For the past seven seasons, starting with their 60-win campaign in 2018-19, the Milwaukee Bucks have consistently been considered NBA championship contenders. This extended period of contention is remarkable in the current league landscape, which features mechanisms like repeater taxes and salary aprons designed to limit such sustained success.
Crucially, the Bucks secured a championship in 2021, validating their efforts. However, their momentum has waned. They`ve faced first-round playoff exits in three consecutive years and haven`t advanced past the second round since their title run. Their ability to replenish the roster is hampered by having traded away their first-round picks or swap rights for the next six years and their second-round selections for the same period.
Over the last four years, the team has incurred roughly $940 million in salaries and luxury taxes, resulting in just one playoff series victory during that span. In April, their prospects were significantly damaged by Damian Lillard`s severe torn left Achilles injury. The Bucks are set to pay Lillard $54 million next season, with considerable uncertainty regarding his future contribution level.
The points raised in the preceding paragraphs highlight a situation that strongly suggests the status quo is unsustainable. Giannis Antetokounmpo, the team`s cornerstone player, is fully aware of the circumstances but has not yet taken any specific action.
The Bucks organization appears to be at a critical juncture: either persist in building around Antetokounmpo despite the existing constraints or explore alternative paths forward. Let`s examine both potential directions.
What Options Are Available to the Bucks This Summer?
Nearly eight years ago, then-Cleveland Cavaliers General Manager David Griffin made a comment about LeBron James that holds relevance for the Bucks and Antetokounmpo today.
“You`re essentially entrusted with the legacy of Babe Ruth, and it`s our duty to facilitate that legacy`s growth and evolution,” Griffin stated to The Vertical. “It`s almost like a sacred trust the player gives you. He`s so exceptional, so good on his own, that his mere presence dictates that you must be a title contender… and if you fail to capitalize on his remaining prime years, then it`s our failing.”
This same guiding principle applies to Bucks GM Jon Horst this offseason.
Trading Antetokounmpo might seem like an easy option, especially considering Lillard`s Achilles injury and the recent first-round exits. However, sources confirmed to ESPN that Milwaukee intends to actively pursue free agency and trade opportunities specifically to enhance the roster around Antetokounmpo.
Thanks to the trade involving Khris Middleton and Kyle Kuzma before the February deadline, the Bucks have access to the $14.1 million non-tax midlevel exception, which could be used to sign a free agent like Gary Trent Jr. or find a temporary guard to compensate for Lillard`s absence. They also have the $5.1 million biannual exception available. It is unlikely the Bucks can afford to re-sign free agents Brook Lopez and Bobby Portis while also utilizing both exceptions.
The Kuzma transaction has also provided Milwaukee with greater flexibility to use more than 100% of the traded player exception (allowing them to take back more salary than they send out) and combine contracts in trades.
Executing a significant trade to alter the roster faces a challenge because 79% of the Bucks` payroll is allocated to Antetokounmpo, Lillard, and Kuzma. The only substantial expiring contract is Pat Connaughton`s $9.4 million salary. Due to a rule in the CBA, Milwaukee is unable to bundle the contracts of AJ Green, Chris Livingston, Andre Jackson Jr., and Tyler Smith with Connaughton`s salary to acquire a player earning $25 million. To circumvent this restriction, Milwaukee could potentially include Lopez or Portis (if he declines his player option) in a sign-and-trade scenario.
Three Trade Proposals to Build Around Giannis
Milwaukee Bucks Receive:
Wendell Carter Jr.
Ayo Dosunmu
Jett Howard
Orlando Magic Receive:
Pat Connaughton
Jalen Smith
Jevon Carter
2031 first-round pick
2032 first-round pick swap (with Milwaukee)
Chicago Bulls Receive:
Kyle Kuzma
Andre Jackson Jr.
2031 second-round pick
More than any other team, the Bucks should be prepared to engage in discussions if other franchises decide to shed salary and trade talented players. Kristaps Porzingis from Boston would be an ideal fit, particularly if Lopez is not re-signed. While a deal between these two teams is hard to envision, recall that Jrue Holiday eventually landed in Boston after Milwaukee initially traded him to Portland.
Regarding the proposed multi-team deal above, this would undeniably be a significant risk to move on from the Kuzma contract, as it would essentially deplete Milwaukee`s draft assets. However, it would address immediate needs for the Bucks: a player to fill Lillard`s role during his recovery and a replacement for the aging, free agent Lopez at center. Milwaukee`s defense would likely improve considerably with these additions, making the team younger and increasing its potential upside.
Chicago, possibly preparing to sign ball-handler Josh Giddey to a large contract this summer, might be willing to get assets in return for Dosunmu as his contract nears its end. Orlando would part with Carter (potentially giving Goga Bitadze the starting role) but would recoup some draft capital after previously paying a high price – four first-rounders and a swap – to acquire Desmond Bane from Memphis just this week.
