Two full months of NBA basketball have been played. As we enter the new year, let's check out the latest NBA MVP odds on FanDuel Sportsbook!

Here are the players with the 10 shortest odds to win the 2023-24 NBA MVP, followed by a breakdown of the top contenders.

Odds as of January 2nd, 2024.

Joel Embiid, Philadelphia 76ers (+250)

In early November, reigning MVP Joel Embiid was +900 to win the award again in 2023-24.

That feels pretty silly in hindsight.

Fast forward two months and Embiid is a co-favorite to win back-to-back MVPs at +250.

Despite dealing James Harden, Embiid's Philadelphia 76ers haven't missed a beat. Philly sits in third place in the Eastern Conference with a 22-10 record. They have the second-best point differential (+10.1) in the NBA and rank in the top five in both offensive and defensive rating.

It's hard to argue that's not entirely because of Embiid considering their 2-5 record without him.

The seven-footer leads the league with 35.0 points per game, ranks fifth with 11.7 rebounds, and has dished out a career-high 6.0 assists. All three of those are noticeable improvements from the 33.1-10.2-4.2 line he posted en route to last year's MVP.

He's maintained stellar efficiency, as well, shooting 54% from the floor, 35% from three, and 89% from the free throw line.

On top of that, Embiid is averaging the most blocks (2.0) since his rookie season and the most steals (1.2) of his career.

Embiid is well-positioned to finish in the top three of MVP voting given his league-leading 37.7% usage rate. As long as Philly remains top three in the East, it'll be hard to argue against him taking home a second consecutive MVP.

Nikola Jokic, Denver Nuggets (+250)

Another year, another season of Nikola Jokic posting video game-like numbers. The two-time MVP winner and preseason favorite shares the shortest odds to take home the 2023-24 award at +250.

Jokic's Denver Nuggets haven't suffered much (if any) of a championship hangover. Denver is currently tied for the No. 3 seed in the Western Conference thanks to a 24-11 record. They rank seventh in both offensive and defensive rating.

The Joker is averaging 25.7 points per game and sits in the top five in both rebounding (12.3; third) and assists (9.1; fourth). His efficiency is down somewhat from last season, but he's still shooting 56% from the floor, 33% from three, and 82% from the line. Jokic's 2.7 turnovers per game are the fewest he's averaged since 2016-17 (a season he played just 28 minutes per game).

It remains to be seen if voters will award Jokic his third MVP -- an accomplishment only eight players in NBA history have -- but his numbers and Denver's success will keep him near the top of the ladder going forward.

Luka Doncic, Dallas Mavericks (+430)

For years, the question has been when Luka Doncic will win MVP, not if.

While he has the third-shortest odds to win it as of January 2nd, it wouldn't shock anyone to see him vault past Embiid and Jokic by the time April rolls around.

Doncic has been nothing short of spectacular through 31 games. He ranks second with 33.4 points per game and third with 9.4 assists. He continues to rebound well (8.4 per game) and has tied career-best marks in blocks (0.6) and steals (1.4).

Luka's efficiency numbers have taken a nice leap this year, as well. While his overall field goal percentage is down a tick from last season, that 48% number is still the second-highest of his career. He's actually managed the highest true shooting percentage (which weights free throws and threes) of his career thanks to hoisting 10.6 threes per game (a career-high by 1.7 per game).

He's shooting a career-best 38% from three and 79% from the line.

The biggest factor in Luka's MVP case going forward will be the Dallas Mavericks' success. The Mavs currently sit in seventh place in the Western Conference, two games back of fourth but just three games up from 11th. Since the league adopted the play-in game format, every MVP has finished in the top six of their respective conference.

Shai Gilgeous-Alexander, Oklahoma City Thunder (+450)

Shai Gilgeous-Alexander rounds out what has become a four-man race for MVP. SGA enters the new year in fourth with +450 odds. The next-closest player (Giannis Antetokounmpo) is down at +1500.

Gilgeous-Alexander has built on last season's breakout and established himself as one of the NBA's premier guards. He ranks third with 31.2 points per game, simultaneously chipping in 5.7 rebounds and 6.3 assists. SGA's 55% field goal percentage and 92% free throw percentage are both career-highs.

The combo guard has proven to be a menace on the defensive end, as well, leading the league with 2.6 steals per game -- 0.7 more than the next-closest defender. He's furthermore chipped in 0.8 blocks.

SGA's scoring is elite, but he'll likely need the Oklahoma City Thunder to continue their winning ways to supplement his lack of counting stats. The Thunder have skyrocketed near the top of the Western Conference and are currently tied for the No. 2 seed thanks to their 22-9 record. They rank third with a +8.6 point differential, sixth in offensive rating, and second in defensive rating.

Still, they may need to climb even further if SGA wants to jump to the top of the MVP ladder. A guard hasn't won the MVP since James Harden in 2017-18.

Do you think you know which NBA players will take home hardware this season? Head over to FanDuel Sportsbook's NBA award odds market to bet any major season-long awards with America's Number One Sportsbook.

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The above author is a FanDuel employee and is not eligible to compete in public daily fantasy contests or place sports betting wagers on FanDuel. The advice provided by the author does not necessarily represent the views of FanDuel. Taking the author’s advice will not guarantee a successful outcome. You should use your own judgment when participating in daily fantasy contests or placing sports wagers.