Knicks and Magic title odds didn't went up because of return of Mitchel Robinson or additions of Yabusele and Clarkson, nor Magic title odds got up because they got Desmond Bane ( to a degree, but not entirely ).
Knicks and Magic title odds, by betting houses got up because Celtics and Pacers are out of picture for a year, and since somebody HAS to come through East, no matter what, it means that one of teams will actually end up in finals and by default, have shot at winning.
That doesn't mean that East has strong contenders, I personally don't believe East has any actual contender nor any of Knicks/Cavs/Magic would survive first round on West ( i would argue on East, Kyrie-less Dallas would be best team, on West they aren't top 7 ).
What raises up "championship odds" for Knicks/Magic /Cavs is complete lack of serious competition on East. As i said, Celtics & Pacers, two of best teams ,are out of picture and who is even left? Hawks and Bucks.
Wizards, Hornets, Nets will be tanking teams.
Bulls and Heat won't complain much if they end up with sub 30 wins. Bulls even refuse to resign Giddey.
Toronto with new GM will probably break out Ujiri's mess and retool or rebuild at some point. That roster is expensive and mediocre.
76ers, if Embiid can't go, they are tanking again. ( top 4 protected pick, if it falls, it's OKCs pick. God damn you Presti, how can you be so good? )
So 7/15 teams will not even try to win games on regular bases, or winning won't be top priority. Two are hurt. Basically you are left with 6 teams in active win mode. West has 14 such teams
In reality, OKC and Denver, when healthy, are by far strongest nba teams, especially after Nuggets trade. After that, i picked Houston as another contender, Wolves on consistent bases show they can go deep, so that's contender. And that's pretty much it.
Those are title odds from last year. Betting houses on purpose almost always place 3 teams from each conference in top 6 spots, because it's mathematical and logical. Even if Eastern conference team is must weaker than one from West, due worst competition, he can still break out easier to finals, and in finals you can always get lucky and hot ( Heat 2008, Dallas 2011, Spurs 2014 etc )

btw Philly as 3rd title favorite is good example why those odds shouldn't be taken too serious. Betting houses lure is to find enough gullible idiots to place bets on high risk -high reward bets , knowing real probability is extremely low, and money invested will cover them costs of paying off winners and gain them profit.
Life is what happens when you're busy making other plans. -John Lennon