23. L.A. Lakers – 1981
The Lakers had an unbelievable roster in 1981. Kareem Abdul-Jabbar was outstanding and they also had a young Magic Johnson on their books. But they fell out of contention against the Rockets in a shocking upset. L.A. won the Finals the previous season and their fans expected a walkover.

Meanwhile, the maligned Rockets had an average regular season. Moses Malone had an outstanding series with help from Calvin Johnson. They proved that anybody can pull off a victory on their day in the NBA. Perhaps the Lakers underestimated them but they paid the price (via N.Y. Times).