Could the 2025 NBA offseason be remembered as the “Summer of Giannis Antetokounmpo”? For the first time in his career, Antetokounmpo is reportedly open to considering options beyond staying with the Milwaukee Bucks long-term.
Antetokounmpo`s current contract runs for three more seasons, with a player option for 2027-28. The two-time MVP, who will be 30, is eligible to sign a substantial four-year extension worth $293.4 million in the 2026 offseason, whether with the Bucks or another team.
The situation creates anticipation in Milwaukee and across the league. With a crucial draft lottery approaching, determining the draft order for top prospects, this saga could see new developments. Antetokounmpo is scheduled to meet with the Bucks within the next month, and other NBA teams are already formulating potential trade packages should the 2021 Finals MVP become available. Trading a reigning or recently crowned MVP in their prime is rare, the last notable instance being when James Harden moved from the Houston Rockets to the Brooklyn Nets in January 2021.
Teams eyeing Giannis this summer face a key financial hurdle: Any franchise without significant salary cap space would need to send Milwaukee at least $43.5 million in salary as part of the trade package, while also remaining below the first luxury tax apron.
Which teams possess the necessary draft capital, suitable contracts, and promising young talent to execute a deal for Antetokounmpo? To analyze this, the league`s 30 teams are categorized into nine tiers, beginning with the Milwaukee Bucks themselves. Player salaries referenced reflect the 2025-26 season figures.
The Milwaukee Bucks
The pressure remains on the Bucks to build a championship-contending roster around Antetokounmpo. General manager Jon Horst has been active since 2017, making 25 trades that have involved numerous draft picks (seven first-rounders, three years of pick swaps, and 18 second-rounders). Only Antetokounmpo and Brook Lopez remain from the 2021 championship squad. Despite the asset drain, these moves have contributed to the Bucks having the second-most regular-season wins since 2016-17, trailing only the Boston Celtics. However, improving the current top-heavy roster faces challenges this summer.
A significant hurdle is the limited ability to trade future first-round picks; currently, only their 2031 or 2032 picks are available. The combined salaries of Antetokounmpo, Damian Lillard, and Kyle Kuzma total $130 million against the team`s $164 million payroll for next season. Lillard, who turns 35 in July, is owed $113 million over the following two seasons after recovering from an Achilles injury. Key players like Lopez, Bobby Portis, Taurean Prince, Kevin Porter Jr., and Gary Trent Jr. could all become free agents this summer (Portis and Porter Jr. hold player options).
On the positive side, a trade involving Kyle Kuzma and Khris Middleton at the last deadline has provided the Bucks with more financial flexibility, allowing them to pursue additions in free agency or via trade without being severely constrained by the second luxury tax apron. The Bucks will have the $14.1 million non-tax midlevel exception available.
Tier 1: Checking Four Boxes – Draft Picks, Players, Contracts, and a Win-Now Roster
While Antetokounmpo has not officially requested a trade or provided a list of preferred destinations, Houston and San Antonio currently appear best positioned if he were to become available. Both teams possess the necessary draft assets, young talent, significant contracts for trade matching, and rosters that could potentially remain competitive even after trading assets for Giannis.
Houston Rockets
Houston faces financial complexities regarding a potential Antetokounmpo trade. With $131 million in salary, they are projected to be near the luxury tax and first apron when considering Fred VanVleet`s team option, non-guaranteed contracts (Jock Landale, Aaron Holiday), and the first-round pick owed by Phoenix. VanVleet cannot be traded unless his team option is exercised.
Houston is in the unusual position of being a playoff-caliber team possessing a top-10 pick in the upcoming draft. Besides the pick from Phoenix, they hold nine future first-rounders, five of which are tradable within the next seven years. They also have swap rights with Brooklyn in 2027 and an unprotected 2027 first from Phoenix, plus favorable firsts from Dallas, Phoenix, or their own in 2029. Houston owes Oklahoma City its 2026 first if it falls outside the top 4. They also have seven second-round picks available.
Free agents: Fred VanVleet (team option), Aaron Holiday (team), Steven Adams, Jae`Sean Tate, Jeff Green
Rookie scale contracts: Jabari Smith Jr. ($12.3 million, RFA 2026), Reed Sheppard ($10.6 million, RFA 2028), Amen Thompson ($9.7 million, RFA 2027), Tari Eason ($5.7 million, RFA 2026), Cam Whitmore ($3.5 million, RFA 2027)
Sizable contracts: Fred VanVleet ($44.9 million, Team 2026), Alperen Sengun ($33.9 million, Player 2029), Jalen Green ($33.3 million, Player 2027), Dillon Brooks ($22.1 million, UFA 2027)
Other contracts: Jock Landale ($8 million, UFA 2027), Aaron Holiday ($4.9 million, Team 2026), Nate Williams ($2.3 million, Team 2027). Note: The Landale and Williams contracts are non-guaranteed. Holiday is not trade eligible unless the team option is exercised.
San Antonio Spurs
Entering Year 3 of Victor Wembanyama`s rookie contract provides San Antonio with significant financial flexibility to absorb salary without hitting restrictions. Including their two first-round picks in the upcoming draft, the Spurs are projected to be $33 million below the luxury tax and $37 million below the first apron.
