For the last seven seasons, starting with their 60-win campaign in 2018-19, the Milwaukee Bucks have consistently been considered NBA title contenders to some extent. This represents a significant period of success in the current league landscape, where financial penalties like repeater taxes and salary cap aprons make sustained runs particularly difficult.
Crucially, Milwaukee secured an NBA championship in 2021, a triumph that justified their efforts and personnel. However, their momentum has since faded. In the three years following their title, they have been eliminated in the first round of the playoffs each time and have not advanced beyond the second round. They have also traded away their first-round picks or swap rights for the next six years, along with their second-round selections for the next six years, severely limiting their ability to replenish the roster.
Over the past four years, the team has incurred costs nearing $940 million in salaries and luxury taxes, yet has won only one playoff series. In April, their prospects were significantly hampered by Damian Lillard`s severe torn left Achilles injury. The Bucks are scheduled to pay him $54 million next season, with uncertainty surrounding his potential contribution.
The details in these paragraphs paint a clear picture that maintaining the current situation is likely not the best course of action. The Bucks` star player, Giannis Antetokounmpo, is fully aware of this state of affairs, although he has not yet taken any specific steps regarding his future.
It feels as though the Bucks have reached a critical juncture: either continue trying to build around Antetokounmpo despite the existing constraints or seek a fundamentally new direction for the franchise. Here, we explore both potential paths.
What can the Bucks do this summer?
Nearly eight years ago, then-Cleveland Cavaliers GM David Griffin made a resonant comparison regarding LeBron James that holds relevance for the Bucks and Antetokounmpo today.
“You are essentially tasked with upholding the legacy of a figure like Babe Ruth, and your duty is to enable that legacy to expand and flourish,” Griffin stated. “It`s akin to a sacred trust given to you by the player. He is so exceptional, capable of carrying the team single-handedly, that his mere presence demands you function as a title contender… and if you fail to maximize the remaining years he has, then that is your failing.”
This same philosophy should guide Bucks GM Jon Horst during this upcoming offseason.
It might seem straightforward for the Bucks to consider trading Antetokounmpo, especially given Lillard`s Achilles injury and their recent consecutive first-round exits. However, sources confirmed to ESPN that Milwaukee intends to be proactive in exploring 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 possess the $14.1 million non-tax midlevel exception, which could be used to sign a free agent like Gary Trent Jr. or a temporary guard to cover for Lillard`s absence. They also have the $5.1 million biannual exception available. However, it is improbable that Milwaukee can afford to re-sign free agents Brook Lopez and Bobby Portis while also utilizing both exceptions.
The Kuzma trade also granted the Bucks greater flexibility in trades, allowing them to take back more salary than they send out (over 100% of the traded player exception) and package contracts together.
Executing a trade that significantly alters the roster presents a challenge because a large portion (79%) of the Bucks` salary cap is committed to Antetokounmpo, Lillard, and Kuzma. The only substantial expiring contract available is Pat Connaughton`s $9.4 million salary. NBA rules prevent Milwaukee from combining Connaughton`s contract with smaller deals from players like AJ Green, Chris Livingston, Andre Jackson Jr., and Tyler Smith to acquire a player earning around $25 million. To circumvent this rule, Milwaukee could potentially include Lopez or Portis (if they decline their player option) in a sign-and-trade scenario.
Three trades to build around Giannis
Milwaukee Bucks get:
- Wendell Carter Jr.
- Ayo Dosunmu
- Jett Howard
Orlando Magic get:
- Pat Connaughton
- Jalen Smith
- Jevon Carter
- 2031 first-round pick
- 2032 first-round pick swap (with Milwaukee)
Chicago Bulls get:
- Kyle Kuzma
- Andre Jackson Jr.
- 2031 second-round pick
More than perhaps any other team, the Bucks should be prepared to engage in discussions if some organizations decide to reduce payroll and move on from skilled players. Kristaps Porzingis from Boston, for instance, would be an ideal acquisition, particularly if Milwaukee does not bring back Lopez. While a deal between these rivals is hard to envision, recall that Jrue Holiday ended up in Boston after Milwaukee initially traded him to Portland.
Regarding the specific trade proposal above, moving on from the Kuzma contract this way would undoubtedly be a significant risk, essentially depleting Milwaukee`s future draft assets. However, it would immediately address key needs for the Bucks: who fills Lillard`s role during his recovery and who replaces the aging, free-agent Lopez at center. These moves would likely improve Milwaukee`s defense substantially, while also lowering the team`s average age and increasing its potential upside.
Chicago, likely to commit significant money to ball-handler Josh Giddey this summer, might be open to receiving assets for Dosunmu as his contract approaches its end. Orlando would part with Carter (potentially entrusting the center position to Goga Bitadze) but would regain some draft capital after previously paying a high price, including four first-rounders and a swap, to acquire Desmond Bane from Memphis earlier this week.
