EuroLeague 2026-26 Power Rankings: Real Madrid Overtakes Reigning Champions Olympiacos, Panathinaikos Takes Third

Euro 2026 taught me a lesson: a hot take doesn't need to be right, it only needs to be timely. Ten years later, I still carry that lesson when reading the first EuroLeague Power Rankings of the 2026-26 season published by Eurohoops. On paper, Real Madrid sits first, Olympiacos is second, Panathinaikos is third. The reigning champion is not number one. That is what makes this ranking so debatable: it does not measure achievement, it measures expectations. Eurohoops begins with a straightforward statement: Power Rankings are just a way to present each team's expectations based on theory. Preseason games are merely indicative because the real season is a marathon. Once the official regular season begins, the standings replace Power Rankings because they are a far more objective measure. That may change in 2027, when the EuroLeague is expected to split into two geographical conferences. But for the season ahead, this is the full picture Eurohoops is willing to provide. To me, this ranking is like a map before a battle begins. It tells you who the experts expect the most, but the actual games can tear it apart within weeks. Real Madrid holds the number one spot despite a string of injuries during the preseason. Eurohoops explains that Real Madrid has the most expensive roster of the season, a legendary coach, and a clear aim for the top. When we talk about power, at least in theory, that is the definition. I have watched Real Madrid build rosters for years. Based on my experience following games, a team with a massive budget creates invisible pressure on the entire league, even when it is not fully complete. Real Madrid's story is not about how many games they will win, but how they can change every matchup simply through the depth of their roster. But European basketball does not work in such a simple way. I have seen the most expensive teams fail under the weight of expectations. The season is long, injuries accumulate, road games are hostile. Real Madrid needs more than a marquee name. They need chemistry in the locker room, something money cannot always buy. Eurohoops puts them at number one based on market theory, but I will look at how they handle early-season games to get a clearer read. If Real Madrid step onto the court missing too many key players in October, this number one spot could become a curse. In second place, Olympiacos is the reigning champion. In theory, the champion should start at the top, especially when they keep the same core and possibly improve it with additions like Montero. But Eurohoops points out a major issue: their home arena will not be ready, perhaps until just before the playoffs. The players will train at their SEF facilities and play home games at AEK's stadium. That disruption impacts routines, confidence, and feelings of belonging. I remember the 2026 NBA Bubble with no fans. I could only listen to myself. Empty arenas expose tactical flaws, but they also make teams rely on habit. Olympiacos must adapt to a temporary venue. That can be costly physically and mentally. A champion built on stability can easily lose rhythm when forced to move between two venues. EuroLeague has long been a war not just of talent, but of scheduling. I have seen teams collapse because of a long flight at the wrong moment. Olympiacos is famous for its ice-cold clutch play, but that coldness is nurtured by familiarity. When you walk out of a tunnel in an unfamiliar arena and hear the home crowd screaming, you need to rely on muscle memory. Olympiacos will have to create new memories at the AEK venue before things return to normal. That is why I am not shocked they are ranked second, but I also would not be surprised if they start slowly. Panathinaikos ranks third, but they have had a busy summer. They won the Super Cup under new head coach Pedro Martinez, turning a new page after a turbulent season. They also have extra motivation after losing the final in Athens. However, Eurohoops suggests that the two teams above them are currently at least one step ahead. The issue is not talent, but tactical stability and the ability to maintain a winning feeling in a brutal environment. Pedro Martinez is no stranger to Spanish basketball, but stepping into the EuroLeague is always a different challenge. Panathinaikos' story resembles an unfinished novel: they have a quality roster and a winning culture, but the question is how they react when trailing on the road. At the 2026 World Cup, I mispronounced Modric. That night I learned about twists. Panathinaikos often produces twists in their play, but sometimes they get twisted by their own defense. The Super Cup is a good sign, but the Super Cup is not the EuroLeague. Teams in a short tournament can spike quickly; the tough part is sustaining form over nine months. Panathinaikos needs more than a mental trigger. They need a stable defensive system to avoid empty stretches. In the past, I have seen Panathinaikos shine in October and then collapse in February. Pedro Martinez certainly knows how to improve