— By Eric Nehm, David Aldridge, Eric Koreen, Tony Jones and Sam Vecenie
With the Milwaukee Bucks’ season ending in a first-round playoff exit for the third straight postseason, trade chatter surrounding two-time NBA MVP Giannis Antetokounmpo is perhaps hotter than ever.
To be clear, Antetokounmpo, 30, has not demanded a trade out of Milwaukee, and the Bucks do not have to trade him. He has a player option in his contract in 2027-28 and will make a projected $112 million over the next two seasons. He’s an MVP finalist again after averaging 30.9 points, 11.9 rebounds and 6.5 assists per game in the regular season and has finished top four in MVP voting every year since 2019.
When the NBA announces Antetokounmpo’s probable All-NBA First Team nod in the coming weeks, it will be the seventh consecutive season Antetokounmpo has been named to the first team. That is the longest streak of any player in the NBA. Whatever package you think is rich enough to obtain him, it will need to be much larger. But if Antetokounmpo ends up on the trade market, he’ll have no shortage of suitors. Recently, our John Hollinger suggested such landing spots as Miami, Houston and Brooklyn.
The Athletic NBA staff canvassed the league to see what deals may be out there with Antetokounmpo as the centerpiece. Here are four that we thought were worth analyzing, along with Bucks writer Eric Nehm’s analysis of each potential transaction:
Giannis to San Antonio
Bucks get: Zion Williamson, Keldon Johnson, 2025 first-round pick (Spurs, via Hawks), 2027 first-round pick swap rights (Pelicans), 2029 first-round pick (Spurs)
Pelicans get: Devin Vassell, Jeremy Sochan, Pat Connaughton, 2027 first-round pick (Spurs, via Hawks)
Spurs get: Giannis Antetokounmpo
Why it would (and wouldn’t) work: Go big or go home. If the Bucks have no choice but to trade Giannis, they make a multi-team deal that gets them a potential superstar to build around in the still-just-24-year-old Williamson and a rotational wing in Johnson. Most importantly, they get a whole lot of future firsts to give them a chance to rebuild if Williamson can’t overcome his history of injuries, including a ’25 pick at the back of the lottery, and potential control of their own first back in ’27, just as Williamson is entering the last year of his current deal. New Orleans, after years of uncertainty, gets out of the Williamson business and moves on with a Strength in Numbers approach bolstered by Vassell’s offense chops and Sochan’s defense, adding to its young core of Trey Murphy III, Herb Jones, Yves Missi and the returning Dejounte Murray. The Pelicans also hold on to most of their cache of future firsts.
The Spurs’ starting lineup next October would be De’Aaron Fox, Stephon Castle, Harrison Barnes, Antetokounmpo and Victor Wembanyama. I’m guessing Chris Paul would re-up for one or two more seasons as Fox’s backup. They would have other players on their roster, too. — David Aldridge
Nehm’s mock GM reaction: This is nowhere near enough for Antetokounmpo. Williamson, while incredibly talented, is nothing more than a lottery ticket. In six seasons, he has played 214 of a possible 472 games and appeared in only 30 games last season. Any package for Antetokounmpo will need to be rich in both players and picks, and this offer is not rich enough in either. Also, if the Bucks are going to be a part of any trade with the Pelicans, they need to get the full rights back to their 2026 and 2027 first-rounders.
Giannis to Philly
Bucks get: Paul George, Jared McCain, 2025 first, 2028 first (via LA Clippers), 2029 pick swap (via LA Clippers), 2030 first
Sixers get: Giannis Antetokounmpo
Why it would (and wouldn’t) work: Obviously, taking back George is a tough proposition, but this is a trade proposal rich in assets, beginning with the 2025 first-round pick, which would land in the top six if Philadelphia keeps control. McCain is a terrific young prospect who would immediately give Milwaukee two young players to build off. The 2028 first-round pick is unprotected and lands in a year where the Clippers would either no longer have Kawhi Leonard and James Harden, or both be significantly slower. The same goes for the 2029 pick swap. In all, the Bucks would have to deal with George, but they would get a premium draft asset right away, a premium young talent in McCain and two potential premium future draft assets to go along with Philadelphia’s 2030 unprotected first-round pick. The Bucks aren’t going to find a potential top-five draft pick elsewhere. — Tony Jones
Nehm’s mock GM reaction: This is insulting. The Bucks will be taking positive assets only in any trade conversation, and the age 35-37 seasons of George for $162 million doesn’t make any sense to acquire. A pick in the top six of this draft is nice, and McCain is a good young player, but there just is nowhere near enough in this trade for the Bucks.
Giannis to Toronto
Bucks get: Scottie Barnes, RJ Barrett, Gradey Dick, 2027 first, 2029 first, 2031 first (all top-one protected), 2028 pick swap (it’s very complicated), 2030 pick swap (Milwaukee gets second choice of Bucks, Trail Blazers and Raptors)
Raptors get: Giannis Antetokounmpo, Kyle Kuzma
Why it would (and wouldn’t) work: Raptors president Masai Ujiri has wanted Antetokounmpo since before he came into the league. In Barnes, the Bucks get a foundational player defensively and a playmaker in the style of Antetokounmpo. They also get off Kuzma and, essentially, get as many picks as the Raptors can give them. It might not be enough for the Bucks, but save for getting the Raptors’ lottery pick this year — and if Toronto doesn’t win the lottery, it could be on the table — it is a haul.
