For the 2007–2008 season, many were excited for the upcoming season, but resulted in what many Nets fans said as the most disappointing season of the decade. Early Injuries to Vince Carter and Nenad Kristic disrupted the Nets season from the get-go. With little bright notes, the season was a complete mess. A 9 game losing streak for the Nets, the Jason Kidd "headache", trading their franchise player, and not making it to the post season for the 1st time in 7 years. However their were a few bright notes, like young guys Josh Boone and Sean Williams becoming major contributors & Marcus Williams showing progress. Richard Jefferson ranked in top 10 scoring leaders of the season, at #9. And Vince Carter emerged as the leader of the Nets and was 1 of only 3 players (Kobe Bryant and Lebron James the other 2) to average at least 20 points, 5 rebounds, 5 assists a game. The popular assumption is that with a off-season together this will be back in the post season, but team president Rod Thorn has already promised changes would be made, & Coach Lawrence Frank vowed that as long as he's at the helm "A season like this will never happen again".

On June 26, 2008, Richard Jefferson was traded to the Milwaukee Bucks for Yi Jianlian and Bobby Simmons. An important part of the Nets teams that went to the Finals, Jefferson's departure, along with that of Jason Kidd earlier that year, marked the beginning of a new era in the Garden State.

With the 10th pick in the 2008 NBA draft, the Nets selected Brook Lopez. With the 21st pick in the 2008 NBA draft, the Nets selected Ryan Anderson. In what was considered a steal, with the 40th pick in the draft, they selected Chris Douglas-Roberts.