Milwaukee Bucks get:
- Cameron Johnson
Brooklyn Nets get:
- Kyle Kuzma
- 2031 first-round pick
- 2032 first-round pick swap
Given the Bucks` severely limited resources, who is the most impactful current player they could realistically acquire to bolster their win-now position alongside Giannis? Johnson has not achieved All-Star status, but he has developed significantly in Brooklyn. Already an excellent shooter (39% from three for his career), he has become a versatile scorer capable of operating at multiple levels, potentially filling the void left by Middleton on the wing in Milwaukee.
Would the Nets agree to this transaction? The return for trading Johnson, who is a desirable asset around the league, seems relatively modest, especially considering they would take on Kuzma`s contract. However, Milwaukee`s unprotected 2031 and 2032 picks could be sufficiently appealing to entice Brooklyn. By that time, Antetokounmpo would be nearing 37 and might no longer be with Milwaukee. The Nets could also value holding onto Milwaukee`s draft picks for a potential future scenario where they might attempt to trade for Antetokounmpo and could offer the Bucks their own picks back as part of the package.
Milwaukee Bucks gets:
- Bradley Beal
- Royce O`Neale
- 2025 first-round pick (No. 29)
Phoenix Suns get:
- Pat Connaughton
- Damian Lillard
Conceptually, a swap involving Beal and Lillard makes sense. The Bucks reportedly considered Beal during the season, which would have necessitated building a package around the now-departed Middleton. Furthermore, receiving no production from Lillard`s $54 million salary while he recovers from Achilles surgery might not be a sustainable option for Milwaukee.
Beal, who would need to waive his no-trade clause for the deal to proceed, might be a better fit in Milwaukee than he has been with the Suns. He could receive more opportunities to handle the ball and space the floor effectively for Antetokounmpo, something Lillard was less comfortable doing. The Bucks also gain additional wing depth with O`Neale in this proposed exchange, which is necessary to prevent Phoenix from exceeding the lower luxury tax apron threshold. Getting a late first-round pick also offers Milwaukee a resource to further improve the roster.
If the Suns are prepared to move on from Beal, waiting for Lillard`s return might not seem entirely undesirable. If he can return to a level close to his All-Star form at age 35, Lillard could potentially be a better backcourt partner for Devin Booker in Phoenix. However, it is likely that the two teams would disagree on the perceived value difference between Lillard while injured and Beal.
Five trades for Giannis
Houston Rockets get:
- Giannis Antetokounmpo
- Pat Connaughton
Milwaukee Bucks get:
- Alperen Sengun
- Cam Whitmore
- Reed Sheppard
- Jock Landale
- 2025 first-round pick (No. 10)
- 2027 first-round pick (via Phoenix)
- 2028 first-round pick
More than any other team that secured home-court advantage to start the playoffs, the No. 2 seeded Houston Rockets were in desperate need of enhanced offense. Their offensive struggles, highlighted by a bottom-five 3-point attempt rate and Jalen Green`s inconsistent scoring (ranging from 38 points in one game to 12 or fewer in six others during their first-round series), underscore their need to generate easier scoring opportunities.
Yes, Sengun is an All-Star who can serve as the centerpiece of a competent offense, and his potential is still rising as he improves. However, Antetokounmpo, a two-time league MVP still in his prime, is an elite force capable of being the primary offensive engine for any team.
This particular trade scenario might land in a sweet spot, depending on one`s perspective. Rockets fans might strongly oppose trading Sengun. Yet, the necessity for a big man to be the offensive hub, even one with Sengun`s playmaking abilities, diminishes considerably if Giannis joins the roster.
Furthermore, if forced to choose between including Sengun or two-way prospect Amen Thompson, Sengun might be the preferred outgoing player primarily due to their contract situations. With his extension taking effect next season, Sengun is set to earn nearly $34 million in 2025-26, while Thompson will earn slightly less than $10 million.
Keeping Thompson would provide the Rockets with greater financial flexibility to reshape the roster (which would include Thompson, Fred VanVleet, Green, Dillon Brooks, Jabari Smith Jr., Tari Eason, and others) around Giannis over the next couple of years.
Toronto Raptors get:
- Giannis Antetokounmpo
Milwaukee Bucks get:
- 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 has consistently shown a willingness to pursue star players aggressively. Toronto`s recent roster moves, including trading for and extending Brandon Ingram, suggest Ujiri aims to return the team to contention sooner rather than later. In a less competitive Eastern Conference landscape, adding Giannis could help achieve that goal.
Given his youth and significant potential, Toronto`s Scottie Barnes might be the most appealing current player available to the Bucks in a potential trade. This is particularly important because the Bucks owe so many future draft picks to other teams, giving them little incentive to intentionally tank.
