Giannis Trade Tiers: Analyzing What Every NBA Team Can Offer the Bucks

Could the 2025 NBA offseason become known as the summer of Giannis Antetokounmpo?

According to league sources, for the first time in his career, Antetokounmpo is reportedly open to considering whether his long-term future is best served with the Milwaukee Bucks or exploring other options.

Antetokounmpo`s current contract runs for three more seasons, including a player option for the 2027-28 season. The 30-year-old two-time MVP will be eligible to sign a four-year, $293.4 million extension during the 2026 offseason, a possibility whether he remains in Milwaukee or joins a new team.

What unfolds next is a waiting game, both for the Bucks organization and across the league. With the highly anticipated draft lottery approaching, this situation could gain further clarity once the draft order is determined, impacting which teams might have access to top prospects like Cooper Flagg, Dylan Harper, and Ace Bailey.

Antetokounmpo is expected to meet with the Bucks within the coming month. Meanwhile, the other 29 NBA teams are internally preparing potential trade packages should the 2021 Finals MVP become available. The last significant trade involving a former MVP in his prime occurred in January 2021, when the Houston Rockets traded James Harden to the Brooklyn Nets.

A key factor for teams pursuing Giannis this summer is salary matching: franchises without significant cap space would need to send Milwaukee at least $43.5 million in player salaries while also staying below the first salary cap apron.

Which teams possess the necessary draft picks, matching salaries, and promising young players to execute a trade for Antetokounmpo? To analyze this, we`ve categorized the league`s 30 teams into distinct tiers, beginning with the Milwaukee Bucks themselves.

Note: All player salaries mentioned reflect the figures for the 2025-26 season.

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The Milwaukee Bucks

The Bucks have been actively working to build a championship-contending roster around Antetokounmpo, and this offseason presents no different challenge.

Since general manager Jon Horst took over in June 2017, Milwaukee has completed 25 trades, costing the team seven first-round picks, three years of pick swaps, and 18 second-rounders. Only Antetokounmpo and Lopez remain from their 2021 championship roster. However, these moves have contributed to the Bucks ranking second only to the Boston Celtics in regular-season wins since the 2016-17 season. Improving this top-heavy roster could be even more complex this summer.

A significant hurdle is the inability to trade multiple future first-round picks. Currently, the Bucks can only move their 2031 or 2032 first-round selection. Antetokounmpo, Damian Lillard, and Kyle Kuzma are set to earn a combined $130 million out of the Bucks` projected $164 million payroll next season. Lillard, who will turn 35 in July, is owed $113 million over the next two seasons after recovering from a torn Achilles tendon. Lopez, Bobby Portis, Taurean Prince, Kevin Porter Jr., and Gary Trent Jr. all have the potential to become free agents this summer (Portis and Porter Jr. hold player options).

One positive development is Milwaukee`s improved financial standing. The trade involving Kyle Kuzma and Khris Middleton with the Washington Wizards at the trade deadline provided the Bucks with more flexibility to add talent through free agency or trade without being constrained by the second salary cap apron. The Bucks are expected to have access to the $14.1 million non-tax midlevel exception.

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Teams Checking Four Boxes: Draft Assets, Players, Contracts, and Win-Now Potential

While we won`t definitively name Houston and San Antonio as favorites just yet, given Antetokounmpo hasn`t formally requested a trade and has no reported list of preferred destinations, they appear to fit the profile.

Should he become available, both Houston and San Antonio possess the key requirements: draft assets, young players, sizable contracts for salary matching, and the potential to remain a competitive, win-now team even after acquiring Antetokounmpo.

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Houston Rockets

Houston navigates a delicate financial balance concerning a potential Antetokounmpo acquisition. Despite having $131 million in current salaries, they are projected to be near the luxury tax and first apron once Fred VanVleet`s team option, non-guaranteed contracts (Jock Landale, Aaron Holiday), and the first-round pick from Phoenix are factored in. (VanVleet`s contract cannot be traded unless his team option is exercised).

