From stunning Angel Reese trade to expansion ingenuity: How Dream, Valkyries broke the mold to reach Finals

In the modern WNBA, nearly every championship team has walked the same path: stink for a while, wind up with multiple No. 1 overall picks, draft a few generational players, win titles. That may sound reductive, but it's a basic formula that has proven successful time and time and time again. 

We don't yet know whether the Golden State Valkyries or Atlanta Dream will take home the title this season. But we do know that no matter what, that pattern will be broken.  

There is only one No. 1 overall pick playing in these Finals -- Rhyne Howard, who the Dream selected with the top pick in 2022. In fact, the only other lottery pick in this series is Allisha Gray, whom the Dallas Wings selected with the No. 4 pick in 2017. The Dream had to make trades to acquire both players. 

Dating back to 2010, 12 of the last 16 champions have had at least two No. 1 overall picks that they drafted on the roster. The 2024 New York Liberty also had two No. 1 overall picks, but only drafted one of them (Sabrina Ionescu), while the 2021 Chicago Sky had one No. 1 overall pick (Candace Parker) and did not draft her. The only two champions in the last 16 years without a No. 1 overall pick were the 2019 Washington Mystics and 2012 Indiana Fever -- and they both had first-ballot Hall of Famers in Elena Delle Donne (No. 2 pick in 2013) and Tamika Catchings (No. 3 pick in 2001).

While four of the eight playoff teams this season had multiple No. 1 overall picks -- the Wings, Fever, Aces and Liberty -- none of them made the Finals. 

Season	Champion	No. 1 overall picks
2025	Aces	A'ja Wilson (2018), Jackie Young (2019)
2024	Liberty	Breanna Stewart (2016), Sabrina Ionescu (2020)
2023	Aces	Kelsey Plum (2017), A'ja Wilson (2018), Jackie Young (2019)
2022	Aces	Kelsey Plum (2017), A'ja Wilson (2018), Jackie Young (2019)
2021	Sky	Candace Parker (2008)
2020	Storm	Sue Bird (2002), Jewell Loyd (2015), Breanna Stewart (2016)
2019	Mystics	None
2018	Storm	Sue Bird (2002), Jewell Loyd (2015), Breanna Stewart (2016)
2017	Lynx	Seimone Augustus (2006), Maya Moore (2011)
2016	Sparks	Candace Parker (2008), Nneka Ogwumike (2016)
2015	Lynx	Seimone Augustus (2006), Maya Moore (2011)
2014	Mercury	Diana Taurasi (2004), Brittney Griner (2013)
2013	Lynx	Janel McCarville (2005), Seimone Augustus (2006), Maya Moore (2011)
2012	Fever	None
2011	Lynx	Seimone Augustus (2006), Maya Moore (2011)
2010	Storm	Lauren Jackson (2001), Sue Bird (2002)

Players not drafted by title-winning team in italics

Rather than relying on lottery luck and high draft picks, these two teams found a different way to the WNBA Finals. The Dream have spent the past five years being active on the trade market, acquiring talent that isn't just highly touted, but that fits the system and culture they're establishing in Atlanta. The Valkyries, meanwhile, took a unique approach to the expansion draft and free agency to build a team of players who have a chip permanently embedded in their shoulders, allowing them to turbo-charge a typical expansion timeline and find success immediately.

Before the best-of-seven WNBA Finals tips off on Saturday, let's take a deep dive into how these championship-contending rosters were assembled. 

Dream: Reese acquisition highlights trade-happy approach

Padover gets to work immediately

Dan Padover was hired as the Dream's general manager and vice president of basketball operations on Oct. 25, 2021, and got to work immediately with a pair of blockbuster deals that would set the course for his tenure in Atlanta. 

On April 5, 2022, he traded former lottery pick Chennedy Carter and the rights to Li Yueru to the Los Angeles Sparks for Erica Wheeler, the No. 15 overall pick in the 2022 WNBA Draft and the Sparks' 2023 first-round pick. One day later, he made an even bigger splash by trading the Nos. 3 and 14 overall selections in the 2022 WNBA Draft, and swap rights to the Sparks' 2023 first-round pick to the Washington Mystics for the No. 1 overall pick in the 2022 WNBA Draft. 

