With the draft lottery settled and the June draft three weeks away, the Milwaukee Bucks have started taking calls on a potential trade involving two-time NBA MVP Giannis Antetokounmpo, league and team sources told ESPN on May 14.
“Before the draft is a natural time,” co-owner Jimmy Haslam said, noting that Milwaukee would need “a lot of assets” if Antetokounmpo plays elsewhere. Controlling owner Wes Edens was equally direct in March: “Either he will be extended or he’ll be traded.”
The 31-year-old forward has two seasons left on his contract, the second a player option. Beginning Oct. 1 he can sign a four-year, $275 million extension; if he first picks up his $62.8 million option for 2026-27, the extension would cover three years and $213.6 million. Any team acquiring him would have to wait six months after a trade to offer the same deal.
The Bucks’ position
General manager Jon Horst holds the No. 10 pick in June and can also trade first-rounders in 2031 and 2033. Milwaukee, which won the 2020-21 title with Antetokounmpo, is projected to be over the salary cap and faces nine free agents this summer. Outside of large contracts for Myles Turner, Kyle Kuzma and Bobby Portis, Horst’s main spending tools are the $15.1 million non-taxpayer midlevel, the $5.5 million bi-annual and minimum deals.
What 10 teams could offer
Golden State Warriors
The Warriors own the No. 11 pick plus future firsts in 2028, 2030 (top-20 protected) and 2032, along with multiple swap rights. A workable salary package would have to include Draymond Green’s $27.7 million, with Stephen Curry and Jimmy Butler III already consuming much of the payroll.
Miami Heat
Miami can trade the No. 13 pick and first-rounders in 2031 and 2033, in addition to swaps from 2029-33. The Heat discussed a deadline package built around Tyler Herro and rookie center Kel’el Ware. Miami could also pursue Antetokounmpo as a 2027 free agent, when cap space is projected.
Boston Celtics
Boston has cleaned up its books and sits $21 million below the first apron with 14 players under contract. The Celtics can trade firsts in 2027, 2031 and 2033 plus the rights to pick No. 27 this year, but any trade would likely have to include either Jayson Tatum or Jaylen Brown.
Cleveland Cavaliers
The Cavaliers are $3.2 million over the second apron and cannot aggregate salaries or take back extra money, making an offer difficult without significant maneuvering. Matching salary would almost certainly start with Evan Mobley, and the club can attach only one future first (2031 or 2032).
Houston Rockets
Draft capital from previous trades remains strong even after last year’s Kevin Durant deal. Houston controls valuable picks and swaps from Brooklyn, Phoenix and Dallas beginning in 2027. A viable package could be built around Alperen Şengün, Reed Sheppard or Jabari Smith Jr. if Amen Thompson stays off the table.
Los Angeles Lakers
Los Angeles has roughly $50 million in projected cap space that could absorb much of Antetokounmpo’s salary but lacks assets: only the No. 25 pick this year and firsts in 2031 and 2033. Dalton Knecht is the lone player on a rookie-scale contract.
Minnesota Timberwolves
Minnesota holds just two tradeable firsts (No. 29 in June and 2033). A proposal would likely center on Jaden McDaniels plus one of Julius Randle or Naz Reid to meet the $58.5 million in outgoing salary required to avoid the second apron.
New York Knicks
The Knicks were the lone preferred destination Antetokounmpo named publicly last October. To remain under the second apron, New York would probably need to part with a combination of OG Anunoby, Mikal Bridges and Josh Hart; Karl-Anthony Towns could be swapped straight up but is viewed as less attractive to Milwaukee. New York owns its 2026 first and a 2033 first, plus several swap rights.
Portland Trail Blazers
Portland controls Milwaukee’s future picks from the Damian Lillard trade and could dangle the chance for the Bucks to reacquire their own 2028-30 firsts and swaps. Young pieces such as Shaedon Sharpe, Scoot Henderson and Donovan Clingan are also available, though Jerami Grant’s $34.2 million might need to be included for salary matching.
Toronto Raptors
The Raptors can move five first-rounders, including No. 19 this year, but would prefer to keep Scottie Barnes and rookie Collin Murray-Boyles. Toronto sits just $5.2 million under the first apron and would have to decide whether a Kawhi-style gamble is worth the risk without an extension commitment.
Milwaukee has signaled it cannot wait until October for Antetokounmpo’s decision. Whether the Bucks choose to reload around their franchise star or move him for a massive package of picks and players is now the central storyline of the 2026 offseason.
Source: ESPN.com
