NBA team navigating the challenges and opportunities of competing at the highest level. Since relocating from Seattle in 2008, the Thunder quickly rose to prominence by building through the NBA Draft, assembling a young core of future superstars, including Kevin Durant, Russell Westbrook, and James Harden. Under the leadership of head coach Scott Brooks and a forward-thinking front office, the Thunder reached the NBA Finals in 2012, showcasing the potential for small-market teams to achieve success.
Despite losing key players like Durant and Harden to larger-market teams or free agency, the Thunder have remained resilient. The organization pivoted to building around Westbrook, who became a symbol of loyalty and determination for small-market franchises, earning an MVP award in 2017 and making history with multiple seasons averaging a triple-double. When the time came to rebuild, the Thunder embraced a forward-thinking strategy, trading Westbrook and Paul George in exchange for an unprecedented cache of draft picks and young talent.
Today, the Thunder are focused on their next era of success, built around rising stars like Shai Gilgeous-Alexander and Jalen Williams and a treasure trove of draft assets. Their ability to scout, develop talent, and remain patient has positioned them as a potential powerhouse for years to come.
2. Memphis Grizzlies
Number of homes with television: 653,560
The Memphis Grizzlies exemplify how a small-market team can thrive by embracing its city’s identity and building a culture that resonates with its community. Memphis, a city known for its rich history in music, particularly blues, soul, and rock ‘n’ roll, as well as its deep cultural roots in the American South, has a population of just over 630,000. With a metropolitan area of around 1.3 million, Memphis is smaller than most NBA markets, making the Grizzlies’ success even more remarkable.
Since their relocation from Vancouver in 2001, the Grizzlies have forged a strong bond with the city through grit, resilience, and community outreach. During the “Grit and Grind” era, led by players like Marc Gasol, Zach Randolph, Tony Allen, and Mike Conley, the team embodied the hard-working spirit of Memphis. Despite being a small-market franchise, the Grizzlies became consistent playoff contenders throughout the 2010s.
Today, the Grizzlies are building their next chapter around young stars like Ja Morant, Jaren Jackson Jr., and Desmond Bane. With a focus on player development and cultivating homegrown talent, the Grizzlies have positioned themselves as perennial playoff contenders while maintaining a deep connection to the city. Memphis’s demographic diversity and vibrant culture continue to influence the Grizzlies’ identity, from their “Grind City” ethos to their fan-friendly initiatives.
1. New Orleans Pelicans
Number of homes with television: 641,150
The New Orleans Pelicans exemplify how a small-market NBA franchise can integrate itself into the unique culture and demographics of its city to build a strong identity and connection with its fanbase. New Orleans, with a population of approximately 375,000 within the city and around 1.26 million in the metropolitan area, is one of the smallest markets in the NBA.
The Pelicans, established in 2002, represent more than just basketball; they are part of the broader cultural tapestry of a city that values community and resilience. This is especially significant given New Orleans’ recovery from disasters like Hurricane Katrina, which reshaped the city and its population. The team’s connection to the city is strengthened by its embrace of local culture, including Mardi Gras-inspired branding and fan engagement efforts that highlight New Orleans’ unique spirit.
On the court, the Pelicans have worked to compete as a small-market franchise by focusing on developing young talent. After the departure of franchise cornerstone Anthony Davis in 2019, the team began a new era, led by Zion Williamson, Brandon Ingram, and other promising players. The Pelicans’ ability to compete hinges on cultivating talent, fostering a strong team culture, and connecting with their local fanbase in a way that larger markets cannot replicate.
Smallest NBA Markets by Population
The size of NBA markets can be evaluated in a few ways, primarily through the population of the city’s TV market and the overall valuation of the team. Larger TV markets mean broader media reach and higher potential revenue from local broadcasting deals, while a team’s valuation reflects factors like market size, financial performance, and brand strength. Here’s a list of the NBA’s smallest markets according to Nielsen data regarding number of homes with TVs and Sportico’s data on 2023 team valuations (in billions).
NBA Rank | NBA Team | Value | TV Homes | Value Rank | ||
---|---|---|---|---|---|---|
30 | Memphis Grizzlies | $2.82b | 633,920 29 | |||
29 | New Orleans Pelicans | $2.72b | 641,620 | 30 | ||
28 | Oklahoma City Thunder | $3.08b | 722,140 | 26 | ||
27 | Milwaukee Bucks | $3.2b | 895,700 | 23 | ||
26 | Utah Jazz | $3.24b | 916,960 | 21 | ||
25 | San Antonio Spurs | $3.29b | 938,660 | 18 | ||
24 | Indiana Pacers | $3.27b | 1,086,310 | 20 | ||
23 | Portland Trailblazers | $3.28b | 1,143,670 | 19 | ||
22 | Charlotte Hornets | $3b | 1,189,950 | 27 | ||
21 | Sacramento Kings | $3.46b | 1,379,770 | 14 | ||
19 | Orlando Magic | $3.12b | 1 | 519 | 570 | 24 |
18 | Denver Nuggets | $3.4b | 1,630,380 | 15 | ||
17 | Miami Heat | 4.17b | 1,696,330 | 7 | ||
16 | Minnesota Timberwolves | $2.94b | 1,742,530 | 28 |
Download the Nielsen PDF here if link above doesn’t work
According to the above, the smallest market is Memphis then New Orleans, which is different than what we listed above. However, it’s the same five teams in our list and the one that Nielsen provides. So it’s safe to say Memphis, New Orleans, Oklahoma City, Milwaukee and Utah are the five smallest markets when it comes to NBA franchises.
Some small-market teams, like the Milwaukee Bucks and San Antonio Spurs, have overcome these challenges by cultivating strong team cultures, excellent drafting, and on-court success. Mainly winning championships and consistent playoff appearances can boost a small-market team’s profile, making them more appealing to players and sponsors alike. So it’s surprising to see the Denver Nuggets ranked so low in NBA team valuation given their recent success, including winning the 2023 NBA Championship and being led by three-time MVP Nikola Jokić. The team plays in the city with the 15th most homes with televisions and Denver’s metropolitan area has increasing economic opportunities. However, their relatively small media market and lower national visibility compared to teams in larger cities likely contribute to their undervaluation. This underscores the financial challenges smaller-market teams face, even when they achieve on-court success.