I don't think it's underrating these deals, JF. I think you're greatly overrating them. They still can't rebound. I would be willing to make a friendly wager that they don't win 45 games.
I think they make the playoffs this year, but only because of the lack of talent in the East otherwise.
My guess is a 40-42 finish and an 8th seed, swept by Cleveland in the first round.
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