EuroLeague 2026-27 Power Rankings: Panathinaikos on top, Olympiacos and the arena problem

Eurohoops has placed Panathinaikos first in its only Power Rankings of the 2026-27 EuroLeague season, with Olympiacos immediately behind, and left behind one small but heavy detail: the reigning champions' new arena will only be ready, possibly, just before the playoffs.

Until then, Olympiacos will train at their SEF facilities and play home games at AEK's arena. A home game that is not really a home game is a home game stripped of part of its advantage. Across a season of more than thirty rounds, that advantage can be worth two or three wins.

Power Rankings are a hypothesis written before the data exists. The standings are the verdict. Between the two lie six months, dozens of flights, a few injury crises and at least one event nobody planned for.

Eurohoops is explicit about why it still publishes a preseason ranking: it is the easiest way to present expectations for every team, built on theory. Friendly games only offer a hint. The season is a marathon, and once official games begin, the Power Rankings quietly lose their place to a far more objective measure: the standings.

In 2027 the EuroLeague is expected to split into two conferences. When that happens, the way we read a team will change at the root: flight schedules, time zones and roster load management become central variables. For 2026-27 everything stays as it is, and this ranking, like last year's, is the only snapshot taken at the starting line.

No. 1: Panathinaikos — money, and a legendary coach

Panathinaikos enter the season with a long injury list from the preseason. It did not change Eurohoops' mind. They are the most expensive team of the season, they have a coach of legendary stature on the bench, and their stated target is the top. When we talk about power, even in theory, this is the definition of it. A costly roster guarantees only one thing: that mistakes will be more expensive. If Panathinaikos win, the story is money spent well. If they do not, the story is money spent badly. There is no grey zone.

No. 2: Olympiacos — the champion without a home

Champions should start from the top, especially when they keep the same core and add key pieces such as Montero. The big problem lies off the court. The new arena will be ready, perhaps, just before the playoffs. The players train at SEF but play home games at AEK's arena. Based on my experience watching EuroLeague games across many seasons, home teams win roughly six out of ten. That number comes from habit, not form. Take away a team's familiar environment and you remove a percentage that no preseason ranking ever shows.

No. 3: the Super Cup winner and an Athens heartbreak

This team has already won the Super Cup, turning the page under coach Pedro Martinez, and carries extra motivation after losing the final in Athens. Spiritually, that is an ideal combination. Yet the gap remains: the two clubs known as the Eternal rivals are at least a step ahead of them at this moment.

No. 4: Fenerbahce — the team that could pass everyone

It is hard to imagine Fenerbahce outside the title contenders, and equally hard to rank them above Panathinaikos, Olympiacos and Real Madrid. That does not mean they cannot finish above all of them. A preseason ranking measures certainty, not the probability of a title.

No. 5: Dubai — the money has arrived, the distance has not

After a shy first season, Dubai did not hesitate to display its financial resources, building a top-level roster targeting at least the Final Four. The problem is the map: flying across Europe and spending most of your time on a plane is not easy. And if the Iran-Israel conflict escalates, they could end up playing in Sarajevo again.

No. 6: Zalgiris — a center in a short league

In a league trending small, having a center like Jonas Valanciunas can make a huge difference. Even with less firepower, Zalgiris is usually in the playoff race, and this year they are more than outsiders.

No. 7: Hapoel — a deep roster, a home court a thousand kilometres away

Hapoel have a deep roster and, despite the noise off the court, reached the playoffs last season. Playing home games in Bulgaria must be taken into account: it was more than a decisive factor in last season's playoff series against Real Madrid.

No. 8: Red Star Belgrade — Ibon Navarro and the Belgrade edge

The Serbians have a real chance of reaching the playoffs after making the play-in last season. After dominating the Basketball Champions League, coach Ibon Navarro has a great opportunity to make a splash in the EuroLeague, with the right tools in the roster. The home advantage in Belgrade is evident.

