2025-26 NBA MVP Odds: Nikola Jokic slim favourite over Shai Gilgeous-Alexander

NBA MVP for the 2025-26 season is quickly becoming a two-horse race between three-time winner Nikola Jokic and reigning winner Shai Gilgeous-Alexander.

Here’s what you need to know.

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Nikola Jokic

Jokic slightly edges out SGA as a +155 MVP favourite. The Nuggets superstar continues to put up absurd numbers, averaging 29.6 points (sixth in NBA), 11.1 assists (first) and 12.8 rebounds (second) per game. He has 10 triple-double in 17 games and he’s a key reason why Denver is second in the Western Conference standings with a 13-4 record.

Efficiency has been key for Jokic as he’s shooting 70 per cent from 2-point range. For context, the previous record of 2-point percentage among players with at least 10 attempts per game was Wilt Chamberlain’s 68 per cent in 1966-67.

Shai Gilgeous-Alexander

After winning last year’s NBA championship, the Thunder once again look like a wagon with a league-best 17-1 record. Look no further than last year’s regular season and Finals MVP, Gilgeous-Alexander, as a key reason. SGA is averaging nearly identical numbers this season (32.2 points, 4.9 rebounds, 6.6 assists, 1.4 steals) to what he did last year (32.7 points, 5.0 rebounds, 6.4 assists, 1.5 steals).

Gilgeous-Alexander is operating at a career-high efficiency rating (54.3 field goal percentage) with a career-low 1.8 turnovers per game. And he’s doing this all while rarely playing in the fourth quarter because of how badly OKC is beating teams, posting a league-best 16.9 point differential.

Last 10 NBA MVPs

If history is any indication, SGA could be in line for back-to-back MVPs. Players have won back-to-back MVPs 13 times in league history, including three seperate occasions over the last 11 years. And of course, the only other Canadian to win NBA MVP, Steve Nash, did it in 2005 and 2006.