Despite trading four first-round picks to acquire De`Aaron Fox, the Spurs still hold valuable draft equity. They possess two lottery picks this year and three additional tradable future firsts. This includes Atlanta`s unprotected first in 2027 and two of their own starting in 2029. San Antonio also has swap rights with Atlanta (2026), Boston (2028, top-1 protected), Dallas or Minnesota (2030, if 2-30), and Sacramento (2031). Minnesota will send its unprotected 2031 first to San Antonio.
Free agents: Chris Paul, Charles Bassey, Jordan McLaughlin, Sandro Mamukelashvili, Bismack Biyombo
Off the board: Victor Wembanyama
Rookie scale contracts: Stephon Castle ($9.6 million, RFA 2028), Jeremy Sochan ($7.1 million, RFA 2026), Blake Wesley ($4.7 million, RFA 2027), Malaki Branham ($4.9 million, RFA 2026)
Sizable contracts: De`Aaron Fox ($37.1 million, UFA 2026), Devin Vassell ($27 million, UFA 2029), Keldon Johnson ($17.5 million, UFA 2027), Harrison Barnes ($19 million, UFA 2026)
Other contracts: Julian Champagnie ($3 million, Team 2026)
Tier 2: The Pick Packages
The Brooklyn Nets and Utah Jazz collectively hold an impressive 22 first-round draft picks that could be used in a trade for Antetokounmpo. The main question for these teams is whether they would still have enough assets and players remaining to build a competitive roster around the superstar.
Brooklyn Nets
The Nets are in a strong position this summer due to their significant salary cap flexibility. Factoring in free agent holds for Cam Thomas, Day`Ron Sharpe, and their four first-round picks, Brooklyn is projected to have $45 million in cap space.
Brooklyn possesses 15 future first-round picks, with 13 being tradable. The Knicks owe Brooklyn three future firsts (2027, 2029, 2031) and swap rights in 2028 (or Phoenix`s pick). If the 76ers convey their first-round pick this season, they will send Brooklyn a top-8-protected first in 2028. If the 2025 pick goes to Oklahoma City, the 76ers pick becomes top-8 protected in 2027. Additionally, the Nets own the least favorable 2029 first from Dallas, Phoenix, and Houston. Houston also holds swap rights in 2027. The Nets have 15 second-round picks available for trade.
Free agents: D`Angelo Russell, De`Anthony Melton, Trendon Watford, Ziaire Williams, Cam Thomas, Day`Ron Sharpe, Tyrese Martin (Team), Drew Timme (Team), Keon Johnson (Team), Jalen Wilson (Team)
Rookie scale contracts: Noah Clowney ($3.4 million, RFA 2027), Dariq Whitehead ($3.2 million, RFA 2027)
Sizable contracts: Nic Claxton ($25.4 million, UFA 2028), Cameron Johnson ($21.1 million, UFA 2027)
Other contracts: Maxwell Lewis (2.2 million, Team 2026), Keon Johnson ($2.3 million, Team 2025), Jalen Wilson ($2.2 million, Team 2025), Tyrese Martin ($2.2 million, Team 2025), Drew Timme ($2 million, Team 2025)
Utah Jazz
With two first-round picks in the upcoming draft and 15 players already under contract, Utah is likely to operate financially like a team over the salary cap this summer. Including their two firsts and $15 million in non-guaranteed contracts, they are projected to be right at the cap threshold.
The Jazz own 13 future first-round picks, including a combined five unprotected firsts (two in 2027 and two in 2029, plus a top-5-protected 2029 pick) from Cleveland and Minnesota. They have eight tradable firsts overall, including their two picks this year. Phoenix will also send Utah an unprotected 2031 first. The Jazz have a top-5-protected 2027 first from the Lakers and swap rights with Minnesota or Cleveland in 2026 (if within the top eight) and with Cleveland in 2028. They owe Oklahoma City a top-8-protected first in 2026. Utah also has nine second-round picks available for trade.
Free agents: John Collins (Player)
Rookie scale contracts: Taylor Hendricks ($6.1 million, RFA 2027), Cody Williams ($5.7 million, RFA 2028), Walker Kessler ($4.9 million, RFA 2026), Keyonte George ($4.3 million, RFA 2027), Brice Sensabaugh ($2.7 million, RFA 2027), Isaiah Collier ($2.7 million, RFA 2028)
Sizable contracts: Lauri Markkanen ($46.4 million, UFA 2029), John Collins ($26.6 million, Player 2025), Collin Sexton ($19.2 million, UFA 2026), Jordan Clarkson ($14.3 million, UFA 2026), KJ Martin ($8 million, UFA 2026). Note: Collins cannot be traded unless he opts into his contract, while Martin`s contract is non-guaranteed.
Other contracts: Svi Mykhailiuk ($3.7 million, UFA 2028), Kyle Filipowski ($6.1 million, Team 2027), Johnny Juzang ($2.8 million, UFA 2028), Jaden Springer ($2.4 million, UFA 2027). Note: The Mykhailiuk, Juzang and Springer contracts are non-guaranteed next season.
Tier 3: The Wild Cards
Uncertainty surrounds the potential trade capabilities of the next six teams.
