The Price Tag Is Set. The Production Still Isn't.
Six numbers from last season show a payroll built for contention and a team that hasn't yet proven it belongs in that tier.
Golden State enters 2026-27 at $223.3 million, above the second apron, backing a core that finished 37-45 and -0.5 in net rating a year ago. The preseason split 2-2 hasn't settled which numbers carry into the regular season opener at the Lakers on October 21.
The Ledger Says Win Now
Golden State is carrying $223.3 million in salary this season, above the $221.7 million second apron and well past the $200.4 million luxury tax line, led by Curry's $62.6 million, Butler's $56.8 million, Green's $27.7 million and Porzingis's $19.5 million. That is a bill built for contention, not a reset. What it does not show is whether this group can still win at that price; last season's roster, largely the same one, finished with a losing record.
Last Season's Numbers Set the Bar Low
A year ago this roster went 37-45 with a net rating of -0.5, ranked 20th in the league, an offense ranked 19th and a defense ranked 16th, playing at a pace of 100.0. Those marks say the team was below league average on both ends while still playing at the tempo Kerr has always preferred. They do not say why; pace alone did not produce enough offense, and speed did not cover for the defense.
Curry Is Still Producing, in Fewer Games
Curry averaged 26.6 points in 43 games last season, his 17th year, still Golden State's leading scorer by a wide margin. That number says the shooting hasn't eroded with age. It does not say he can be relied on for a full season; 43 games is already well short of one, and nothing in that figure explains why the rest were missed.
The Lineups Don't Agree Yet
Last season, the five-man group of Butler, Green, Moody, Podziemski and Post outscored opponents by 2.3 points per 100 over 12 games and 64 minutes, while a Curry-Butler-Green-Moody-Post lineup was outscored by 6.5 over a longer stretch, 17 games and 125 minutes. That gap says Golden State had at least one group that worked without its highest-paid player on the floor. It does not say Curry was the problem; 125 minutes is still a small sample, and lineups shift with matchups and health as much as with who's on the court.
How far over the luxury tax are the Warriors?
Golden State's payroll is $223.3 million, above the $221.7 million second apron and well past the $200.4 million luxury tax line.
What was the Warriors' net rating last season?
Golden State finished 2025-26 at -0.5, a mark that ranked 20th in the league, with an offense ranked 19th and a defense ranked 16th.
