Milwaukee’s long-running “Giannis Watch” intensified after league sources told ESPN on Wednesday that Giannis Antetokounmpo and his representatives have opened conversations with the Bucks about his long-term plans — in Wisconsin or elsewhere. The discussion surfaced only hours before the two-time MVP strained his right calf three minutes into a home win over the Eastern Conference-leading Detroit Pistons on Dec. 3.
Where the relationship stands
Head coach Doc Rivers dismissed rumors of formal exit talks before tipoff, attributing outside noise to Milwaukee’s 2-8 skid over the previous 10 games. Antetokounmpo’s social-media pages were recently wiped, but a source close to the 30-year-old forward told ESPN the move happened weeks ago and was unrelated to the club’s slide.
The Bucks believe they avoided an Achilles injury; MRI results will determine how long Antetokounmpo remains sidelined. Milwaukee was 0-4 while he nursed a groin issue last month and will again rely on Kevin Porter Jr., who scored 26 points in Wednesday’s comeback victory.
Rival front offices are already preparing offers, eyeing Dec. 15 — the date most offseason signees become trade-eligible. Any bidder must be confident Antetokounmpo would consider a four-year, $275 million extension on Oct. 1, 2026; otherwise, he can reach free agency in the summer of 2027.
Milwaukee’s roster limitations
General manager Jon Horst has executed 17 trades since 2020, including deals for Jrue Holiday, Damian Lillard and Kyle Kuzma, and surprised many this summer by stretching Lillard’s contract to clear room for center Myles Turner. Yet Milwaukee now controls only one trade-eligible first-round pick — either 2031 or 2032 — and holds no second-rounders. Eleven players earn between $2.2 million and $5.1 million, while Turner, Kuzma and Bobby Portis combine for $60 million annually and each has at least two seasons left. The Bucks do sit below both tax aprons, giving them flexibility to absorb salary.
Five proposals that could shake the 2026 title race
Atlanta Hawks
Hawks receive: Giannis Antetokounmpo, Cole Anthony
Bucks receive: Trae Young; Zaccharie Risacher; 2026 first-round pick (better of Pelicans/Bucks); 2027 first-round pick (top-four protected, worse of Pelicans/Bucks); 2029 first-round pick (top-four protected 2029-31, unprotected 2032); 2031 first-round pick (top-four protected 2031, otherwise unprotected 2032)
Atlanta can restore Milwaukee’s draft stash because it owns swap rights obtained through the 2020 Jrue Holiday trade. Wisconsin native Jalen Johnson is not included here; the Hawks would likely resist adding him.
Houston Rockets
Rockets receive: Giannis Antetokounmpo, Thanasis Antetokounmpo
Bucks receive: Alperen Şengün; Fred VanVleet; 2027 unprotected first-round pick (via Suns)
At 13-5 with top-three rankings on both ends, Houston could switch from Şengün to Antetokounmpo for an immediate title push. Milwaukee would land a 23-year-old All-Star center on a team-friendly deal plus an unprotected Suns pick.
New York Knicks
Knicks receive: Giannis Antetokounmpo, Jericho Sims
Bucks receive: Karl-Anthony Towns; Pacôme Dadiet; Tyler Kolek; 2026 Wizards first-round pick (top-eight protected, otherwise 2026 and 2027 second-rounders); 2028, 2030 and 2032 first-round swaps (worse of Bucks/Trail Blazers for Knicks)
New York’s ability to send only swaps and one protected Wizards pick means the Knicks would need Antetokounmpo to designate Madison Square Garden as his preferred landing spot.
San Antonio Spurs
Spurs receive: Giannis Antetokounmpo
Bucks receive: Stephon Castle; Harrison Barnes; Kelly Olynyk; Jordan McLaughlin; 2027 first-round pick (via Hawks); 2029 first-round pick; 2032 first-round pick
A Giannis-Victor Wembanyama pairing would create a formidable frontcourt. Milwaukee would pick up Castle, viewed as a cornerstone before a recent hip injury, plus three unprotected firsts.
Golden State Warriors
Warriors receive: Giannis Antetokounmpo, Thanasis Antetokounmpo
Bucks receive: Draymond Green; Jonathan Kuminga; Buddy Hield; 2026 first-round pick; 2028 first-round pick; 2030 first-round pick (protected 1-20); 2032 first-round pick
Golden State would gamble on one more championship window with Stephen Curry, while Milwaukee would bank on late-decade Warriors picks possibly climbing in value after Curry’s retirement.
Which offer helps Milwaukee most?
Front-office executives consulted by ESPN believe Atlanta’s package of Trae Young, top prospect Zaccharie Risacher and four first-rounders delivers both immediate talent and future draft capital — a dual objective for a Bucks team reluctant to undertake a complete rebuild. The potential for the 2026 Pelicans/Bucks pick to land in the top five only sweetens Atlanta’s bid.
The Bucks must now choose whether to seek another supporting piece for Antetokounmpo, or listen to pitches that would redefine the franchise for the next decade.
Source: ESPN