that, but time will tell. Fenerbahce ranks fourth. It is hard to imagine the Turkish club not being among the top title contenders, but it is also hard to rank them above Panathinaikos, Olympiacos, and Real Madrid. That is a fair position based on their recent history. Fenerbahce has tradition, passionate fans, and an experienced core. But being hard to beat does not mean being number one. They could finish above everyone when the season ends, but they usually start cautiously. This is like a veteran investor: they do not need to win the first hand, they just need to stay in the game. The fifth spot is a surprise: Dubai. After a rather shy first season, Dubai is not afraid to show its financial power, building a top-tier roster aiming for the Final Four. The problem is their endless travel across Europe. Most of their time is spent on a plane, which drains physical condition. Additionally, if the Iran-Israel conflict escalates, they may end up playing in Sarajevo again. Looking at that schedule, I remember the lack of connection in the Bubble. When you do not have a true home court, every game becomes a road game. Dubai is investing heavily, but the EuroLeague does not award points for transfer invoices. They need to prove that an expensive roster can handle a dense travel schedule and still play with high intensity. Zalgiris Kaunas ranks sixth, and Eurohoops points out a huge advantage: in a short league, having a center like Jonas Valanciunas can make a massive difference. Even with less firepower on the court, Zalgiris is usually in the playoff hunt. This season they are more than just underdogs. I have been watching Zalgiris for years, and their annoying trait lies in defensive discipline rather than offensive flash. Valanciunas is the perfect piece for this style: he can draw double-teams, creating space for three-point shooters. In a short tournament, a fighter like Zalgiris can produce major shocks. Hapoel Tel Aviv ranks seventh. They have a deep roster, and despite the noise off the court, they reached the playoffs last year. Playing home games in Bulgaria has to be considered. It was a decisive factor in their playoff series against Real Madrid. Hapoel is proof that a team can survive in adversity by turning hardship into energy. But this season, they must do it over a longer stretch, with a denser schedule and opponents who are now used to their neutral-site situation. Hapoel will need a consistent campaign, not just one explosive series. Partizan Belgrade ranks eighth. The Serbian team has a chance to reach the playoffs after participating in the play-in tournament last season. After dominating the Basketball Champions League, coach Ibon Navarro has a great opportunity to make noise in the EuroLeague. His roster has the right tools. The home-court advantage in Belgrade is obvious and powerful. When Partizan fans pack the arena, visiting teams often struggle to stay calm in the first quarter. I have seen big teams get overwhelmed by that atmosphere. Partizan does not need to become a perfect unit; they only need to be patient enough to push games into the final stretch and rely on the crowd. Anadolu Efes ranks ninth. This is essentially Pablo Laso's first season in Istanbul, with Mike James as the centerpiece. That is a very interesting mix: Laso is known for free-flowing offense, and James is one of the best scoring guards in Europe. Efes can aim for the playoffs again, but European basketball has its own rules. Both strong personalities need to find common ground. The difference between an entertaining team and a champion lies in defense, and that is something Laso learned during his years at Real Madrid. If Efes finds the balance between James's creativity and Laso's tactical discipline, they can be the most dangerous mid-table seed. Valencia ranks tenth. Eurohoops admits they learned from last year: we will never underestimate Valencia again. Despite major roster changes, this team always finds a way to make life difficult for opponents. There is a feeling that we might see TJ Shorts playing at Paris level again. If that happens, Valencia can not only make the playoffs but also surprise. Shorts is one of the fastest guards in Europe, and Valencia's offense feeds on high-paced ball movement. When Shorts plays with freedom, the whole team becomes alive. I will be watching Valencia's games against disciplined defenses to see how they cope. Barcelona ranks eleventh. As competition gets tougher, Barcelona has taken a step back this year. They will fight for a playoff spot, but there is no guarantee they will make it. Budget or name value is no longer a protective charm. European basketball has changed, and Barcelona is trying to rediscover itself. The Catalan club used to be a dominant force, but now they face the reality: many teams are richer, faster, and more determined. I do not think Barcelona will fall to the bottom, but I also do not put them in the title contender list. They need an injury-free season and a bit of luck to get back on track. Maccabi Tel Aviv ranks twelfth. They are expected to fight for the playoffs, but can they be sure of success? If