There's a way to know if a club is satisfied with its season: count how many players it has changed. Olympiacos, European champion in May, has signed four players and hasn't touched any of the pieces that lifted the trophy in Athens. Yet it has made the most expensive market in its recent history, because two of those four are the best perimeter players available.
The Starting Point
The 2025-26 season was flawless. Olympiacos finished first in the regular season with 26 wins and 12 losses, swept Monaco 3-0 in the quarterfinals, eliminated Fenerbahçe in the semifinals, and won the final against Real Madrid. It was their fourth European title, thirteen years after the previous one, and they achieved it at the Telekom Center, the home of Panathinaikos.
It also became the first regular season leader in the competition's history to end up lifting the trophy.
Throughout that season there was an unusual accumulation of awards. Sasha Vezenkov was MVP of the season, leading scorer with 19 points per game and highest-rated with 22.1. Nikola Milutinov led in rebounds with 7.2. Evan Fournier took home the Final Four MVP. Tyler Dorsey made the All-EuroLeague Second Team.
What's Leaving
Not much, and nothing essential. Alec Peters departed to Olimpia Milano, Frank Ntilikina to Paris Basketball, and Keenan Evans to Žalgiris.
The departure that made the most noise in Greece was Moustapha Fall's move to Panathinaikos, a transfer that never goes unnoticed in Athens. Completing the list are Shaquille McKissic, who signed with Türk Telekom, Monte Morris, and Kostas Antetokounmpo.
What's Arriving
Four signings, and the first two explain the entire summer.
Jean Montero arrives from Valencia after the best season of his career: Playoff MVP, EuroLeague Rising Star, and a 45 efficiency rating performance in the fourth game of the series against Panathinaikos. He's 23 years old and is probably the signing with the most upside potential in the entire European market.
Codi Miller-McIntyre lands from Crvena Zvezda after leading the competition in assists with 7.4 per game across 39 games. He's the pure point guard that Bartzokas' team didn't have.
The other two moves are depth additions: Mbaye Ndiaye arrives from ASVEL following payment of a 400,000 euro buyout clause, and young Nikos Plotas joins from Promitheas Patras.
Who Stays
Everything else. Vezenkov, Milutinov, Fournier, Dorsey, Tyson Ward, Omiros Netzipoglou, Donta Hall, and Tyrique Jones continue. Cory Joseph and captain Kostas Papanikolaou renewed their contracts.
And most importantly, Georgios Bartzokas and his coaching staff remain, with contract extensions following the title.
The Keys
The only weak point, covered. Olympiacos won the EuroLeague with a balanced distribution of playmaking, without a dominant point guard. Miller-McIntyre and Montero change that completely. The team might improve; it could also alter an equilibrium that was working.
Shot distribution. Vezenkov, Fournier, Dorsey, and now Montero. Four players who need volume to perform, and only one ball. Bartzokas has spent years managing egos successfully, but the perimeter minutes have suddenly shrunk and someone will play less than they expect.
The age of the core. Papanikolaou is 36 years old, Joseph 35, and Fournier 33. Vezenkov and Milutinov are around 31. It's a roster in its best competitive moment, not its best physical moment, which is why the youth of Montero and Ndiaye reads as a medium-term plan.
Champion fatigue. No team has repeated the EuroLeague title since Anadolu Efes in 2021 and 2022. Every opponent marks the game against the champion in red, and Olympiacos starts with the emotional hangover of fulfilling a thirteen-year wait.
The Forecast
They're the favorites, and there's not much more to discuss. They keep the competition's MVP, the best rebounder, the Final Four MVP, the coach, and nine players from the championship core, and have added two of the best perimeter players on the market.
The question isn't whether they'll reach the playoffs, but how long it takes for the new perimeter to click and whether their bodies can withstand a 38-game regular season plus playoffs schedule at that average age. If they do, they'll be in the Final Four again.
And there, as always, the roster doesn't call the shots.
Full Roster
Point Guards and Shooting Guards: Cory Joseph (1.88m), Jean Montero (1.88m), Codi Miller-McIntyre (1.91m), Omiros Netzipoglou (1.93m), Nikos Plotas (1.95m), Tyler Dorsey (1.96m), Tyson Ward (1.98m), Evan Fournier (2.00m)
Small Forwards: Mbaye Ndiaye (2.04m), Kostas Papanikolaou (2.04m), Sasha Vezenkov (2.06m)
Power Forwards and Centers: Tyrique Jones (2.06m), Donta Hall (2.08m), Nikola Milutinov (2.13m)