While Oklahoma City has the assets (draft picks, young players) to pursue a superstar like Antetokounmpo, potential future salary commitments could be a limiting factor. The Thunder might commit nearly $800 million in extensions this offseason to Shai Gilgeous-Alexander, Jalen Williams, and Chet Holmgren.
For Philadelphia, securing a top-2 draft pick this year could significantly alter their trade possibilities. However, given Antetokounmpo`s high salary, acquiring stars like Joel Embiid or Paul George as part of a package for Milwaukee is unlikely to be a viable option for the Sixers.
Detroit Pistons
The Pistons` spending power this offseason is significantly affected by Cade Cunningham likely achieving All-NBA status, which adjusts his salary from $38.6 million to $46.4 million next season. Detroit projects to have $19 million in cap space but could opt to operate over the cap if they re-sign free agents like Tim Hardaway Jr. and Dennis Schroder. In that scenario, they would access the $14.1 million non-tax midlevel exception and the $5.1 million biannual exception. The Pistons own all their first-round picks for the next seven seasons, can trade four of them, and hold swap rights each year.
Free agents: Tim Hardaway Jr., Malik Beasley, Dennis Schroder, Lindy Waters III, Paul Reed
Rookie scale contracts: Jaden Ivey ($10.1 million, RFA 2026), Ausar Thompson ($8.8 million, RFA 2027), Ron Holland II ($8.7 million, RFA 2028), Jalen Duren ($6.5 million, RFA 2026), Marcus Sasser ($2.9 million, RFA 2027)
Sizable contracts: Cade Cunningham ($46.4 million, UFA 2030), Tobias Harris ($26.6 million, UFA 2026), Isaiah Stewart ($15 million, Team 2027), Simone Fontecchio ($8.3 million, UFA 2026)
Other contracts: Bobi Klintman ($2 million, Team 2027)
Memphis Grizzlies
The trade involving Marcus Smart has provided Memphis with flexibility this offseason. Including Santi Aldama`s free agent hold, the Grizzlies have $147 million in salary, leaving them $7 million below the salary cap. This available room could be used to renegotiate and extend Jaren Jackson Jr.`s contract in 2025-26. The Grizzlies own their own first-round picks for the next seven years. They also have favorable swap rights in 2026 and 2030, along with seven second-rounders available.
Free agents: Marvin Bagley III, Luke Kennard, Santi Aldama, Lamar Stevens
Rookie scale contracts: Zach Edey ($6 million, RFA 2028)
Sizable contracts: Ja Morant ($39.5 million, UFA 2028), Desmond Bane ($36.7 million, UFA 2029), Jaren Jackson Jr. ($23.4 million, UFA 2026), Brandon Clarke ($12.5 million, UFA 2027), John Konchar ($6.2 million, UFA 2027)
Other contracts: Vince Williams Jr. ($2.3 million, Team 2026), Scotty Pippen Jr. ($2.3 million, Team 2027), Jay Huff ($2.3 million, Team 2027), GG Jackson ($2.2 million, Team 2026), Jaylen Wells ($2 million, Team 2027)
New Orleans Pelicans
New Orleans is a wild card because they control the Bucks` first-round pick in the next two seasons. Including their lottery pick and 12 players under contract, they are $2.5 million below the tax and $8.4 million under the first apron. They own their own first-round pick for the next seven years (four tradable) and have swap rights with Milwaukee in 2026. The less favorable of their own and Milwaukee`s 2027 first will go to Atlanta, but New Orleans keeps it if it`s a top-five pick. They also have a top-4-protected 2026 first from Indiana. In total, the Pelicans have six tradable first-rounders, including their upcoming lottery pick, and four second-rounders.
Free agents: Elfrid Payton (Team), Brandon Boston (Team), Bruce Brown, Jeremiah Robinson-Earl
Rookie scale contracts: Jordan Hawkins ($4.7 million, Team 2026), Yves Missi ($3.4 million, RFA 2028)
Sizable contracts: Zion Williamson ($39.5 million, UFA 2028), Dejounte Murray ($30.8 million, Player 2027), CJ McCollum ($30.7 million, UFA 2026), Trey Murphy III ($25 million, UFA 2029), Herbert Jones ($13.9 million, UFA 2027), Kelly Olynyk ($13.4 million, UFA 2026), Jose Alvarado ($4.5 million, Player 2026). Note: Williamson`s contract is partially guaranteed.
Other contracts: Karlo Matkovic ($2 million, Team 2026), Antonio Reeves ($2 million, Team 2026), Elfrid Payton ($3.2 million, Team 2025), Brandon Boston ($2.3 million, Team 2025). Note: The Reaves contract is non-guaranteed. Payton and Boston cannot be traded unless their team option is exercised.
Oklahoma City Thunder
Oklahoma City has a one-year window before extensions for Jalen Williams and Chet Holmgren begin in 2026, followed by Shai Gilgeous-Alexander`s in 2027. Currently, with 15 players under contract and excluding draft picks, OKC is projected $10.1 million below the luxury tax. They own their first-round picks for the next seven years and could potentially add six more. Including their two picks this June, Oklahoma City can trade 13 first-rounders. This includes protected picks from Utah and Philadelphia in 2026, swap rights with the Clippers and Rockets in 2026, the less favorable pick among their own, Houston, and the Clippers going to Philadelphia in 2026, further swap rights with the Clippers (2027) and Mavericks (2028), and protected picks from Denver (2027-2029/2030). The Thunder also have 18 second-round picks available.
