They will finish with the best record in the stacked Western Conference, but the defending champion L.A. Lakers are not looking very good right now. Kobe Bryant is not healthy. Some are chalking it up to simple fatigue, but I think his numerous small injuries are taking their toll. They've recently lost to each of their possible first round opponents (Spurs, Blazers, Thunder).
If Phil can get the team focused, and Kobe is able to heal sufficiently, they are still capable of another Finals run, but it's going to be an uphill climb.