The Rockets hold the unusual position of being a playoff team while also having a top-10 pick in the upcoming June draft. Beyond the pick owed by Phoenix, Houston controls nine future first-round selections – five of which are currently tradeable over the next seven years. They also have the right to swap first-rounders with Brooklyn in 2027, own an unprotected first-round pick from Phoenix in 2027, and possess two of the more favorable first-rounders between Dallas, Phoenix, and their own in 2029. Houston`s 2026 first-round pick is owed to Oklahoma City if it falls outside the top 4. The Rockets also have seven future second-round picks available for trades.

• Free agents: Fred VanVleet (Team option), Aaron Holiday (Team option), 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 Whitemore ($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.

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San Antonio Spurs

Entering Victor Wembanyama`s third year on his rookie contract places San Antonio in a favorable financial position to absorb significant salary without facing immediate financial restrictions. Including their two first-round picks in the upcoming draft, San Antonio is projected to be $33 million below the luxury tax threshold and $37 million below the first apron.

Despite trading four first-round picks to acquire De`Aaron Fox at the trade deadline, the Spurs still hold substantial draft pick equity. They possess two lottery picks in June and an additional three tradeable future first-rounders. San Antonio owns Atlanta`s unprotected first in 2027 and two of their own starting in 2029. They also have the right to swap first-round picks with Atlanta in 2026, with Boston (top-1 protected) in 2028, with Dallas or Minnesota (if 2-30) in 2030, and with Sacramento in 2031. Furthermore, the Minnesota Timberwolves are set to send their unprotected first-round pick in 2031 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 ($17.5 million, UFA 2029), Keldon Johnson ($17.5 million, UFA 2027), Harrison Barnes ($19 million, UFA 2026)
• Other contracts: Julian Champagnie ($3 million, Team 2026)

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Teams with Significant Pick Packages

The Nets and Jazz collectively possess a remarkable 22 first-round draft picks that could potentially be included in a trade for Antetokounmpo. The main question for both teams is whether, after trading for a superstar, they would still retain enough assets and players to build a competitive roster around him.

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Brooklyn Nets

Brooklyn finds itself in an advantageous position this summer primarily due to its significant cap flexibility. Including the free agent cap holds for Cam Thomas, Day`Ron Sharpe, and their four first-round draft picks, the Nets are projected to have approximately $45 million in salary cap space.

Brooklyn controls 15 future first-round picks, with 13 of them available for trade. The New York Knicks owe Brooklyn three future first-rounders (2027, 2029, 2031) and have swap rights in 2028 (potentially with Phoenix). If the Philadelphia 76ers retain their first-round pick this season, they will send Brooklyn a top-8 protected first in 2028 (which becomes top-8 protected in 2027 if the 2025 pick is conveyed to Oklahoma City). Additionally, the Nets hold the less favorable 2029 first-round pick among Dallas, Phoenix, and Houston. The Houston Rockets also have the right to swap first-rounders with Brooklyn in 2027. In addition to firsts, the Nets have 15 future second-round picks available to trade.

• Free agents: D`Angelo Russell, De`Anthony Melton, Trendon Watford, Ziaire Williams, Cam Thomas, Day`Ron Sharpe, Tyrese Martin (Team option), Drew Timme (Team option), Keon Johnson (Team option), Jalen Wilson (Team option)
• 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)

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Utah Jazz

With two first-round picks in the upcoming June draft and 15 players already under contract, Utah is positioned to operate like a team over the salary cap this summer. Including their two firsts and $15 million in non-guaranteed contracts, the Jazz are projected to be right at the salary cap limit.

The Jazz control 13 future first-round picks, including a combined five unprotected first-rounders (two in 2027 and 2029) from Cleveland and Minnesota (Minnesota will also send a top-five protected first in 2029). They have eight tradeable first-round picks in total, including two in this year`s draft. Phoenix is also slated to send Utah an unprotected first-round pick in 2031. The Jazz own a top-5 protected 2027 first-round pick from the Lakers and have swap rights with Minnesota or Cleveland in 2026 (if the pick is within the top eight) and with Cleveland in 2028. Utah owes Oklahoma City a top-8 protected first-round pick in 2026. The Jazz also have nine future second-round picks available for trade.