Free agents: Ajay Mitchell (Team), Jaylin Williams (Team)
Off the board: Shai Gilgeous-Alexander ($38.3 million, UFA 2027)
Rookie scale contracts: Chet Holmgren ($13.7 million, RFA 2026), Ousmane Dieng ($6.7 million, RFA 2026), Jalen Williams ($6.6 million, RFA 2026), Cason Wallace ($5.8 million, RFA 2027), Nikola Topic ($5.2 million, RFA 2028), Dillon Jones ($2.8 million, RFA 2028)
Sizable contracts: Isaiah Hartenstein ($28.5 million, Team 2026), Alex Caruso ($18.1 million, UFA 2029), Lu Dort ($17.7 million, Team 2026), Isaiah Joe ($12.4 million, Team 2027), Aaron Wiggins ($9.7 million, Team 2028), Kenrich Williams ($7.2 million, Team 2026)
Other contracts: Jaylin Williams ($2.2 million, Team 2025), Ajay Mitchell ($3 million, Team 2025). Note: Williams and Mitchell cannot be traded unless the team option is exercised.
Orlando Magic
Keeping their current roster together is poised to become expensive for the Magic. With the extensions for Franz Wagner and Jalen Suggs set to start, Orlando is projected to be $19 million over the luxury tax, $11 million above the first apron, and $1 million below the second apron, including their two June draft picks. The Magic have six tradable first-rounders in the next eight years, including favorable swap rights in 2026. They also hold 15 second-rounders.
Free agents: Moritz Wagner (Team), Gary Harris (Team), Cory Joseph (Team), Caleb Houstan (Team)
Rookie scale contracts: Paolo Banchero ($15.3 million, RFA 2026), Anthony Black ($7.9 million, RFA 2027), Jett Howard ($5.5 million, RFA 2027), Tristan da Silva ($3.8 million, RFA 2028)
Sizable contracts: Franz Wagner ($38.7 million, UFA 2030), Jalen Suggs ($35 million, UFA 2030), Kentavious Caldwell-Pope ($22.6 million, Player 2026), Jonathan Isaac ($15 million, UFA 2029), Cole Anthony ($13.1 million, Team 2026), Wendell Carter Jr. ($10.9 million, Team 2028), Goga Bitadze ($8.3 million, UFA 2027), Moritz Wagner ($11 million, Team 2025), Gary Harris ($7.5 million, Team 2025). Note: Moritz Wagner and Harris cannot be traded unless their team options are exercised.
Other contracts: Cory Joseph ($3.5 million, Team 2025), Caleb Houstan ($2.2 million, Team 2026). Note: Joseph and Houstan cannot be traded unless their team options are exercised.
Philadelphia 76ers
Philadelphia`s flexibility this summer depends heavily on the draft lottery outcome and player options exercised by Andre Drummond, Kelly Oubre Jr., and Eric Gordon. If they keep their first-rounder and all three players opt in before June 29, the team is projected $3.7 million below the luxury tax and $11.1 million below the first apron. The 76ers have three additional first-rounders available for trade: their own in 2025, 2030, and 2032, plus an unprotected 2028 first from the Clippers. Philly also has top-4-protected swap rights with the Clippers in 2029. They possess eight second-rounders for trades.
Free agents: Kelly Oubre Jr. (Player), Andre Drummond (Player), Eric Gordon (Player), Jared Butler (Team), Lonnie Walker IV (Team), Justin Edwards (Team), Kyle Lowry, Guerschon Yabusele, Quentin Grimes
Rookie scale contracts: Jared McCain ($4.2 million, RFA 2028)
Sizable contracts: Joel Embiid ($55.2 million, Player 2028), Paul George ($51.7 million, Player 2027), Tyrese Maxey ($37.9 million, UFA 2029)
Other contracts: Adem Bona ($2 million, Team 2027), Ricky Council IV ($2.2 million, Team 2026). Note: Council`s contract is non-guaranteed.
Tier 4: Accelerating the Rebuild, But At a Cost
A common characteristic defines the following four teams. They all finished in the draft lottery, and while they possess the draft equity and young players to pursue Antetokounmpo, none currently have a roster positioned to immediately contend for a playoff spot after making such a trade.
Charlotte Hornets
Charlotte is currently near the $154.6 million salary cap this offseason but has sufficient draft assets to potentially entice Milwaukee if Antetokounmpo becomes available. Including a projected top-three pick in June, Charlotte owns all their first-rounders through 2032 and three additional firsts acquired in previous trades. This includes the less favorable 2026 pick from Phoenix, Washington (if 1-8), Orlando, and Memphis. Charlotte is also set to receive protected firsts from Portland (2027, 2028) and Dallas (2027). The Hornets can trade up to seven first-round picks and possess 11 future second-round picks.
Free agents: Seth Curry, Taj Gibson, Wendell Moore Jr.