Milwaukee Bucks Receive:
Cameron Johnson
Brooklyn Nets Receive:
Kyle Kuzma
2031 first-round pick
2032 first-round pick swap
Given the Bucks` extremely limited resources, who is the most impactful current player they could realistically add to support Giannis in a win-now approach? Johnson has not been an All-Star, but he has significantly developed his game in Brooklyn. Always a remarkable shooter (39% career on 3-pointers), he has evolved into a skilled scorer at multiple levels, capable of potentially filling the void left by Khris Middleton on Milwaukee`s perimeter.
Would the Nets agree to this deal? The return for trading Johnson – a desirable asset around the league – is relatively modest, especially considering they would take on Kuzma`s contract. However, the unprotected Milwaukee 2031 and 2032 picks might be sufficiently appealing for Brooklyn to proceed. Antetokounmpo would be nearly 37 years old by then and could potentially no longer be with Milwaukee. The Nets might also value holding some of Milwaukee`s draft capital for a future scenario where they attempt to trade for Antetokounmpo and could offer the Bucks their own picks back.
Milwaukee Bucks Receive:
Bradley Beal
Royce O`Neale
2025 first-round pick (No. 29)
Phoenix Suns Receive:
Pat Connaughton
Damian Lillard
Conceptually, a swap of Beal for Lillard makes sense. The Bucks were linked to Beal during the season, a move that would have required building a package around the now-traded Middleton, and potentially getting no value from Lillard`s $54 million salary while he recovers from Achilles surgery might not be sustainable.
Beal, who would need to waive his no-trade clause to facilitate the deal, might fit better in Milwaukee than he has with the Suns, gaining more ball-handling opportunities and spacing the floor for Antetokounmpo in a way Lillard was less suited for. The Bucks also benefit in the secondary part of this deal, adding wing depth with O`Neale in a necessary swap to prevent hard-capping Phoenix at the lower luxury tax apron and securing a late first-round pick to improve the rest of the roster.
If the Suns are ready to move on from Beal, waiting for Lillard`s return might not seem unfavorable. And if he can return close to his All-Star form at age 35, Lillard would be a better complement alongside Devin Booker in the Phoenix backcourt. However, it`s improbable that the two teams will agree on how much more valuable Lillard is while injured compared to Beal.
Five Trade Proposals for Giannis
Houston Rockets Receive:
Giannis Antetokounmpo
Pat Connaughton
Milwaukee Bucks Receive:
Alperen Sengun
Cam Whitmore
Reed Sheppard
Jock Landale
2025 first-round pick (No. 10)
2027 first-round pick (via Phoenix)
2028 first-round pick
Among the teams that held home-court advantage to begin the playoffs, the No. 2 seeded Houston Rockets are in dire need of enhanced offense. Between their bottom-five 3-point attempt rate and Jalen Green`s inconsistent scoring (he exploded for 38 points in Game 2 against the Warriors but scored 12 or fewer in the other six games of that first-round series), the Rockets need to generate easier scoring opportunities.
Yes, Sengun is an All-Star who can anchor a decent offense, and he possesses significant upside as he continues to develop. But Antetokounmpo, a two-time league MVP in his prime, is elite enough to be the primary offensive option for any team.
This potential trade might land squarely in the middle, depending on your perspective. If you`re a Rockets fan, you likely dislike the idea of trading Sengun. However, the necessity for a big man to be the offensive hub – even one with Sengun`s playmaking skills – significantly diminishes if Giannis joins the roster.
Furthermore, if you had to choose one young star between Sengun and two-way standout Amen Thompson, Sengun might be the preferred option, primarily due to their contracts. With his extension starting next season, Sengun is slated to earn nearly $34 million in 2025-26, while Thompson will earn slightly less than $10 million.
Acquiring Thompson instead would give the Rockets more cap flexibility in reshaping the roster (one potentially featuring Thompson, Fred VanVleet, Green, Dillon Brooks, Jabari Smith Jr., Tari Eason, and others) around Giannis over the next few years.
Toronto Raptors Receive:
Giannis Antetokounmpo
Milwaukee Bucks Receive:
Scottie Barnes
Gradey Dick
Ochai Agbaji
2025 first-round pick (No. 9)
2029 first-round pick
2031 first-round pick
Antetokounmpo and Raptors President Masai Ujiri share a long history, and Ujiri is known for his willingness to pursue star players aggressively. Toronto`s recent moves, including trading for and extending Brandon Ingram, suggest Ujiri is aiming for a return to contention sooner rather than later – and in a potentially less competitive Eastern Conference, adding Giannis could accelerate that timeline.
Given his youth and potential, Toronto`s Scottie Barnes could be the most appealing current player available to the Bucks in a trade scenario. This is significant because the Bucks have committed so many future picks to other teams, giving them little incentive to intentionally rebuild.
In 2023, the Suns traded Mikal Bridges, Cam Johnson, Jae Crowder, four first-round picks, and one pick swap to Brooklyn for Kevin Durant. That transaction serves as the blueprint for this proposed trade: one emerging star (Barnes), one promising young shooter (Dick), a third wing player, and a similar – though slightly less valuable, as Barnes is more accomplished than Bridges was at the time – collection of picks that brought Durant to Phoenix.
