And with that, the 2026 EuroLeague season comes to an end.

OAKA was the stage for the final weekend of the season, where only one team could be crowned champion. It was Olympiacos, on its main rival’s home court, that came out on top, and we’ll break down how.

 

Semi-Finals

Olympiacos vs Fenerbahçe

The opening game of the Final Four featured regular-season leaders Olympiacos against defending champions Fenerbahçe.

The game started slowly, with more than two and a half minutes passing before the first points. The first 12 points all came from Olympiacos, while Fenerbahçe fans had to wait more than seven minutes to see their team score. Sarunas Jasikevicius adjusted rotations early, going small with Biberovic at the 4 and Melli at the 5. That group found some success, especially attacking through empty-side PnR.

The start of the second quarter belonged to Olympiacos again. The Greek side opened with an 11-0 run, driven by high-level defense, active hands, and crowded driving lanes. Tyrique Jones’ minutes also allowed Olympiacos to switch everything defensively. Offensively, Alec Peters took over, and his two-man game with Fournier created major problems for Fenerbahçe. Tarik Biberovic answered with back-to-back threes to keep the Turkish side within reach.

Fenerbahçe adjusted at halftime, opening the third quarter with the Zoom set that worked well against Zalgiris, this time with Devon Hall attacking from the action. The set created advantages, but Hall struggled to convert them and had a difficult game overall. Once again, the small-ball lineup gave Fenerbahçe its best moments.

Still, Evan Fournier delivered when it mattered most, hitting timely shots to keep Fenerbahçe at distance and secure the win for Olympiacos.

Fenerbahçe’s overall performance fell short, and their struggles from three played a major role in it.

 

Valencia vs Real Madrid

The second semi-final was an all-Spanish clash, with Real Madrid facing Valencia.

Real Madrid opened the game looking for Mario Hezonja inside, and he delivered early. Valencia’s offense started to click once Lyles entered the game, with Valencian guards relentlessly targeting him in PnR situations. Scariolo responded with a 3-2 zone, slowing Valencia’s offense while also protecting Trey Lyles defensively. On the other end, Real Madrid continued to attack from the block, while Valencia countered by sending a second defender to the ball.

The first half was played at a blistering pace, with both teams running the floor and converting in transition. Real Madrid also shot 11/19 from three. Combined, it produced the highest-scoring half in EuroLeague Final Four history with 118 points, breaking the previous record of 110.

Out of halftime, Mario Hezonja remained the focal point of Real Madrid’s offense, both inside and as a PnR handler. Scariolo also adjusted the PnR attack, using re-screens to punish Valencia’s coverage and create driving lanes. Defensively, Real Madrid switched everything from 2 through 5, which pushed Valencia into more Pradilla post isolations. While Pradilla produced 15 points and eight rebounds, Valencia’s offense lost rhythm in the second half, with possessions becoming more difficult and forced.

Real Madrid’s size on the wing also pushed coach Pedro Martinez toward lineups with Braxton Key at the 3, something rarely seen during the season and a factor in Valencia’s offensive struggles.

Usman Garuba’s injury with a little over nine minutes remaining could have changed things, but it did not. Real Madrid stayed strong defensively, using pre-switches to keep Trey Lyles out of targeted actions and protecting the paint collectively. Offensively, using Lyles as a pick-and-pop threat unlocked another level and helped close the game.

Real Madrid was the better team over the 40 minutes and deservedly advanced to the final. Their ability to attack the rim and get to the line played a major role: RMB 21/25 FTs; VAL 6/9 FTs.

 

Final

Olympiacos vs Real Madrid

The game that decided everything. Twenty teams started the season dreaming of reaching this stage, but only Olympiacos and Real Madrid made it, setting up a rematch of the 2023 Final that Los Blancos won in dramatic fashion.

