The 2023-24 NBA season is set to start on October 24 with a pair of huge matches.

This will be the Denver Nuggets against the Los Angeles Lakers and the Phoenix Suns clashing with the Golden State Warriors.

Three of the teams set to welcome the new NBA season officially are given huge odds to win the 2023-24 NBA title - the Suns, Lakers, and the defending champions Nuggets, per OddsShark.com.

The other two title favorites are from the Eastern Conference, the Boston Celtics and the Milwaukee Bucks. However, these odds are subject to change depending on various factors, such as injuries or potential deals, before the NBA trade deadline in February 2024.

As things stand now, here is an assessment of the top 5 teams heading to the 2023-24 season.

5. Phoenix Suns

For a team with Kevin Durant, Devin Booker, and Bradley Beal, there is no denying that the Suns have what it takes to win it all. Despite being in a highly competitive Western Conference and having a new coach in Frank Vogel, the Suns still have what it takes to defy the odds heading into the 2024-24 season.

4. Los Angeles Lakers

The Los Angeles Lakers will remain favorites every year, especially with LeBron James still around. Although he is already 38, he has a stellar supporting cast, per ABC News.

There are Anthony Davis, Austin Reaves, and D'Angelo Russell. And for those who followed their transactions, they have a young and talented crew to back them up. That includes Christian Wood, Jaxson Hayes, Gave Vincent, Cam Reddish, Jarred Vanderbilt, and Rui Hachimura.

3. Denver Nuggets

With Nikola Jokic and Jamal Murray at the helm, there is no question that the Denver Nuggets have a chance to clinch back-to-back NBA titles. The Nuggets, Lakers, and Suns are all given a +1200 odds of winning the NBA title.

2. Boston Celtics

The Boston Celtics are entering the new NBA season with a couple of new faces in Kristaps Porzingis and Jrue Holiday. Marcus Smart is no longer around, but the two additions should provide Jayson Tatum and Jaylen Brown a much-needed boost.

Holiday, Derrick White, and Payton Pritchard will also need to man the backcourt properly to compensate for Smart, who was traded to the Memphis Grizzlies. They are given a +850 chance to win the NBA title for the 2023-24 wars.

1. Milwaukee Bucks

The Milwaukee Bucks have suddenly become favorites to win this season's title after the Damian Lillard trade, CBS Sports reported. A duo featuring Lillard and Giannis Antetokounmpo is daunting, with other guys like Khris Middleton and Brook Lopez providing the necessary support.

After that blockbuster multi-team trade for Lillard, they are +750 favorites to win it all. However, head coach Mike Budenholzer needs to get support from other players to live up to the hype of winning the Larry O'Brien trophy again.