In 2023, the Suns acquired Kevin Durant from Brooklyn by trading Mikal Bridges, Cam Johnson, Jae Crowder, four first-round picks, and one pick swap. That transaction serves as the blueprint for this proposed deal: one rising star (Barnes), one young shooter with potential (Dick), a third wing player, and a comparable, albeit slightly less valuable (as Barnes is more established than Bridges was then), collection of draft picks that sent Durant to Phoenix.
With this trade, the Raptors would improve by inserting Antetokounmpo into Barnes`s spot in their lineup, while the Bucks could begin constructing a youthful core featuring Barnes, Dick, and the No. 9 pick in this year`s draft. The additional picks going to Milwaukee would be clustered towards the later end of the maximum seven-year trading window, meaning Milwaukee wouldn`t primarily rely on picks from a team led by Giannis in his prime, which would be more likely to fall near the end of the first round.
San Antonio Spurs get:
- Giannis Antetokounmpo
Milwaukee Bucks get:
- 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 by age 21. Pairing him with a prime All-NBA First Team talent like Antetokounmpo would provide San Antonio with a core capable of immediate contention. The stylistic fit between Wembanyama, who prefers operating on the perimeter, and Antetokounmpo`s dominant power game appears ideal.
I view this scenario as the NBA equivalent of an NFL team loading up around a star quarterback on his affordable rookie contract, leveraging his low salary to acquire premier talent.
Even after trading for De`Aaron Fox, the Spurs are well-positioned to assemble a compelling offer for Antetokounmpo centered around draft picks, especially benefiting from moving up to No. 2 in the lottery and possessing valuable future pick swaps. Instead of relying on San Antonio`s own picks, which would likely fall later in the first round, the Bucks would be able to capitalize on the potential struggles of various other teams.
The 2030 first-round pick, in particular, appears highly valuable as it is the best of three teams` picks, albeit with top-one protection on the swap with the Timberwolves. Milwaukee would also receive a recent lottery pick in Sochan and other players capable of helping the team remain competitive.
Detroit Pistons get:
- Giannis Antetokounmpo
Milwaukee Bucks get:
- Tobias Harris
- Jaden Ivey
- Isaiah Stewart
- 2027 first-round pick
- 2029 first-round pick
- 2031 first-round pick
With teams like the Cavaliers and Celtics facing restrictive second-apron penalties and potentially needing to shed salary (and Boston dealing with Jayson Tatum`s recovery), and the Knicks undergoing their own changes, the path to contention in the East is more open than it has been in some time. The Pistons, making their first playoff appearance in six years, appeared evenly matched with New York in a highly 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 to compete in the East much sooner.
Milwaukee might be hesitant to make a trade within its own division and may ultimately prefer a larger return than this package offers. However, Jaden Ivey, still only 23 and coming off a significantly more efficient season than his first two, has shown real, compelling flashes of potential. Isaiah Stewart is 24, a tough rebounder capable of playing more minutes than he currently gets alongside fellow young big man Jalen Duren.
And the veteran Tobias Harris, still only 32, was a reliable contributor for the Pistons, particularly on defense, throughout Detroit`s playoff run. This package could be sufficient for the Bucks to remain competitive, with the possibility of Ivey developing into a star as he enters his prime.
Golden State Warriors get:
- Giannis Antetokounmpo
Los Angeles Lakers get:
- Draymond Green
- Daniel Gafford
Dallas Mavericks get:
- Gabe Vincent
- 2031 first-round pick (via L.A. Lakers)
- 2025 second-round pick (No. 41)
Milwaukee Bucks get:
- 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 always involved in discussions for acquiring star players. After trading for Jimmy Butler III in February, they could pursue an even bigger move this summer to maximize the remaining years of Stephen Curry`s prime. If Antetokounmpo were to request a trade to Golden State, the Warriors could potentially simply reroute Butler, whose salary makes for a perfect match. However, the Warriors could also construct a package around Green and a collection of young talent, leading to the idea of this truly complex four-team blockbuster proposal.
In this scenario, the Warriors would sacrifice depth to form a star-studded trio of Curry, Antetokounmpo, and Butler. The Lakers would rebalance their roster by trading Reaves for Green, who has been linked to Laker rumors previously, and Daniel Gafford, improving their defense and adding a rim-running center known to fit well with Luka Doncic (though he`d be on the Lakers). The Mavericks would trade from a position of relative strength (center depth) to gain a future first-round pick and acquire guard assistance during Kyrie Irving`s absence (note: the original text mentions Irving`s absence, which implies this trade was conceived based on a specific time/situation, but the logic remains for adding guard help). And the Bucks would receive a variety of promising young players and future draft assets in exchange for their superstar.