The NBA has officially announced the three finalists for the 2025-26 Regular Season Most Valuable Player award. The shortlist features Shai Gilgeous-Alexander (Oklahoma City Thunder), Nikola Jokic (Denver Nuggets), and Victor Wembanyama (San Antonio Spurs).

Despite a historic individual campaign, Luka Doncic has failed to make the top three. The Slovenian superstar, now representing the Los Angeles Lakers, saw his momentum stall due to a late-season hamstring injury. While Doncic successfully won an "Extraordinary Circumstances" appeal to remain eligible for awards after playing just 64 games (one shy of the league’s 65-game threshold), the voters ultimately looked elsewhere for their finalists.

The final selection highlights a continued shift in the league's power balance, as no American-born players feature in the MVP top three once again. The last domestic player to win the trophy was James Harden back in the 2017/18 season. This year’s race has become an all-international affair between a Canadian, a Serb, and a Frenchman.

The Case for the Finalists

Each of the three finalists brings a compelling "expert-level" resume to the table:

• Shai Gilgeous-Alexander: The reigning MVP led the Oklahoma City Thunder to the best record in the NBA (64 wins), averaging 31.1 points and setting a new record for consecutive 20-point games.
• Nikola Jokic: The Nuggets' talisman made history by becoming the first player to lead the league in both rebounds and assists per game, while averaging a 27-point triple-double.
• Victor Wembanyama: In a historic sophomore leap, the Spurs' phenom became a dual finalist for both MVP and Defensive Player of the Year, leading the league in blocks (3.1 bpg) while averaging 25 points and 11.5 rebounds.

While Doncic led the league in scoring at 33.5 points per game, the consensus among analysts is that the team success of the Thunder and the historic statistical milestones of Jokic and Wembanyama pushed them ahead in the ballot. The winner will be announced during the postseason awards ceremony.