With this trade, the Raptors would improve by integrating Antetokounmpo into their rotation in Barnes`s place, while the Bucks would gain the opportunity to begin building a young core around Barnes, Dick, and the No. 9 pick in the upcoming draft. The additional picks heading to Milwaukee would be concentrated towards the end of the maximum seven-year trading window, ensuring Milwaukee isn`t reliant on picks from a team led by Giannis in his prime, which would likely fall late in the first round.
San Antonio Spurs Receive:
Giannis Antetokounmpo
Milwaukee Bucks Receive:
Harrison Barnes
Keldon Johnson
Jeremy Sochan
2025 first-round pick (No. 2)
2026 first-round pick (better of Atlanta and San Antonio)
2028 first-round pick (better of Boston and San Antonio)
2030 first-round pick (better of Dallas, Minnesota and San Antonio)
2031 first-round swap (Milwaukee`s for better of Sacramento`s and San Antonio)
Despite missing the final third of last season due to deep vein thrombosis, Victor Wembanyama had already established himself as a top-10 player at the young age of 21. Pairing him with a first-team All-NBA player in his prime would give San Antonio a core capable of competing immediately. The stylistic fit between Wembanyama – who prefers playing on the perimeter – and Antetokounmpo`s power game is considered ideal.
I view this scenario as the NBA equivalent of an NFL team building extensively around a star quarterback still on a rookie contract, leveraging his low salary to add elite talent.
Even after trading for De`Aaron Fox, the Spurs are in a strong position to assemble an offer for Antetokounmpo centered on draft picks, thanks to moving up to the No. 2 spot in the lottery and possessing future swaps. Instead of relying on potentially late first-round picks from San Antonio, the Bucks could bet on a variety of other teams potentially struggling in the future.
Notably, the 2030 first-round pick appears especially valuable as it`s the better of three teams` selections – although it comes with top-one protection on the swap with the Timberwolves. Milwaukee would also acquire a recent lottery pick in Sochan and players who could help keep the team competitive.
Detroit Pistons Receive:
Giannis Antetokounmpo
Milwaukee Bucks Receive:
Tobias Harris
Jaden Ivey
Isaiah Stewart
2027 first-round pick
2029 first-round pick
2031 first-round pick
With the Cavaliers and Celtics constrained by the restrictive second apron and likely needing to reduce salary (and Boston currently without the rehabbing Jayson Tatum), and the Knicks undergoing their own changes, the competitive landscape in the East is as open as it has been in some time. The Pistons, returning to the playoffs after six years, appeared evenly matched with New York in a fiercely contested first-round series. Adding a player of Antetokounmpo`s caliber would significantly accelerate their timeline and give All-NBA guard Cade Cunningham and the Pistons a legitimate chance in the East sooner rather than later.
Milwaukee might be hesitant to make a deal within its own division and could ultimately seek a larger return. However, Jaden Ivey, still only 23 and coming off a much more efficient season than his first two, has demonstrated genuine, clear flashes of potential. Isaiah Stewart, 24, is a tenacious rebounder capable of handling more minutes than he currently receives alongside fellow young player Jalen Duren.
And the seasoned veteran Tobias Harris, still just 32, performed reliably for the Pistons – particularly on the defensive end – throughout Detroit`s playoff run. This package could be sufficient for the Bucks to maintain competitiveness, with the added possibility of Ivey developing into a star as he enters his prime.
Golden State Warriors Receive:
Giannis Antetokounmpo
Los Angeles Lakers Receive:
Draymond Green
Daniel Gafford
Dallas Mavericks Receive:
Gabe Vincent
2031 first-round pick (via L.A. Lakers)
2025 second-round pick (No. 41)
Milwaukee Bucks Receive:
Austin Reaves
Brandin Podziemski
Jonathan Kuminga (via sign-and-trade)
Trayce Jackson-Davis
Maxi Kleber
2029 first-round pick (via Warriors)
2031 first-round pick (via Golden State)
2030 first-round swap (with L.A. Lakers)
The Warriors are almost perpetually linked to star players, and after trading for Jimmy Butler III in February, they could attempt an even more significant move this summer to maximize the remaining prime years of Stephen Curry. If Antetokounmpo were to request a trade to Golden State, the Warriors could potentially simply reroute Butler, whose salary aligns perfectly. However, the Warriors could also construct a matching package centered around Green and a collection of young players, so let`s explore a truly ambitious four-team blockbuster scenario.
The Warriors would sacrifice roster depth to form a formidable “big three” consisting of Curry, Antetokounmpo, and Butler. The Lakers would gain roster balance by converting Reaves into Green – who has been previously mentioned in Lakers rumors – and Gafford, improving their defense and adding a rim-running center proven to fit well with Luka Doncic. The Mavericks would trade from a position of strength (center) to add a future first-round pick and support at point guard during Kyrie Irving`s absence. And the Bucks would acquire an assortment of promising young talents and future draft assets in exchange for their superstar.