Rookie scale contracts: Brandon Miller ($11.9 million, RFA 2027), Tidjane Salaun ($7.9 million, RFA 2028), Mark Williams ($6.3 million, RFA 2026), Nick Smith ($2.7 million, RFA 2026)
Sizable contracts: LaMelo Ball ($37.9 million, UFA 2029), Miles Bridges ($25 million, UFA 2027), Jusuf Nurkic ($19.4 million, UFA 2026), Grant Williams ($13.7 million, UFA 2027), Josh Green ($13.7 million, UFA 2027)
Other contracts: Josh Okogie ($7.8 million, UFA 2026), DaQuan Jeffries ($2.7 million, UFA 2027), Moussa Diabate ($2.3 million, UFA 2027). Note: All three contracts are not or partially protected.
Portland Trail Blazers
With 13 players already under contract for next season, Portland is over the salary cap but well below the luxury tax, allowing room to add players via free agency or trade. Including their upcoming lottery pick, the Blazers are $11 million below the tax and $17 million below the first apron. The Blazers owe Chicago a top-14-protected first-round pick, with protections extending to 2028. They hold favorable and less favorable swap rights involving their own, Boston`s, and Milwaukee`s picks in 2029, and swap rights with Milwaukee in 2028 and 2030. The 2028 swap rights are extinguished if they convey their pick to Chicago that year. Including this season`s draft night pick, Portland has four first-round picks and six second-rounders available to trade.
Free agents: Jabari Walker, Matisse Thybulle (Player), Rayan Rupert (Team), Dalano Banton
Rookie scale contracts: Scoot Henderson ($10.7 million, UFA 2027), Shaedon Sharpe ($10.7 million, RFA 2027), Donovan Clingan ($7.2 million, RFA 2028), Kris Murray ($3.1 million, RFA 2027)
Sizable contracts: Deandre Ayton ($35.6 million, UFA 2026), Jerami Grant ($32 million, Player 2027), Anfernee Simons ($27.7 million, UFA 2026), Deni Avdija ($14.4 million, UFA 2028), Robert Williams ($13.3 million, UFA 2026), Matisse Thybulle ($11.5 million, Player 2025). Note: Thybulle cannot be traded unless his option is exercised.
Other contracts: Duop Reath ($2.2 million, RFA 2026), Toumani Camara ($2.2 million, Team 2026). Note: Both contracts are non-guaranteed.
Toronto Raptors
Toronto begins the offseason with limited flexibility outside of their first-round pick. Including a likely top-10 selection, Toronto is projected to be over the luxury tax and $1.3 million over the first apron. The Raptors own their own first-round pick in every draft through 2032 and can trade up to five of them, including their upcoming lottery pick. Toronto has seven future second-round picks available.
Free agents: Chris Boucher, Garrett Temple
Rookie scale contracts: Ochai Agbaji ($6.4 million, RFA 2026), Gradey Dick ($5 million, RFA 2026), Ja`Kobe Walter ($3.6 million, RFA 2028)
Sizable contracts: Scottie Barnes ($38.7 million, UFA 2030), Brandon Ingram ($38.1 million, UFA 2028), Immanuel Quickley ($32.5 million, UFA 2028), RJ Barrett ($27.7 million, UFA 2027), Jakob Poeltl ($19.5 million, Player 2026)
Other contracts: Jonathan Mogbo ($1.9 million, Team 2026), Jamal Shead ($1.5 million, Team 2026), AJ Lawson ($2.3 million, UFA 2026), Colin Castleton ($2.2 million, UFA 2026), Jamison Battle ($2 million, UFA 2027). Note: Lawson, Castleton and Battle`s contracts are non-guaranteed.
Washington Wizards
Washington has financial flexibility, sitting $14 million below the tax and having $20 million in non-guaranteed contracts. The Wizards hold 25 draft picks through 2032, including 10 first-rounders, two of which are in this year`s draft (their own and Memphis`). They also hold the least favorable 2026 first from Oklahoma City, Houston, and the Clippers, and the second-most favorable 2029 first among Boston, Milwaukee, and Portland. Golden State will send a top-20-protected 2030 first to Washington. The Wizards have swap rights with Phoenix in 2026, 2028, and 2030 but owe New York a top-8-protected first in 2026.
Free agents: Khris Middleton (Player), Malcolm Brogdon
Rookie scale contracts: Alex Sarr ($11.8 million, RFA 2028), Bilal Coulibaly ($7.3 million, RFA 2027), Carlton Carrington ($4.7 million, RFA 2028), AJ Johnson ($3.1 million, RFA 2028), Kyshawn George ($3 million, RFA 2028)
Sizable contracts: Khris Middleton ($33.3 million, Team 2025), Jordan Poole ($31.8 million, UFA 2027), Marcus Smart ($21.6 million, UFA 2026), Corey Kispert ($14 million, UFA 2029), Richaun Holmes ($13.3 million, UFA 2026), Saddiq Bey ($6.2 million, UFA 2027). Note: Holmes` contract is non-guaranteed, while Middleton cannot be traded unless he opts-in to his contract.
