Pros
If you're into basketball, you'll enjoy the corporate perks, which include the ability to request free basketball tickets/concerts for you or friends, as well as a generous gym stipend. There's the name recognition too, and meeting famous basketball players is fun. Free frozen yogurt during the summer is a good treat. Depending on the department, you may be able to travel.
Cons
During the Associate program, you're not given a real say as to which department you'll work in, and HR is not transparent at all about the placement process. Which departments you work in highly influences where you could eventually be placed (if at all). This severely limits your growth possibilities, as switching between departments is very, very difficult. HR is not your ally, they only look out after their own interests. Culture and hours vary a lot by department. You'll have no work life balance at Global Marketing Partnerships, for example (typical hours are 8:45am-7pm). Some rotations are based in the Secaucus NJ office, meaning you'll have a lengthy commute you need to cover out of pocket. Departments at the NBA are very siloed-off. It's hard to see the full picture of what the League does when departments don't talk to each other. Even though the Associate Program is supposed to offer leadership training, it's pretty much limited to useless corporate seminars. If you're assigned to a department you know nothing about, you're on your own. HR is quick to chastise and slow to help.