The opening minutes suggested another successful night for the Merengues. Real Madrid jumped out to a 9-1 lead with under three minutes played, switching every action 3 through 5 and disrupting Olympiacos’ offense while denying easy paint touches. Milutinov was the lone bright spot early, generating positive possessions whenever Olympiacos found him inside.

Real Madrid leaned heavily on Trey Lyles in pick-and-pop actions, and the American forward delivered 21 first-half points through shooting, attacking closeouts, and occasional post-ups. Mario Hezonja also became a release valve, attacking smaller wings on the block and giving the offense another layer.

For Olympiacos, Evan Fournier and Alec Peters changed the game off the bench. The duo sparked the comeback and helped the Greeks take their first lead. In the second quarter, Bartzokas relied heavily on 2-4 PnR actions, forcing switches and then attacking them either inside with Peters or from the perimeter with Fournier, who once again delivered timely baskets.

The second half brought adjustments from both teams. Real Madrid focused on involving Mario Hezonja more consistently. Olympiacos leaned into switching to eliminate pick-and-pop opportunities, which limited Trey Lyles to only three points after halftime. Real Madrid responded by targeting Sasha Vezenkov on the perimeter. Their guards repeatedly touched the paint, and with 5-out spacing they forced rotations. Feliz, Maledon, and Abalde also stepped up with key scores.

Milutinov remained crucial offensively for Olympiacos. His presence reshaped the floor, complicated rotations for Real Madrid, and made defensive rebounding difficult. Olympiacos finished with 12 offensive rebounds. Still, the Serbian center did not play in the decisive quarter, with Bartzokas turning to Tyrique Jones instead.

Early on, that decision looked problematic. Olympiacos’ offense lost rhythm and fluidity, but Evan Fournier once again answered with important shots. Olympiacos also went bigger with Sasha, Peters, and Jones to match up with Hezonja at the 3.

Free throws became a major factor late. Olympiacos went 14/16 from the line in the fourth quarter, while Real Madrid shot 6/10.

Olympiacos made some poor late-game decisions and had rebounding issues that nearly cost them the game, but Real Madrid’s shot selection opened the door for Olympiacos to hold on and secure the EuroLeague title.

Bartzokas and Olympiacos finally reached the top, ending the 1st-place curse and conquering Europe on their arch-rival’s home floor.

 

This article was written by the European Hoops team: Tiago Cordeiro, João Caeiro and André Lemos. Make sure you give us a follow on Twitter at @EthosEuroleague!

Valencia vs Panathinaikos

Valencia and Panathinaikos delivered one of the best Playoff series in recent memory, and Game 5 matched the level.

Valencia stayed committed to the adjustments made heading into Greece. The doubles on Kendrick Nunn, especially in late-clock situations, continued to disrupt his rhythm, and the box score reflected it. The former EuroLeague MVP finished with nine points and six turnovers in a difficult outing.

Coach Pedro Martinez’s adjustments also erased TJ Shorts’ impact. The American guard played under six minutes, and his stretch on the floor was so ineffective that coach Ataman said Panathinaikos was “playing 4 on 5” with him out there, a reflection that also points back to preparation.

But Valencia’s control of the game extended well beyond those adjustments. Neal Sako was critical in PnR coverage, protecting the paint and cleaning the glass. Overall, Valencia’s team defense was outstanding, allowing only 23 points in the first half and posting the 2nd-best defensive rating of the season. A clear save-your-best-for-last performance from the Taronja.

Offensively, Jean Montero stood out again, even in his lowest-scoring game of the series. Brancou Badio exploded for 20 points, tying a career high, and the timing of his shots mattered as much as the total, repeatedly stopping any momentum Panathinaikos tried to build.

Valencia was the better team over the course of the season, and while the Greek side may have held the talent edge, the collective strength of Valencia carried the series and secured the club’s first Final Four appearance.

Now the question becomes whether the dream continues.

 

Final Four Preview

The road ends here. OAKA in Athens, the place every team wanted to reach to close the season. Only four teams made it, and every one of them earned it.