Other contracts: Anthony Gill ($2.5 million, UFA 2026), Justin Champagnie ($2.3 million, UFA 2028), Colby Jones ($2.2 million, Team 2026)
Tier 5: Need a Third Team to Make a Giannis Deal Work
The following four teams each possess at least three tradable first-round picks, which is positive. However, a significant hurdle is that the contracts they would likely need to include for salary matching purposes often don`t align with Milwaukee`s potential rebuilding timeline. For instance, Golden State might need to reroute Draymond Green to a third team and acquire additional draft assets to facilitate a trade for Giannis.
Dallas Mavericks
For the second consecutive season, expect the Mavericks to hover near the luxury tax and first apron thresholds. Including Kyrie Irving`s $43 million player option and their 2025 first-round pick, Dallas is projected to be $8 million over the luxury tax and $4 million over the first apron. This limits their ability to use more than 100% of the traded player exception if they remain above the first apron. The Mavericks have three tradable first-rounders and two seconds, including their upcoming lottery pick, the Lakers` unprotected 2029 first, and their own 2031 first. They also hold swap rights in 2026, 2031, and 2032.
Free agents: Kyrie Irving (Player), Dwight Powell (Player), Dante Exum, Spencer Dinwiddie
Rookie scale contracts: Dereck Lively II ($5.3 million, RFA 2027), Olivier-Max Prosper ($3 million, RFA 2027)
Sizable contracts: Anthony Davis ($54.1 million), Kyrie Irving ($43 million, Player 2025), Klay Thompson ($16.7 million, UFA 2027), PJ Washington ($14.2 million, UFA 2026), Daniel Gafford ($14.7 million, UFA 2026), Caleb Martin ($9.6 million, Player 2027), Naji Marshall ($9 million, UFA 2027), Max Christie ($7.7 million, Player 2027), Jaden Hardy ($6 million, Team 2027), Dwight Powell ($4 million, Player 2025). Note: Irving and Powell cannot be traded unless their player option is exercised.
Other contracts: Brandon Williams ($2.3 million, UFA 2026). Note: Williams` contract is non-guaranteed.
Miami Heat
The trade for Jimmy Butler has positioned Miami below the second apron for next season. Including the partially guaranteed contracts of Terry Rozier and Duncan Robinson, and Golden State`s first-round pick in June, the Heat are projected $11 million below the first apron and $23 million below the second. Miami owns its own first-round pick in 2026, 2028, 2029, 2030, 2031, and 2032. Due to restrictions on trading consecutive firsts, Miami can send out picks in 2030, 2032, and the upcoming Warriors pick. They have two second-rounders available.
Free agents: Davion Mitchell, Alec Burks, Keshad Johnson (Team)
Rookie scale contracts: Nikola Jovic ($4.4 million, RFA 2026), Kel`el Ware ($4.4 million, RFA 2028), Jaime Jaquez Jr. ($3.9 million, RFA 2027)
Sizable contracts: Bam Adebayo ($37.1 million, UFA 2029), Tyler Herro ($31 million, UFA 2027), Andrew Wiggins ($28.2 million, Player 2026), Terry Rozier ($26.6 million, UFA 2026), Duncan Robinson ($19.9 million, UFA 2026), Kyle Anderson ($9.2 million, UFA 2027), Haywood Highsmith ($5.6 million, UFA 2026), Kevin Love ($4.1 million, UFA 2026). Note: Rozier and Robinson`s contracts are partially guaranteed.
Other contracts: Pelle Larsson ($1.9 million, Team 2026), Keshad Johnson ($1.9 million, Team 2025). Note: Larsson`s contract is partially guaranteed, while Johnson cannot be traded unless the team option is exercised.
Golden State Warriors
The acquisition of Jimmy Butler places Golden State $17.5 million below the luxury tax before free agency. If they re-sign Jonathan Kuminga, the Warriors would likely become a luxury tax team, potentially exceeding the first apron. They are currently $25.5 million and $37.3 million below the first and second aprons, respectively. Even after sending out their 2025 first-rounder in the Butler trade, Golden State still has four firsts available for trade: 2026, 2028, a top-20-protected 2028 pick, and 2030. They are also allowed to swap firsts in every season and have two second-rounders available.
Free agents: Jonathan Kuminga, Gary Payton II, Kevon Looney, Braxton Key, Kevin Knox, Gui Santos (Team), Pat Spencer, Quinten Post (Team)
Off the board: Stephen Curry ($59.6 million, UFA 2027)
Rookie scale contracts: Brandin Podziemski ($3.7 million, RFA 2027)
Sizable contracts: Jimmy Butler ($59.6 million, UFA 2027), Draymond Green ($25.9 million, Player 2026), Moses Moody ($11.6 million, UFA 2028), Buddy Hield ($9.2 million, Player 2027)
Other contracts: Trayce Jackson-Davis ($2.2 million, Team 2026), Gui Santos ($2.2 million, Team 2025), Quinten Post ($1.9 million, Team 2025). Note: Santos and Post cannot be traded unless the team option is exercised.
LA Clippers
The Clippers have the financial flexibility to give James Harden a salary increase and utilize most of their non-tax midlevel exception while remaining below the luxury tax and aprons. Including Harden`s $36.3 million player option, LA is $17.3 million below the tax and $25.3 million below the first apron. Including their June draft pick, the Clippers have three first-rounders (2030 and 2032) available for trade. They are allowed to swap firsts in 2030, 2031, and 2032 and have five second-rounders available.