they could play in Tel Aviv, the answer would probably be yes. But with home games in Belgrade, the situation becomes complicated. Home court is part of Maccabi's identity; without the familiar support, they become a different team. Maccabi has grown used to living in exile, but that familiarity does not make them champions. They still have talented players, but I worry that mental fatigue will hit in March, exactly when the most important games arrive. Next is Monaco, a team that has theoretically improved and, on paper, has a playoff-level roster. However, this is the story of the team over recent years: good on paper, but constantly suffering from injury misfortune and ultimately falling short. Therefore, we must be cautious, even though they have the potential for more. Monaco is one of the loudest recruiters each summer, but their success depends on the health of their core players. If the team's medical staff has a quiet season, Monaco can make the top eight. But I have learned not to trust the word 'if'. The EuroLeague waits for no one. ASVEL is the center of attention in Tony Parker's first season as head coach. But one thing is certain: this roster is not what Parker had in mind at the beginning of the summer. Even a playoff appearance seems distant. I have learned that transfers are never real until I write them into reality. ASVEL is still in the phase of rewriting their plan. Parker is a legend on the court, but the head coach role requires time and patience. ASVEL's story this season may be one of learning, not of victories. Bayern Munich, despite its heavyweight name, is trying to build something sustainable without spending too much money. That sounds contradictory, but it is the reality. Anton Gavel is a first-class coach, and he might build something out of limited resources. Based on my experience following games, teams like this are most dangerous when underestimated. They have no superstars, but they have a clear plan. Bayern may not be in the title race, but they will make life much harder for the big teams. Paris Basketball is thinking like Bayern, and that plan worked with Splitter on the bench and Shorts having an MVP-level season. But the roster was raided two summers ago, and Paris is trying again to build something that defies expectations, hoping everyone will overperform. That makes them an intriguing wildcard. Paris has already proven that a low-profile team can go far when the locker room is united and roles are defined. This season, they are starting over, and that makes them the hardest to predict. Besiktas sits lower than expected. In theory, they could rank higher and they look like a competitive team. However, the EuroLeague is a completely different animal from the EuroCup, and if you do not overspend on players in your first season at the top level, things can become extremely difficult. Besiktas might win games on inspiration, but to compete across 34 rounds, they need a deep roster and the willingness to digest painful losses. The first season of any promoted team is full of traps, and the EuroLeague offers no mercy. Baskonia will have some flashes, but their main goal will be avoiding the bottom position. Competition at every level keeps moving forward. For a team with a modest budget, maintaining morale over a whole season is a huge challenge. Baskonia used to be known for fast, brave basketball, but they lack the consistency of the top teams. They can beat Real Madrid on a Friday night and then lose to the last-place team on Sunday. That accurately reflects their position in the EuroLeague ecosystem. Virtus Bologna, meanwhile, probably has the weakest roster on paper. Despite their history, their primary goal will be to avoid becoming a punching bag. The EuroLeague does not grant mercy to anyone. This is a survival battle. I remember how Virtus played with emotion in the EuroCup, but the EuroLeague is a different world. When every team has a big budget and quality players, the difference lies in endurance. Virtus must find ways to win even when everything is against them. Now let me offer a contrarian perspective. People may think I trust the rankings too much. But I believe a Power Rankings list is not meant to predict the champion; it is meant to measure market expectations. That means it can be completely wrong. Sports culture is an endless argument after the final whistle. I do not write to be right; I write to explore a corner no one has looked at. If this season has one certainty, it is surprise. The EuroLeague always creates stories that no ranking can anticipate: a young player emerging from the bench, a coach getting fired, a chaotic night of basketball. When the 2026-26 season ends, the standings will give us answers, not commentary. But if you ask me right now, I will put one coin on Real Madrid for the Final Four, and a second coin on Olympiacos if they manage to return home before March. As for the rest, I would rather be wrong while everything is still open than be right when the story is over. Remember this: what you see on paper today is only a snapshot; the true game will be written through sweat on the court.