Padover then used the No. 1 pick to select Rhyne Howard and the No. 15 pick to select Naz Hillmon, who are now the longest-tenured members of the Dream. And though both were drafted by the Dream, they also fit into Padover's trade-happy approach because neither of the picks used to select them originally belonged to Atlanta. 

Howard won Rookie of the Year in 2022 and was an All-Star in her first season. In five seasons with the Dream, she's made four All-Star appearances, one All-Defensive team and has a chance to make both All-WNBA and All-Defensive this season. Hillmon, meanwhile, has grown into a vital role player and was named Sixth Player of the Year last season. 

Gray is the next big addition

Ahead of the 2023 season, Padover traded the No. 3 overall pick in the 2023 WNBA Draft and the Dream's 2025 first-round pick to the Dallas Wings for former lottery pick and 2017 Rookie of the Year Allisha Gray. 

"Adding Allisha Gray is a huge step for our organization and we are all celebrating a big win today," Padover said at the time. "She is one of the best two-way guards in the world and is in the prime of her career. The intensity in her style of play will fit perfectly here in Atlanta."

He could not have been more correct. Gray has been an All-Star in all four of her seasons with the Dream, and finished fourth in MVP voting and made the All-WNBA First Team last season. She averaged a career-high 19 points this season, which led the Dream and was good for ninth in the league. 

Oh, Canada

Prior to the 2024 season, Padover added yet another key piece via a trade. This time, he sent the No. 8 overall pick in the 2024 WNBA Draft and former lottery pick Aari McDonald to the Sparks for Jordin Canada and the No. 12 overall pick in the 2024 WNBA Draft. (He used the No. 12 pick to select Australian forward Nyadiew Puoch, who never played for the Dream and was eventually selected in the 2026 expansion draft by the Portland Fire.)

"Jordin is an elite playmaker in the prime of her career and a perfect addition to our team," Padover said at the time. "Jordin adds a variety of WNBA experience and everywhere she has been she has found a way to make her team better."

Again, he was on the money. Canada, who won two titles with the Seattle Storm early in her career, was hampered by injuries in her first two seasons with the Dream. Now that she's fully healthy, she's been able to make a major impact. Her 7.3 assists per game this season were a career-high and good for third in the league, and her 1.9 steals were good for second, behind only Howard. In the playoffs, Canada has put the team on her back at times in Gray's absence; four of her five highest-scoring postseason performances have come during this run. 

Reese blockbuster puts the Dream over the top

Following three consecutive first-round exits from 2023-25, Padover knew the Dream needed one more piece to put them over the top. He had to wait until the new collective bargaining agreement was signed, but once business was open, he quickly traded first-round picks in 2027 and 2028 to the Chicago Sky for disgruntled star Angel Reese. 

"Angel is a dynamic talent and a perfect fit for what we are building in Atlanta," Padover said at the time. "She has already proven herself as one of the most impactful players in the league, and her competitiveness, production and drive to win align seamlessly with our vision. This is an exciting moment for our organization and our fans."

Reese was an All-Star in each of her two seasons in Chicago, and had immediately established herself as an all-time rebounding talent, but her frustrations over the team's approach boiled over at the end of the 2025 season, when she was suspended for half a game after making criticial comments in a newspaper interview. While it was not surprising that the Sky traded Reese, it was surprising that the Dream only had to give up two first-round picks, which will likely be in the teens. 

While Reese got off to a slow start in Atlanta, her in-season development has been stunning. She averaged a career-high 16.4 points, once again led the league in offensive and total rebounds, finished third in steals and won Defensive Player of the Year. Her motor, physicality and toughness, in addition to her skill, has helped the Dream reach the Finals for the first time since 2013. 