Free agents: James Harden (Player), Nicolas Batum (Player), Amir Coffey, Patty Mills, Ben Simmons
Rookie scale contracts: Kobe Brown ($2.7 million, RFA 2027)
Sizable contracts: Kawhi Leonard ($50 million, UFA 2027), James Harden ($36.3 million, Player 2025), Norman Powell ($20.5 million, UFA 2026), Ivica Zubac ($18.1 million, UFA 2028), Bogdan Bogdanovic ($16 million, Team 2026), Derrick Jones Jr. ($10 million, UFA 2027), Kris Dunn ($5.2 million, UFA 2027), Nicolas Batum ($4.9 million, Player 2026)
Other contracts: Drew Eubanks ($4.8 million, UFA 2026), Jordan Miller ($2.2 million, Team 2027), Cam Christie ($2 million, Player 2027). Note: Eubanks and Miller`s contracts are non-guaranteed.
Tier 6: Risks Outweigh the Rewards
Milwaukee forward Bobby Portis made an insightful comment regarding any team considering trading for Antetokounmpo. He noted that trading for a player earning such a high salary, like $58-60 million, would essentially require giving up the majority of the team roster.
For teams like the Pacers, whose strength this past postseason was their depth, trading for Antetokounmpo would dismantle that unless star players like Tyrese Haliburton or Pascal Siakam were included in the package. There`s also the significant risk of Antetokounmpo potentially leaving in the 2027 offseason if he becomes a free agent.
Atlanta Hawks
Atlanta enters the offseason right at the salary cap but has enough flexibility below the luxury tax and first apron to aggressively pursue taking back salary in a trade. The Hawks do not control their own first-round pick until 2028 but still hold draft equity in future seasons. Including their two picks in June, Atlanta has nine first-rounders through 2032, five of which are tradable. Atlanta also has six second-rounders.
Free agents: Clint Capela, Caris LeVert, Larry Nance Jr., Garrison Mathews, Dominic Barlow (Team)
Rookie scale contracts: Zaccharie Risacher ($13.2 million, RFA 2028), Dyson Daniels ($7.7 million, RFA 2026), Kobe Bufkin ($4.5 million, RFA 2027)
Sizable contracts: Trae Young ($46 million, Player 2026), Jalen Johnson ($30 million, UFA 2030), Terance Mann ($15.5 million, UFA 2028), Onyeka Okongwu ($15 million, UFA 2028), Georges Niang ($8.2 million, UFA 2026)
Other contracts: Vit Krejci ($2.3 million, Team 2027), Mouhamed Gueye ($2.2 million, Team 2026), Dominic Barlow ($2.3 million, Team 2025). Note: Krejic and Gueye`s contracts are not fully guaranteed, while Barlow cannot be traded unless the team option is exercised.
Chicago Bulls
The Bulls are in a financial position to take back salary in a trade, sitting $46 million below the luxury tax before accounting for a potential new contract for Josh Giddey. The Bulls own their own first-round pick for the next seven seasons and are owed the Trail Blazers` top-14-protected first-round pick over the next four seasons. Chicago also has six second-round picks available for trade.
Free agents: Jevon Carter (Player), Tre Jones, Talen Horton-Tucker, Josh Giddey
Rookie scale contracts: Matas Buzelis ($5.5 million, RFA 2028), Dalen Terry ($5.4 million, RFA 2026)
Sizable contracts: Nikola Vucevic ($21.5 million, UFA 2026), Patrick Williams ($18 million, Player 2028), Zach Collins ($18.1 million, UFA 2026), Kevin Huerter ($18 million, UFA 2026), Coby White ($12.9 million, UFA 2026), Lonzo Ball ($10 million, Team 2026), Jalen Smith ($9 million, UFA 2027), Ayo Dosunmu ($7.5 million, UFA 2026), Jevon Carter ($6.8 million, Player 2025). Note: Carter cannot be traded unless he opts in to his contract.
Other contracts: Julian Phillips ($2.2 million, Team 2026)
Indiana Pacers
The Pacers could become a luxury tax team for the first time since 2005-06 if they retain center Myles Turner. Excluding their first-round pick, Indiana is $23 million below the luxury tax and $30.4 million below the first apron. Indiana owns its own first-round pick in six of the next seven years. However, because they owe New Orleans a top-4-protected first in 2026 (with protection extending to 2027), they can trade a maximum of three firsts (2028, 2030, and 2032). Indiana can trade the rights to the player selected in this year`s draft and has nine second-rounders available.
