NBC Universal is betting a unique blend of 1990s NBA nostalgia, modern star power and exclusive streaming access will make its $27 billion media rights deal a transformational partnership.

Fans of pro basketball young and old couldn’t have asked for more in the season opener this week when defending champion Oklahoma City needed double overtime to defeat the Houston Rockets, a few hours after raising their championship banner and collecting the diamond champions rings. It was the kind of theater NBC executives are paying will continue.

It was NBC’s first NBA broadcast since Game 4 of the 2002 NBA Finals when Kobe Bryant’s Los Angeles Lakers swept Jason Kidd’s New Jersey Nets. ESPN and Tuner owned the broadcast rights for the past two decades before NBC Universal decided to pay $2.45 billion annually for the next 11 years to partner with Amazon, ESPN and Prime Video for  the league’s media rights.

The long-play is television, its Peacock. The streaming service is currently losing hundreds of millions per quarter. NBC is betting a return to the NBA will fix that.

“It means a lot to us,” broadcaster Mike Tirico announced to the viewing audience just before tip-off of the opener. “After 23 years the NBA is back on NBC.”

This season, NBC/Peacock will air 100 regular-season games, a number of playoff games, and the Western Conference Finals. In addition, Peacock will stream about 50 exclusive national regular-season games on Monday nights. The exclusive games, which include some playoff games, are expected to bring in enough new subscribers to validate the cost. Nothing is a given considering the NBA struggled with television ratings a year ago.

The decision to spend the money was based largely on the results of Peacock’s showing its first ever exclusive NFL playoff game on Jan. 13, 2024. The Kansas City Chiefs 26-7 win over the Miami Dolphins reached 27.6 million viewers, according to Nielsen, which was then the biggest live-stream event in U.S. history. Most importantly, Peacock added 3 million new subscribers from that one game, and 70 percent of the subscribers were still paying Peacock two months later. That’s huge for a U.S. only service with a reported 33 million subscribers and thus far unprofitable.

“The NBA is a must have for the sports fan,” NBC Sports President Rick Cordella said. “We need to build Peacock for the future. Having exclusive NBA games is really important for that mission.”

NBC is using a heavy dose of nostalgia to rekindle its history with the NBA that dates back to 1990. The opening night broadcast featured the return of “Roundball Rock,” the iconic theme composed by John Tesh that introduced just about every NBA game on Sunday afternoon in the 1990s. Highlights of Michael Jordan, Magic Johnson, Reggie Miller and Patrick Ewing rolled across the screen, creating goosebumps for anyone 35 and older.

They went further. Using AI voice synthesis technology, NBC digitally re-created the voice of the late NBA announcer Jim Fagan who died in 2017. “Knowing that his voice will once again be part of the game he loved, and that a new generation of fans will get to experience it, is incredibly special for our family,” Mr. Fagan’s daughters, Jana Silvia Joyce and Risa Silvia-Koonin said in a statement. “He would be so thrilled and proud to be a part of this.”

But the headliner was a halftime appearance by Mr. Jordan, who sat down with Mr. Tirico for the first installment of a series called, “MJ: Insights to Excellence,” which will air throughout the NBA season.

It’s a major achievement, considering since retiring in 2003, the six-time World Champion, five-time Most Valuable Player and 14-time All-Star has largely stepped away from the spotlight.

He was worth the pre-taped 3 ½ minutes. Speaking from the comfort of his home, Mr. Jordan spoke about cherishing the time he spends with family and swore he hadn’t picked up a basketball in years other than to shoot a free throw at the request of an owner whose house he rented during the Ryder Cup. It was for the owner’s son.

“When I stepped up to shoot the free throw, it’s the most nervous I’ve been in years,” Mr. Jordan said. “Those kids heard the stories of what I did 30 years ago.”

Did he make it?

“Absolutely,” he said grinning. “ It was gratifying to please that kid–not knowing if I could.”

His appearances on NBA games are about “paying it forward,” Mr. Jordan said. “I have an obligation to the game of basketball, to be able to pass on messages of success and dedication to the game.”

He said he still misses the game. “That’s who I am,” he said. “It’s what I live for, and I miss it.”

Mr. Jordan insights will intrigue viewers, but it’s today’s players who will ultimately attract the younger demographic the league and NBC craves. Two of the league’s biggest stars, Celtics forward Jayson Tatum and Indianapolis guard Tyrese Haliburton are still recovering from torn Achilles tendons, suffered during the playoffs last year. Mr. Tatum might return later in the season, while Mr. Haliburton is likely out the entire season. Lakers star LeBron James, 40, will also miss the first several games of his 23^rd season suffering from a glute injury.

But there are other storylines for NBC and the NBA to promote. Will Oklahoma City’s Shai Gilgeous-Alexander, the reigning MVP, lead his team to back-to-back championships? Will Luka Doncic keep the Lakers in contention while Mr. James is sidelined? Will first-overall pick Cooper Flagg make an immediate impact. And what about all these international players taking over the NBA?

Opening night rosters featured a record 135 players born outside the U.S with a record 71 players from Europe. Including Mr. Gilgeous-Alexander, a Canadian, the last seven MVP awards have gone to non-Americans.

Talks are underway to develop a new league based in Europe, something that could happen in 2027. “I don’t think I’d want to go much longer than ’28,” NBA Commissioner Adam Silver said at a conference hosted by Front Office Sports. “The opportunity is now to do something like this.”

The NBA is also considering changing the All-Star Game format this year to have U.S. players facing teams of international players in a tournament. “I think we should be able to create something that’s fun, exciting, engaging,” Mr. Silver said.

By connecting the past and the present with a potentially prosperous future, NBC is confident it’s the right time to bank on the NBA again.