• Free agents: John Collins (Player option)
• 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)
• 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: Collins cannot be traded unless he opts in to his contract, while Martin`s contract is non-guaranteed. The Mykhailiuk, Juzang, and Springer contracts are non-guaranteed next season.

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The Wild Card Teams

There is a degree of uncertainty surrounding the potential involvement of these next six teams in a Giannis trade scenario.

While teams like Oklahoma City theoretically possess the assets to acquire a superstar like Antetokounmpo, future financial commitments could be a deterrent. Oklahoma City faces the prospect of committing nearly $800 million in contract extensions this offseason to Shai Gilgeous-Alexander, Jalen Williams, and Chet Holmgren.

For the Philadelphia 76ers, their draft lottery outcome could significantly alter their flexibility, particularly if they secure a top-2 pick this year. However, due to the magnitude of Antetokounmpo`s salary, including star players like Joel Embiid or Paul George in a trade package is likely a non-starter for Milwaukee.

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Detroit Pistons

The financial implications of Cade Cunningham potentially earning All-NBA honors will impact the Pistons` spending this offseason. If Cunningham`s salary adjusts from $38.6 million to $46.4 million next season, Detroit is projected to have $19 million in cap space but could choose to operate as an over-the-cap team if they re-sign free agents like Tim Hardaway Jr. and Dennis Schroder. In that scenario, Detroit would have access to 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, are allowed to trade four, and can swap first-rounders in each season.

• 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)

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Memphis Grizzlies

The trade that sent Marcus Smart to Washington has provided Memphis with various options this offseason. Including Santi Aldama`s free agent cap hold, the Grizzlies have $147 million in salary commitments and are $7 million below the salary cap. They could utilize their available cap space to renegotiate Jaren Jackson Jr.`s contract in 2025-26 and then extend him for an additional four seasons.

The Grizzlies possess their own first-round pick for the next seven years. They also hold the right to the more favorable swap of their own pick and the less favorable pick between Orlando and Phoenix in 2026. In 2030, the Grizzlies have the right to swap their own first-round pick with the less favorable pick between Phoenix and Washington. Memphis has seven future second-round picks available to trade.

• 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)

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New Orleans Pelicans

The Pelicans are a wild-card team primarily because they control the Milwaukee Bucks` first-round pick in the next two seasons. Including their upcoming lottery pick and 12 players under contract, the Pelicans are $2.5 million below the luxury tax and $8.4 million below the first apron. In addition to owning their own first-round pick for the next seven years (four of which are tradeable), New Orleans has the right to swap first-round picks with Milwaukee in 2026.

The most favorable pick between their own and Milwaukee`s in 2027 is owed to Atlanta, but New Orleans will retain it if it falls within the top five. They also hold a 2026 first-round pick from Indiana that is top-four protected. In total, the Pelicans have six tradeable first-rounders, including their lottery pick in June, along with four future second-round picks available.

• Free agents: Elfrid Payton (Team option), Brandon Boston (Team option), 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)
• Other contracts: Karlo Matkovic ($2 million, Team 2026), Antonio Reaves ($2 million, Team 2026), Elfrid Payton ($3.2 million, Team 2025), Brandon Boston ($2.3 million, Team 2025)

Note: Williamson`s contract is partially guaranteed. The Reaves contract is non-guaranteed. Payton and Boston cannot be traded unless their team options are exercised.

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Oklahoma City Thunder

The Thunder have a one-year window of financial reprieve before contract extensions for Jalen Williams and Chet Holmgren begin in 2026, followed by Shai Gilgeous-Alexander`s extension the following year. Currently, Oklahoma City has 15 players under contract for the offseason and is once again projected to be below the luxury tax; excluding their draft picks, the Thunder are $10.1 million below the threshold. OKC owns its first-round picks for the next seven years and could potentially acquire an additional six first-rounders. Including both firsts in the June draft, Oklahoma City can trade 13 of them.