Free agents: Myles Turner, Thomas Bryant, James Johnson, Isaiah Jackson, Tony Bradley (Team)
Rookie scale contracts: Benedict Mathurin ($9.2 million, RFA 2026), Jarace Walker ($6.7 million, RFA 2027), Ben Sheppard ($2.8 million, RFA 2027)
Sizable contracts: Tyrese Haliburton ($45.6 million, UFA 2029), Pascal Siakam ($45.6 million, UFA 2028), Andrew Nembhard ($18.1 million, UFA 2028), Obi Toppin ($14 million, UFA 2028), Aaron Nesmith ($11 million, UFA 2027), TJ McConnell ($10.2 million, UFA 2029)
Other contracts: Johnny Furphy ($1.9 million, Team 2027), Tony Bradley ($2.9 million, Team 2025)
Sacramento Kings
The Kings have two players on max contracts, Zach LaVine and Domantas Sabonis, but possess flexibility to absorb salary in a trade or use their $14.1 million exception in free agency. Sacramento has $163 million committed to just eight players, leaving them $24 million below the luxury tax and well clear of the first apron once the roster is filled. The Kings can trade a maximum of four first-rounders (2026, 2028, 2030, and 2032) in the next seven years and hold swap rights in each season. Sacramento has four second-rounders available.
Free agents: Trey Lyles, Jake LaRavia, Doug McDermott, Jae Crowder, Markelle Fultz, Terence Davis (Team), Keon Ellis (Team), Isaac Jones (Team)
Rookie scale contracts: Keegan Murray ($11.1 million, RFA 2026), Devin Carter ($4.9 million, RFA 2028)
Sizable contracts: Zach LaVine ($47.5 million, Player 2026), Domantas Sabonis ($43.6 million, UFA 2028), DeMar DeRozan ($24.6 million, UFA 2027), Malik Monk ($18.8 million, Player 2027), Jonas Valanciunas ($10.4 million, UFA 2027)
Other contracts: Terence Davis ($2.5 million, Team 2025), Keon Ellis ($2.3 million, Team 2025), Isaac Jones ($1.9 million, Team 2025). Note: The three players cannot be traded unless their options are exercised.
Tier 7: Limited in Draft Assets
The Denver Nuggets, Los Angeles Lakers, Minnesota Timberwolves, New York Knicks, and Phoenix Suns collectively have only six first-round picks available to trade over the next seven years. Considering Milwaukee`s priority in a Giannis trade would likely be accumulating draft assets, these teams are improbable destinations for Antetokounmpo unless they can involve a third team to reroute an All-NBA player and acquire multiple draft picks.
Denver Nuggets
For the second consecutive season, Denver is projected to exceed the first apron. This restricts them from using more than 100% of the traded player exception, though they can still aggregate contracts if the resulting salary keeps them below the second apron. Denver is $4.7 million over the first apron and $7.1 million below the second. The Nuggets have only their 2031 or 2032 first-round pick available to trade or swap.
Free agents: Dario Saric (Player), Russell Westbrook (Player), DeAndre Jordan, Vlatko Cancar
Off the board: Nikola Jokic ($55.2 million, Player 2027)
Rookie scale contracts: Christian Braun ($4.9 million, RFA 2026), Peyton Watson ($4.4 million, RFA 2026), DaRon Holmes II ($3.2 million, RFA 2028), Julian Strawther ($2.7 million, RFA 2027)
Sizable contracts: Jamal Murray ($46.4 million, UFA 2029), Michael Porter Jr. ($38.3 million, UFA 2027), Aaron Gordon ($22.8 million, Player 2028), Zeke Naji ($8.2 million, Player 2027)
Other contracts: Jalen Pickett ($2.2 million, Team 2026), Hunter Tyson ($2.2 million, Team 2026)
Los Angeles Lakers
For the second straight offseason, LeBron James`s potential free agency significantly impacts the Lakers` roster building. James has a $52.6 million player option for next season. If he opts in or signs a new contract with a similar starting salary, the Lakers would be $1.3 million over the luxury tax. As they are well below the second apron, they have flexibility to aggregate contracts in a trade. LA holds over $60 million in expiring contracts. Regarding draft assets, the trade to acquire Luka Doncic left the Lakers with only their 2031 or 2032 first-round pick available for trade. The Lakers can swap firsts in 2026, 2028, 2030, 2031, and 2032 and have two second-rounders available.
Free agents: LeBron James (Player), Dorian Finney-Smith (Player), Jordan Goodwin (Team), Jaxson Hayes, Markieff Morris, Alex Len
Off the board: LeBron James (no trade clause)
Rookie scale contracts: Dalton Knecht ($4 million, RFA 2028)
Sizable contracts: Luka Doncic ($46 million, Player 2026), Rui Hachimura ($18.3 million, UFA 2026), Dorian Finney-Smith ($15.4 million, Player 2025), Austin Reaves ($13.9 million, Player 2026), Gabe Vincent ($11.5 million, UFA 2026), Maxi Kleber ($11 million, UFA 2026), Jarred Vanderbilt ($11.6 million, UFA 2028)
Other contracts: Shake Milton ($3 million, UFA 2027), Jordan Goodwin ($2.3 million, Team 2025), Bronny James ($1.9 million, Team 2027). Note: Goodwin cannot be traded unless the team option is exercised, while Milton`s contract is non-guaranteed.
Minnesota Timberwolves
After spending the 2024-25 season as a second-apron team, Minnesota could gain some financial flexibility next season. While the Timberwolves are likely still to be a tax-paying team (currently near the threshold), they are projected to fall under the second apron. This projection includes player options for Naz Reid and Julius Randle, along with their first-round pick.
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