How the Valkyries and Dream Reflect the WNBA’s Evolution

For 16 years, the Atlanta Dream held the title of being the most recent WNBA expansion franchise. However, they were set to end that record last season when the Golden State Valkyries joined the league, but the circumstances of their entry were vastly different. When the Dream debuted in 2008, the WNBA faced numerous challenges, including dwindling average league attendance, a low maximum player salary of $95,000, and the dissolution of several original teams.

The Dream had a successful start, reaching the Finals three times in their first six seasons, but have since been in a deep rebuild. In 2021, a significant ownership change led to a complete transformation of the franchise, with the team expanding its staff from seven employees to 70 within a year and hiring a new general manager, Dan Padover, from the Las Vegas Aces.

Despite ongoing struggles to secure a 17,000-seat arena for home Finals games, the Dream's journey signifies one of the last independent franchises in the WNBA. In sharp contrast, the Golden State Valkyries entered the league in 2025, nearly two decades after the Dream, during a period of unprecedented WNBA growth and a new $3 billion media-rights package.

The Valkyries, backed by an ownership group with resources and prestige, were tasked with the challenge of winning a title within five years. Head coach Natalie Nakase has exceeded expectations, leading the team to the playoffs in their first season and the finals in their second. The Valkyries have also achieved remarkable success, selling out every home game and generating $100 million in annual revenue, making them the first WNBA team valued at $1 billion.

The Valkyries' model has inspired other expansion franchises, and their president, Jess Smith, has been considered for the WNBA commissioner position. In the upcoming WNBA Finals, the Dream and Valkyries symbolize the WNBA's evolution, with Atlanta's championship representing a payoff from their long rebuild and Golden State's title in their second season cementing their status as the best expansion team in league history.