No. 9: Efes — Laso, Mike James and a genuine first season

This is essentially Pablo Laso's first season in Istanbul, with Mike James as the focal point. It is a very interesting mix, and Efes can again target at least the playoffs.

No. 10: Valencia — a lesson not to be repeated

Last year we learned our lesson. Despite major roster changes, we will never underestimate Valencia again. There is also a feeling that we may see TJ Shorts playing at his Paris level once more.

No. 11: Barcelona — one step back

With competition getting tougher, Barcelona took a step back this year. They will fight for the playoffs, but there is no guarantee they will get there.

No. 12: Maccabi — from Tel Aviv to Belgrade

The same applies to Maccabi. They are expected to fight for the playoffs, but will they make it? With Tel Aviv as home, the answer would probably be yes. With Belgrade, it is a different answer entirely.

No. 13 and 14: the middle group

One team has theoretically improved, with a playoff-level roster on paper. That has been their story for years: persistent injuries, broken streaks, and a playoff spot slipping away in the final rounds. Another team, after a drama-filled season, has a chance to be more stable. Are they a playoff team? No, because of the level of competition.

No. 15: ASVEL — Tony Parker's first season on the bench

Everyone will follow ASVEL to see Tony Parker's first season as head coach. What is certain is that this is not the roster he had in mind at the start of the summer, and even a playoff appearance looks distant.

No. 16: Bayern — building sustainably on a budget

Despite the big name, Bayern are trying to build something sustainable without spending much. Anton Gavel is a first-class coach and may build something with limited resources. This is the kind of team preseason rankings always undervalue, because rankings measure assets, not organisation.

No. 17: Paris — a model that worked, and is being tried again

Paris think like Bayern. The plan worked with Splitter on the bench and TJ Shorts producing an MVP-level season. This roster was raided two summers ago, and Paris are trying again to create something that defies expectations.

No. 18: Besiktas — the EuroCup and the EuroLeague are two worlds

Theoretically Besiktas could be higher, and they are expected to be competitive. But the EuroLeague is a completely different matter from the EuroCup, and if you do not spend heavily on players in your first season at the top level, things can become extremely difficult.

No. 19: Baskonia — modest targets

Baskonia will have some flashes, but their main goal remains avoiding last place, while the competition at every level takes further steps forward. When everyone moves forward, standing still means falling two steps behind.

No. 20: Virtus Bologna — the thinnest roster on paper

On paper, Virtus probably have the weakest roster in the EuroLeague, and despite their history, the main goal is not to become a punching bag.

The counter-data view: the court is the forgotten index

There is a paradox in this ranking. It is built on salaries, reputations and roster quality. But the most consistently repeated fact across EuroLeague seasons is home-court advantage, something the ranking never quantifies. In 2026-27, four teams start with part of their home court taken away: Olympiacos at AEK's arena, Hapoel in Bulgaria, Maccabi in Belgrade, and Dubai possibly in Sarajevo. On nights without basketball, I read every number. The most interesting one is not in the payroll. It is in the league's home win rate. When that rate is broken for a team, the gap between second and fifth in the Power Rankings becomes far smaller than it looks. Tactics are not meant to be read; they are meant to see two moves ahead. The first move is the roster. The second is the schedule. Power Rankings only see the first.

What to watch in the early rounds

The biggest variable is not whether Panathinaikos deserve first place. It is the construction timeline of Olympiacos's arena. If the new home is ready before the playoffs, the champions enter the decisive phase with an advantage no ranking records. The second variable is Dubai: a team built with money can win with quality, but not with a schedule. The third is Fenerbahce, ranked fourth by a publication that openly admits they could finish above everyone. When a ranking admits its own limits at publication, read it as a map of questions, not a verdict. And the biggest question of 2026-27 remains the question of every EuroLeague season: must the most expensive team also be the best? The ranking says yes. Recent Aprils say otherwise.