Recent developments around the NBA’s proposed “3-2-1” lottery reform have shaped trader sentiment, with the Board of Governors set to vote on the measure May 28. League officials presented the plan to general managers in late April, outlining an expansion to 16 teams, tiered ball allocations that reduce the advantage for the worst records, and expanded authority to penalize apparent tanking. Commissioner Adam Silver has publicly endorsed the framework as a way to better align incentives with on-court competition rather than deliberate underperformance. While the proposal has cleared early internal reviews and targets implementation for the 2027 draft, final owner approval remains the key variable, supporting the current 59.5 percent implied probability for a rules change.