1. Orlando Magic - I don't know how they're not the top contender this year. If a team below them gets Jordan, that could tip the scales. The Magic have the best front court in the league. Hakeem is old but he's still an elite defender. Starks/Jones are lockdown on the wings and Penny is a tremendous offensive guard. This team simply doesn't have any holes.
2. Washington Bullets - The Bullets added David Robinson to an already talented roster, and are significantly better now. On top of that, the duo of Ray Allen and Jason Terry should only be getting better, so this team is here to stay for awhile. You know you have a loaded roster when John Stockton can come off the bench. If they were able to upgrade Jim McIlvaine and/or Chris Dudley, both of whom are overpaid, they could be the best team in the league.
3. Minnesota Timberwolves - It appears that Kevin Garnett has taken a serious leap this season, and once Pippen is ready to play, they're going to be a scary duo. The one issue for them is that Nash is still pretty raw. They are plenty of contenders who have better point guards, so it will be interesting to see if NC looks to upgrade that position for this season.
4. Miami Heat - Last season, the Heat made a surprise post-season run with their dynamic duo of Kobe Bryant and Paul Pierce. After a series of off-season moves, the roster looks a lot more complete now. The team is ready to make some major noise out East, but with all of the good teams in that conference, it won't be easy. They could use an elite defender in the post if they want to beat the Magic.
5. Milwaukee Bucks - I don't think this team necessarily did enough in the off-season, they are rolling back a similar team. Luckily for them, Tim Duncan and Dirk Nowitzki should only be getting better every season, so without doing anything, the Bucks should be better than last season. They could really use to upgrade at shooting guard, and bump Todd Day into a sixth man role.