In 2026, the Thunder hold a top-8 protected first-round pick from Utah and a top-six protected first from Philadelphia. OKC also has swap rights with the Clippers and Rockets (if the pick is 11-30). The least favorable pick among their own, the Rockets (if 5-30), and the Clippers will go to Philadelphia in 2026. Philadelphia`s first is top-4 protected in 2027 if not conveyed in 2025 or 2026. The Thunder also have swap rights with the Clippers in 2027 and the Mavericks in 2028. Oklahoma City is set to receive a top-five protected first from Denver in 2027, 2028, or 2029. If conveyed in 2027, OKC will receive a 2029 top-5 protected first from Denver. That pick is top-five protected in 2030 if not conveyed in 2027. The Thunder possess 18 future second-round picks available for trade.

• Free agents: Ajay Mitchell (Team option), Jaylin Williams (Team option)
• 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.

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Orlando Magic

The cost of keeping this young roster together is poised to increase significantly. With the extensions for Franz Wagner and Jalen Suggs set to begin, the Magic are not only projected to be $19 million over the luxury tax but also $11 million above the first apron and just $1 million below the second. This projection includes both first-round picks in the upcoming June draft.

The Magic hold six tradeable first-round picks over the next eight years. They possess the right to the more favorable 2026 first-round swap between their own pick and the less favorable pick between Phoenix or Washington (if 1-8). Orlando also has 15 future second-round picks available for trade.

• Free agents: Moritz Wagner (Team option), Gary Harris (Team option), Cory Joseph (Team option), Caleb Houstan (Team option)
• 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)
• Other contracts: Cory Joseph ($3.5 million, Team 2025), Caleb Houstan ($2.2 million, Team 2026)

Note: Moritz Wagner and Gary Harris cannot be traded unless their team options are exercised. Joseph and Houstan cannot be traded unless their team options are exercised.

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Philadelphia 76ers

The outcome of the draft lottery and the player options held by Andre Drummond, Kelly Oubre Jr., and Eric Gordon will significantly influence Philadelphia`s financial flexibility this summer. If Philadelphia retains their first-round pick and all three players exercise their options before June 29, they would be $3.7 million below the luxury tax and $11.1 million below the first apron.

The 76ers have an additional three future first-round picks available for trade. Philadelphia is permitted to trade their own first-round pick in 2025, 2030, and 2032, and they hold an unprotected first-round pick from the Clippers in 2028. Philly also has swap rights (top-4 protected) with the Clippers in 2029. They possess eight future second-round picks available for trades.

• Free agents: Kelly Oubre Jr. (Player option), Andre Drummond (Player option), Eric Gordon (Player option), Jared Butler (Team option), Lonnie Walker IV (Team option), Justin Edwards (Team option), 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 IV`s contract is non-guaranteed. Middleton cannot be traded unless he opts-in to his contract (this note appears to be a leftover from another team in the source text, Khris Middleton is a free agent listed under Washington). Removing the Middleton part of the note as it applies to the Wizards section in the source. Let`s adjust this note.
Note: Council IV`s contract is non-guaranteed.

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Teams Accelerating Rebuilds, But at a Cost

A common characteristic unites the four teams listed in this tier.

All four finished in the lottery last season. While they generally possess the necessary draft assets and young players to pursue a trade for Antetokounmpo, none currently have a roster built to immediately contend for a playoff spot even with his addition.

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Charlotte Hornets

Charlotte is projected to be near the $154.6 million salary cap this offseason but holds the draft assets that could be appealing to Milwaukee if Antetokounmpo becomes available. Including a projected top-three pick in June, Charlotte owns all their own first-round picks through 2032, plus three additional firsts acquired through previous trades. In 2026, they have the right to the less favorable pick among Phoenix, Washington (if 1-8), Orlando, and Memphis. Charlotte is also set to receive a top-14 protected first-round pick in 2027, which becomes unprotected in 2028 if not conveyed earlier. The Hornets will also receive a top-2 protected first-round pick from the Mavericks in 2027. Charlotte is allowed to trade up to seven first-round picks and possesses 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. (Translating source note directly, assumes `nor` is a typo for `not`).