The trick is that the Raptors would have to think this makes them a contender, while the Bucks would have to see some hope for their trade partners to struggle. How does a core of Antetokounmpo, Brandon Ingram, Immanuel Quickley and Jakob Poeltl sound? It would be a better future than the Bucks could offer Antetokounmpo, but not a sure thing, especially with Poeltl as a non-shooting center. Maybe that is the sweet spot. The Raptors would be pretty thin in terms of depth, with Ochai Agbaji, Ja’Kobe Walter and Jamal Shead left over to support them. They would need another transaction window to build out their team. — Eric Koreen
Nehm’s mock GM reaction: There will be no protections on any picks sent in a trade for Antetokounmpo. This is one of the best players on the planet in the middle of his prime under contract for the next two (or three) seasons. The New York Knicks gave up four unprotected first-round picks, a top-four protected first-round pick and an unprotected first-round pick swap for Mikal Bridges, who has never made an All-Star Game or All-NBA team. Even if I concede that was an overpay, I regret to inform other general managers that they will also be overpaying for Antetokounmpo. The number of picks and swaps should probably start around eight.
Barnes, Barrett and Dick are all strong young players, so I can understand the picks being a little bit on the lighter side. From a player perspective, this is getting closer, considering Barnes has made an All-Star Game, but it’s tough to figure out how you build a team around him. The Raptors have tried and looked a bit disjointed.
Giannis to Houston
Bucks get: Amen Thompson, Jalen Green, Cam Whitmore, Donovan Clingan, 2025 first (via Phoenix), 2027 first (via Phoenix), 2029 first (most favorable of Milwaukee, Portland or Washington), 2028 and 2030 Milwaukee swap rights extinguished
Rockets get: Giannis Antetokounmpo, Jerami Grant
Trail Blazers get: Alperen Şengün, Jock Landale
Why it would (and wouldn’t) work: I’m not moving Antetokounmpo unless he asks out. I would expect the Bucks to look at every avenue for success with him over the next couple of months before it gets here.
To me, Houston is the team that makes the most sense to end up with Antetokounmpo if the Bucks have to move him. The Rockets have the most assets in the league in terms of young, controllable talent outside of the Thunder, and they desperately need a No. 1 option. This deal allows them to acquire Antetokounmpo for the players that, frankly, don’t make a lot of sense on their roster when it comes to playing next to Antetokounmpo in Thompson and Şengün, the two players who also happen to have the highest trade value on the team. They also maintain enough control over their future drafts to be able to continue to build.
The Bucks should have two goals in any Antetokounmpo deal: Acquire as much young, cost-controlled talent as possible and get as many of their picks back as possible. Here, in addition to the young players, they get a top-10 pick in the 2025 draft from Phoenix, another high-value Phoenix first-round pick in 2027 and then get control over all of their picks back from Portland from 2028 through 2030. The Blazers’ part in this is because they have control over Milwaukee’s first-round picks in 2028, 2029 and 2030. The 2028 and 2030 Milwaukee selections are owned via swap rights, so those are not necessarily full first-round picks, but rather they’re here as an opportunity for Milwaukee to get control over its destiny back from 2028 onward. Essentially, the Blazers get an All-Star center in Şengün for Clingan, a first-round pick in 2029 and extinguishing those swap rights with 2028 and 2030. They’re not losing picks in 2028 and 2030; they just won’t be able to swap with Milwaukee. They also get the value-add of getting off the massive Grant deal, which is one of the league’s worst contracts. — Sam Vecenie
Nehm’s mock GM reaction: I still need some more in this package, but this is getting pretty close.
Sam was right to get the Bucks back in control of their picks from the Blazers between 2028-30. I think that is one of the most valuable things the Bucks can acquire in any Antetokounmpo trade because getting rid of one of the best players on the planet while not controlling your picks is bad business.
Any trade offer from the Rockets will require Thompson. In the packages I’ve received, there is an argument to be made that Thompson is the best asset because of his insane defensive ability, super athleticism, age and contract. But I’d be curious to see if I could also acquire Tari Eason or Jabari Smith Jr.
Green is the problem in this deal. He is only 23 years old, and there still may be upside there, but his contract extension kicks in next season, and it’s unclear if he will be worth that raise. After scoring 21 points per game in the regular season, he’s put up just 14.8 points per game in the first five games of the Rockets’ series against the Golden State Warriors, and that is buoyed by a 38-point performance in Game 2. That contract extension makes the deal work financially, but I’m just not sure a player that volatile can make up such a large portion of a deal for Antetokounmpo. The Bucks need more sure things.
(Illustration: Dan Goldfarb / The Athletic; top photo: Stacy Revere / Getty Images)