Olympiacos, Valencia, Real Madrid, and Fenerbahçe showed across the 38-game regular season that they were the top four teams in the competition. When the moment of truth arrived, the Playoffs, each one stamped its ticket to the final stage of the season.

Now they are here, and every team is chasing the same goal: becoming King of Europe. Only one will get there.

 

Olympiacos vs Fenerbahçe

The first semi-final puts Olympiacos and Fenerbahçe head-to-head, the best offense in the competition against the best defense.

Olympiacos’ offensive system was outstanding all season. Their ball and player movement consistently stood out, and leading the league in AST% reflects that. On the other side, Fenerbahçe was the best defensive team in the competition, combining versatility with elite scheming to take away opponents’ strengths. That clash will be central in this matchup.

Fenerbahçe has elite defensive size and versatility from 1 through 5, allowing them to switch every action if they choose. That could be one way Coach Saras looks to slow Olympiacos and force more isolation play. Another key decision will be how to defend Thomas Walkup. The Greek-American guard has been a below-average shooter for most of his career, 33.9% from three on low volume, but he shot extremely well against Monaco, going 8/13 across three games. The question is whether Fenerbahçe goes under in PnR coverage to limit his playmaking or respects the recent shooting.

Olympiacos has also been excellent defensively, especially at the point of attack with Thomas Walkup and Tyson Ward. Still, Fenerbahçe reached an offensive level in the Zalgiris series that they had not shown previously. The preparation was sharp, and Sarunas Jasikevicius consistently generated easy points through play design. The question is whether that translates again here.

Late-game execution could decide the matchup, placing even more weight on guard play. Fenerbahçe has experienced guards who have repeatedly delivered in key moments, Nando de Colo, Wade Baldwin IV, and the biggest X-factor, Talen Horton-Tucker. Can Olympiacos’ guards match that level? That may decide the game.

Two of the best teams in Europe, in a matchup that feels close to a coin flip.

 

Valencia vs Real Madrid

An all-Spanish clash in the second semifinal, and the seventh meeting between these teams across all competitions this season. The wins are split evenly. Valencia or Real Madrid will break the tie and move on to the championship game.

Real Madrid enters OAKA dealing with major absences. Alex Len and Walter Tavares will miss the EuroLeague Final Four due to injury, leaving Real Madrid thin at the 5. Usman Garuba is the only natural center available, despite being undersized, while Trey Lyles is expected to split minutes there.

Lyles’ minutes at the 5 could be decisive. Offensively, his ability to score from anywhere can open up Real Madrid’s attack. Defensively, though, his issues guarding the PnR can become a problem. Hapoel targeted him successfully in that action, and Valencia brings some of the most dynamic ball handlers in the competition, led by “El Problema” Jean Montero.

Pace will likely decide the game. In Games 1 and 2 against Panathinaikos, Valencia was forced into a slower style and fell behind 2-0. Since Game 3, they have found ways to run and avoid late-clock possessions. Transition defense should be central to Sergio Scariolo’s plan. Limiting early-clock opportunities is critical against this Valencia team.

Defensive rebounding is another key area. Valencia thrives by extending possessions through offensive rebounds and second chances. Real Madrid will need to compete on every rebound. The lack of depth at center puts even more focus there.

Offensively, Real Madrid should look to lengthen possessions and force Valencia to defend multiple actions in sequence. Using bigger wings like Mario Hezonja and Gabriel Deck on the block could also be important.

Real Madrid has experience on its side. They have been here before and won this competition before. Valencia is experiencing this stage for the first time, but Greece has treated them well, with four wins in four games on Greek soil this season.

Experience versus boldness. Powerhouse versus underdog. Only one moves on to play for the European crown.

 

This article was written by the European Hoops team: Tiago Cordeiro, João Caeiro and André Lemos. Make sure you give us a follow on Twitter at @EthosEuroleague!