Atlantic - Washington Wizards
This is in part due to the Nets being a little overrated last year and the Wizards being a little underrated. I think this year is another big step forward for the Wizards, which will close the gap. This will be a close race, barring injuries, and future trades. The Wizards are buyers right now it seems, so their roster may only be improving.
Central - Atlanta Hawks
Don't be fooled by preseason, the Pelicans are playing a Western Conference schedule, which is going to be tougher. I imagine they'll finish third in the division at best. The Hawks are poised to run this division again, it seems like Elvin Hayes is only getting better and better. Cutting back Gentile really illustrates how all in the Hawks are going this year. It's hard to imagine anyone else winning this division.
Midwest - San Antonio Spurs
This is a really competitive division, and the Thunder won this last year, but I think the Spurs did enough to make them the favorites. The Thunder overachieved last year and brought back mainly the same team as last season. The Spurs best move was adding Warney, I think that makes them a ~60 win team as opposed to a ~50 win team.
Pacific - Los Angeles Clippers
The Grizzlies took a little step back and are another year older. The Clippers core is looking a little bit stronger this year. Artis is a top five player all-time in this league, he's itching for another ring. The Clippers also have a lot of ammo to make moves, if they wanted to they could move Short and/or Cartwright and get a massive upgrade somewhere.