I follow a really basic filter for determining which teams can sustain deep playoff runs and play Finals-level basketball
Top 11 defense (only 2 teams have won the chip without a top 11 rated defense) ->
Health (your top 3 players gotta be healthy) ->
At least 2 high-level playmakers who can run the offense (look at every championship team, besides maybe the 16 Cavs every team needs to have reliable playmaking off the bench and in the starting lineup) ->
At least 2 bucket getters who can go off for 30 on any given night
After that, it's a matchup basis where chemistry / continuity, starpower, and experience are factored in. But every contender checks off all those initial boxes, and the Knicks do. It might sound crazy but they're a championship-level team, just probably lack the starpower and experience to be favorites over more stacked teams like Philly.