How the Dream's roster was acquired

Player	Arrived in Atlanta	Arrived via
Rhyne Howard	2022	Draft
Naz Hillmon	2022	Draft
Allisha Gray	2023	Trade
Jordin Canada	2024	Trade
Brionna Jones	2025	Free agency
Te-Hina PaoPao	2025	Draft
Angel Reese	2026	Trade
Sika Koné	2026	Free agency
Isobel Borlase	2026	Draft (originally selected in 2024)
Madina Okot	2026	Draft
Shatori Walker-Kimbrough	2026	Waiver wire
DeWanna Bonner	2026	Waiver wire

Remarkably, Padover made five separate trades to acquire the five members the Dream's primary starting lineup (when Gray is healthy) and hasn't lost a single one of those deals. Here are the picks/players he's given up to acquire Howard, Hillmon, Gray, Canada and Reese:

• Chennedy Carter
• Li Yueru
• Aari McDonald
• No. 3 pick in 2022 (Shakira Austin)
• No. 14 pick in 2022 (Christyn Williams)
• No. 3 pick in 2023 (Maddy Siegrist)
• No. 4 pick in 2023 (Stephanie Soares)
• No. 8 pick in 2024 (Alissa Pili)
• No. 6 pick in 2025 (Georgia Amoore)
• 2027 first-round pick (TBD)
• 2028 first-round pick (TBD)

Not a single one of those players has made an All-Star appearance, and Austin, who emerged as a Most Improved Player candidate this season, is likely the only one who ever has a chance to do so. 

Valkyries: Unique expansion approach

Just over three years ago, on Oct. 5, 2023, the Valkyries were officially introduced as the WNBA's first expansion team since, ironically, the Dream in 2008. At the introductory press conference, more than a year before the team even had any players, let alone took the court for the first time, team owner Joe Lacob made a bold proclamation. 

"First press conference with the Warriors, I said we will win a championship in the first five years," Lacob said. "I'm telling you right now, we will win a WNBA championship in the first five years of this franchise."

The Valkyries and general manager Ohemaa Nyanin are four wins away from making Lacob look like a genius. Nyanin's unconventional approach to building a roster faced questions right from the start with their expansion draft, and came under fire again during the 2026 WNBA Draft, when they traded the No. 8 pick (Flau'jae Johnson) for two-second round selections, but it's impossible to argue with the results. 

A veteran-filled expansion draft

Nyanin's expansion draft strategy made it clear that the Valkyries wanted to be competitive right away. Six of their 11 picks had played at least three seasons in the WNBA, while only two had never played in the league before. And many of those without much WNBA experience were not young prospects. Zandalasini and Conde were in their late 20s and Vanloo was in her 30s. 

Players in bold are still on the roster

Player	Experience
Kayla Thornton	9 seasons
Monique Billings	7 seasons
Stephanie Talbot	6 seasons
Temi Fágbénlé	4 seasons
Veronica Burton	3 seasons
Cecilia Zandalasini	3 seasons
Iliana Rupert	2 seasons
Kate Martin	1 season
Julie Vanloo	1 season
María Conde	N/A
Carla Leite	N/A

The players that Nyanin selected may not have been particularly accomplished, but they were experienced, had a chip on their shoulder and were ready to establish a competitive culture that has remained in place since Day One. There was never a sense in the Bay Area that the Valkyries would be OK with losing and spending a few years in the lottery to follow the traditional path to building a title contender. 

Of the four players from the expansion draft that remain on the roster, Burton, Thornton and Zandalasini are all starters, while Rupert is sitting out this season on maternity leave. Finding three starters for a Finals team in an expansion draft is unbelievable work by Nyanin. 

International affair

For the vast majority of the WNBA's history, the league has been predominantly American. Salaries were low, working conditions were poor, the season was in the summer and the standard of basketball overseas wasn't anywhere near what it is now. The international players who were good enough to play in the WNBA had little incentive to leave home and give up their offseason. 

