History hasn't been kind to the WNBA's two most recent expansion teams.
The Atlanta Dream won just four games in their first season in 2008. The Chicago Sky had a marginally better record in 2006, going 5-29. It took 16 years for the Sky to bring home the championship, but the Dream are still looking for their first win.
But Golden State Valkyries owner Joe Lacob wants to defy the odds and win a title within the first five years.
The first step in developing potential future candidates begins with Friday's WNBA Expansion Draft.
Here are our four biggest questions heading into Friday's event.
What's at stake for Liberty, the reigning champions?
Liberty's best shot at winning another title would be to upset the championship-winning team.
Starters Brianna Stewart, Sabrina Ionescu, Jonquel Jones, Betoniyah Rainey-Hamilton and Leonie Fievich should all be on the protected player list. It is unknown to whom the Liberty was ultimately given shelter. There are mixed opinions about Nyara Sabally, Kayla Thornton, and Marine Johannes.
Losing any one of these three things would have serious implications. As such, general manager Jonathan Kolb may have to offer Liberty the No. 7 pick in the upcoming WNBA Draft to protect an additional player.
What will the Washington Mystics do with Elena Delle Donne?
The Mystics will have to make a decision on acquiring star Elena Delle Donne, who stepped away from basketball before last season after a series of injuries.
Delle Donne played in the 2019 WNBA Finals for the Mystics despite suffering a severe back injury.
She had two hip surgeries the following year, struggled to get back to health, and also suffered an ankle injury that kept her off the court for much of the 2023 season.
It remains unclear whether Dele Donne will play in a WNBA game again, which could deter the Mystics from using one of their coveted six-point protections on the 35-year-old. There is sex.
If Delle Donne is acquired, the Valkyries could use a core pick (the WNBA's equivalent of the NFL's franchise tag) to secure the two-time league MVP. Alternatively, the Valkyries could use Delle Donne as a bargaining chip if he wants to play elsewhere.
Who is the key player for Valkyrie?
The most successful basketball teams are anchored by two or more star players with the X-factor leading a balanced supporting cast. Considering most teams protect their six best players, it's hard to think of what franchise players could emerge from the expansion draft.
However, Golden State could draft a young player who could develop into a top-tier talent one day. Perhaps a few 2024 first-rounders could be available, including the Lynx's Alyssa Pirri and the Wings' Carla Leite.
But to achieve Lacob's lofty goals, the Expansion Draft will need to be played like a chess game for Valkyrie.
As Valkyries GM Ohemaa Nyanin stated, the expansion draft is just one of three ways to build a roster. The Valkyries have the No. 5 pick in the 2025 WNBA Draft, and a number of premier unrestricted free agents are expected to hit the open market next month.
Golden State should use its authority as director of the expansion draft to build an asset pool for potential trades.
One player in particular worth inquiring about is two-time WNBA champion Jewell Lloyd, who has reportedly requested a trade to the Seattle Storm.
The Valkyries would need to bring in a third team to pull off a three-way trade to acquire the veteran versatile guard, but they could bring Lloyd to the Bay Area for reinforcements. I don't know.
How will the looming collective bargaining agreement affect this draft?
On Friday, the future beyond 2025 should be top of mind for the Valkyries.
The new collective agreement is expected to significantly increase player salaries. The team is preparing for a chaotic 2026 free agency. That's why rookie-sized contracts signed under the current CBA are at a premium.
Acquiring a pool of young talent with contracts of two years or more will give Golden State cap flexibility going forward.
