NBA Finals MVP Ladder: Shai Gilgeous-Alexander takes over No. 1 spot after Game 2

Finals Film Room: Shai Gilgeous-Alexander on fire through two Finals games

Two games into the 2025 NBA Finals, the championship is up for grabs if only because the Indiana Pacers and Oklahoma City Thunder are tied.

As for the Finals MVP, do we have a clear leader? Well, yes, actually. And it’s not a surprise for anyone who watched the regular season, the playoffs and obviously the NBA Finals to this point.

Shai Gilgeous-Alexander is passing all the tests — eye, statistical and otherwise. He’s the most productive player in this series until further notice, until someone comes along and drops him down a level, which would take a lot.

Of course, given the history of this award, Shai can drop all the 30-pieces he wants; OKC will likely need to win the series for him to win the award, unless he pulls a Jerry West, 1969 (still the only Finals MVP who didn’t win the title).

As for the others in this series? There’s a comfortable distance between the posse and Shai. By the way, a tough omission on this Finals Ladder is Myles Turner. The Pacers’ center has outplayed OKC’s bigs, especially with rim protection and outside shooting.

The stat to know: With 72 points, Shai has the most points ever through two games of the NBA Finals by a player making his Finals debut.

What they are saying: “Oh, no, I be frying AC.” — Thunder forward Jalen Williams on playing against Alex Caruso in practice, before admitting that Caruso is “a really good defender.”

1. Shai Gilgeous-Alexander, Thunder

2025 Finals stats: 36 ppg, 5.0 rpg, 5.5 apg

His case: There’s no difference between the regular-season, playoff and NBA Finals versions of Gilgeous-Alexander. He’s still finding his spots in the mid-range, shooting respectfully from deep and calmly scoring 30-plus points. That’s such a high level of play for seven straight months.

The slight difference is that Gilgeous-Alexander’s passing is on the uptick. He’s spotting teammates for easy buckets and doing it all in the flow. Plus, his defense remains solid, a true both-ends-of-the-floor performer in this series.

2. Tyrese Haliburton, Pacers

2025 Finals stats: 15.5 ppg, 6.5 rpg, 6 apg

His case: This has been a complicated series for him, a tale of two halves. In the first half of both games, Haliburton didn’t stand out. In the second halves, he has been arguably the best player on the floor, punctuated by his Game 1 winning shot.

If the Pacers get the attacking, alert and alive Haliburton, who finished strong in Games 1 and 2, they stand a better chance of pushing OKC to the limit and maybe off the cliff in this series.

3. Alex Caruso, Thunder

2025 Finals stats: 15.5 ppg, 4.5 rpg, 1.5 spg

His case: He sparkled in Game 2 with 20 points (tying his highest single-game total in a Finals), solid defense and was instrumental in OKC’s win. A career streaky shooter from deep, Caruso’s 3-point shooting (41.7%) in this series is keeping him on the floor as well.

At the very least, Caruso is the MVP-leader among bench players, which makes his place on the list all the more impressive. Look for him to continue getting starter-level minutes if he maintains his current level of play.

4. Jalen Williams, Thunder

2025 Finals stats: 18 ppg, 4.5 rpg, 5.5 apg

His case: When the Thunder needed a co-star, Williams, at times, managed to step comfortably into that role and has the stats to back this up.

The nitpick is this: Williams hasn’t been very consistent and has made errors when rushing his play and his decisions. Otherwise, OKC is getting good production from him with the jump shot, and on defense (where he must often check Pascal Siakam).

5. Pascal Siakam, Pacers

2025 Finals stats: 17.8 ppg, 8.5 rpg, 3.5 apg

His case: The most forceful and aggressive player for the Pacers in this series is Siakam, who’s always keeping the Thunder defense on alert. Siakam has convinced OKC to throw double teams his way, and he’s blowing through those layers at times — not many have that success against top-rated OKC.

However, he’s coming off a 3-for-11 shooting in Game 2 because, as they usually do, the Thunder are figuring him out and learning his tendencies. Siakam will need to watch tape, recognize when the double team is coming his way and look for the open man in those situations.

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Shaun Powell has covered the NBA for more than 25 years. You can e-mail him here, find his archive here and follow him on X.

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