That trend has changed in recent years thanks to higher salaries and a higher standard of play, particularly in Europe. Seventy-eight international players appeared in a game this season, smashing the previous record of 50. The Valkyries were ahead of the curve. They had 10 international players appear in a game last season, which was a record until the Liberty broke it this season with 12. (It's fitting that Nyanin worked for the Liberty before joining the Valkyries.) 

This season, the Valkyries have had seven international players appear in at least one game, including key free agent signing Gabby Williams, who was born in the United States but represents France on the international level. 

Player	Country
Miela Sowah	Australia
Laeticia Amihere	Canada
Aminata Gueye	France
Janelle Salaün	France
Gabby Williams	France
Cecilia Zandalasini	Italy
Justė Jocytė	Lithuania

Zandalasini was an expansion draft selection, and Jocytė was their first ever draft pick at No. 5 overall in 2025, but every other international player on the roster was a free agent signing. Salaün and Gueye, in particular, highlight Nyanin's ability to find the talent that everyone else has overlooked, and Natalie Nakase's willingness to try things no other coach would. 

Salaün was largely unknown outside of France and Italy when the Valkyries signed her as an undrafted free agent last season. She made the All-Rookie Team, then became the first unanimous Sixth Player of the Year this season after scoring 12.7 points off the bench and shooting 39.2% from 3-point range. 

Gueye, meanwhile, had also gone undrafted and spent years playing in France and Spain to almost no recognition outside of Europe. On Sept. 20, just days before the end of the regular season, the Valkyries signed Gueye to a hardship contract. She played four minutes in the regular season and 10 minutes in the first round, and then was suddenly in the rotation for the semifinals and had nine points, two rebounds, two steals and a block in Game 2 against the Las Vegas Aces. 

Finding players who can do more

In addition to finding overlooked players overseas, Nyanin has also excelled at identifying players who were capable of growing and thriving in a bigger role. 

Burton is by far the best example. The former No. 6 overall pick never averaged more than 15.2 minutes or 3.1 points in her first three seasons in the league. After Nyanin selected Burton in the expansion draft, Nakase gave her the keys to the Valkyries' offense and helped turn her into one of the best point guards in the league. Burton was named Most Improved Player last season, and averaged a career-high 12.2 and 5.9 assists this season while shooting 35.5% from 3-point range and providing elite perimeter defense. 

Kaitlyn Chen is another case study. Even after she helped UConn win a national championship in 2025, few saw her as a WNBA prospect, but Nyanin selected her in the third round in 2025. She didn't even make the team initially as a rookie, but was re-signed in June of last year and has grown into a key bench piece. This season, she was one of the most improved players in the league and averaged 7.2 points on 60.6% true shooting. At times, she closed games and was the Valkyries' go-to scorer in the fourth quarter. 

And take Kaila Charles, who looked like she was on her way out of the league after being waived from the Wings last season. Nyanin signed her to three consecutive seven-day contracts before signing her for good in August. In free agency this offseason, she gave Charles a guaranteed two-year deal worth $1.2 million that paid off. Charles' size and versatility on the wing has been a key factor in the Valkyries' 

Burton, Chen and Charles stand out, but Zandalasini, Thornton and Williams have all averaged career-highs since joining the Valkyries from other teams. 

How the Valkyries' roster was acquired

Player	Arrived in Golden State	Arrived via
Veronica Burton	2025	Expansion draft
Kayla Thornton	2025	Expansion draft
Cecilia Zandalasini	2025	Expansion draft
Kaitlyn Chen	2025	Draft
Laeticia Amihere	2025	Free agency
Tiffany Hayes	2025	Free agency
Janelle Salaün	2025	Free agency
Kaila Charles	2025	Waiver wire
Kiah Stokes	2026	Free agency
Gabby Williams	2026	Free agency
Justė Jocytė	2026	Draft (originally selected in 2025)
Aminata Gueye	2026	Waiver wire

While the Dream acquired all five starters via trade, the Valkyries don't have a single player on the roster that they acquired via a trade. Three of their five starters came via the expansion draft, while the others arrived in free agency.