Winning the NBA’s Most Improved Player award must be a lot like winning a silver medal at the Olympics. You can almost taste the condescension. But the kind of player that usually wins this award is exactly the kind of player handicappers love: undervalued.

Last year’s winner, Monta Ellis, was a key contributor to Golden State’s 44-37-1 record against the spread (plus 6-4-1 ATS in the playoffs). Statheads already knew about Ellis thanks to his promising 11.13 Player Efficiency Rating as a rookie. Boston’s Glen “Big Baby” Davis (11.35 PER) could follow the same path as Ellis, from second-round draft pick to emerging star.

It isn’t always sophomores who win the MIP. The very likely winner this time will be Orlando’s Hedo Turkoglu. The eight-year veteran stayed relatively healthy in 2007-08, and with Rashard Lewis put next to him on the Magic frontline, Turkoglu enjoyed a career season with 19.5 points per game and a 17.81 PER. Orlando supporters profited at 50-29-3.

The cynics (and I was one of them) have been answered. The Boston Celtics not only played well with Kevin Garnett and Ray Allen in the fold, they continued to get better. The C’s will go into the playoffs with the best record in the league and the shortest title odds: 3-2 at press time.

It’s a crowded field of contenders; any number of teams could win the championship and deserve it. But Boston stands above the crowd at 62-16 SU and 48-28-2 ATS – making the Celtics the most profitable team in the NBA as well. Not easy to do when everyone expects you to blow out the opposition.

Danny Ainge gets extra marks for adding more and more talent to the roster after picking up Garnett and Allen. You can’t have enough experience or depth at this time of year; Sam Cassell and P.J. Brown provide both. Anything short of a title would be a major letdown.

The rich keep getting richer. Shaquille O’Neal just rejoined the Western Conference; he was nearly followed by Jason Kidd, who was on his way back to the Dallas Mavericks in a multiplayer trade Wednesday before Devean George exercised his Early Bird rights and killed the deal. If the stars keep trying to go West, this midseason report card will need an upgrade.

New Orleans: A+
L.A. Lakers: A+
Phoenix: A
Utah: A
Denver: A
Dallas: A-
San Antonio: A-
Houston: B+
Golden State: B-
Portland: C+
Sacramento: D
L.A. Clippers: F
Memphis: Satisfactory
Seattle: Satisfactory
Minnesota: Satisfactory

And we’re off. The NBA season is in full swing, and when people aren’t talking about what’s going to happen to Kobe Bryant, they’re talking about who’s going to win the championship.

The answer might be wherever Bryant lands, assuming he doesn’t stay a member of the Los Angeles Lakers for the rest of the season. But he wouldn’t be the only player changing teams. The trading deadline is a key part of building a championship club, and if you want to pick a winner now, you have to factor in front office acumen.

With that in mind, drum roll please… the Dallas Mavericks. The Spurs and Suns each have a very good shot, but both had questionable offseasons (think Kurt Thomas and Luis Scola), while the Mavs are fresh off adding Juwan Howard. He and Eddie Jones should help keep the starting five fresh for the playoffs. Just watch out for Golden State this time.