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Portland Trail Blazers

With 13 players under contract for next offseason, Portland is over the salary cap but remains significantly below the luxury tax threshold, allowing room to add players through free agency or trade. Including their upcoming lottery pick, the Blazers are projected to be $11 million below the tax and $17 million below the first apron.

The Blazers owe Chicago a first-round pick that is top-14 protected, with that protection extending through 2028. They hold the most and least favorable first-round pick among their own, Boston, and Milwaukee in 2029 and have the right to swap first-round picks with Milwaukee in 2028 and 2030. The swap rights in 2028 would be extinguished if the Blazers convey their first-round pick to Chicago that year.

Including this season`s pick (which they can trade on draft night), Portland has four first-round picks and six future second-round picks available for trades.

• Free agents: Jabari Walker, Matisse Thybulle (Player option), Rayan Rupert (Team option), 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)
• Other contracts: Duop Reath ($2.2 million, RFA 2026), Toumani Camara ($2.2 million, Team 2026)

Note: Thybulle cannot be traded unless his option is exercised. Both Reath and Camara`s contracts are non-guaranteed.

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Toronto Raptors

Toronto enters the offseason with limited flexibility outside of utilizing 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 are allowed to trade up to five first-round picks, including their lottery pick in June. Toronto has seven future second-round picks available for trade.

• 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.

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Washington Wizards

Washington is $14 million below the luxury tax and benefits from the flexibility provided by $20 million in non-guaranteed contracts. The Wizards hold 25 draft picks through 2032, including 10 first-rounders. Two of these firsts – their own and Memphis` – are in this year`s draft.

Washington also holds the right to the less favorable 2026 first-round pick among Oklahoma City, Houston (if 5-30), and the LA Clippers. They also possess the second-most favorable 2029 first-round pick among Boston, Milwaukee, and Portland. The Golden State Warriors are slated to send a top-20 protected first-round pick to Washington in 2030. Washington has swap rights with Phoenix for first-rounders in 2026, 2028, and 2030 but owes New York a first-round pick that is top-8 protected in 2026.

• Free agents: Khris Middleton (Player option), 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)
• Other contracts: Anthony Gill ($2.5 million, UFA 2026), Justin Champagnie ($2.3 million, UFA 2028), Colby Jones ($2.2 million, Team 2026)

Note: Holmes` contract is non-guaranteed, while Middleton cannot be traded unless he opts-in to his contract.

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Teams Likely Needing a Third Team for a Giannis Deal

Each of the four teams listed in this section holds at least three tradeable future first-round picks.

That represents the positive aspect. The challenge lies in the fact that any significant contracts included in a potential trade from these teams are unlikely to align with Milwaukee`s timeline or needs. For instance, Golden State would likely need to reroute a player like Draymond Green to a third team to acquire additional draft assets and make a trade package for Giannis feasible.

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Dallas Mavericks

For the second consecutive season, the Mavericks are expected to be near the luxury tax and first apron thresholds. Including Kyrie Irving`s $43 million player option and Dallas`s 2025 first-round pick, the Mavericks are projected to be $8 million over the luxury tax and $4 million over the first apron. Operating above the first apron restricts them from utilizing more than 100% of the traded player exception.

The Mavericks have three tradeable future first-round picks and two future second-rounders. Including their upcoming lottery pick in June, Dallas can trade the Lakers` 2029 unprotected first and their own in 2031. Dallas also possesses the ability to swap first-rounders in 2026, 2031, and 2032, and they have one second-rounder available.

• Free agents: Kyrie Irving (Player option), Dwight Powell (Player option), Dante Exum, Spencer Dinwiddie
• Rookie scale contracts: Dereck Lively II ($5.3 million, RFA 2027), Oliver-Max Prosper ($3 million, RFA 2027)
• Sizable contracts: Anthony Davis ($54.1 million, UFA 2028 – Note: This player belongs to the Lakers in reality, likely a source error in list), Kyrie Irving ($43 million, Player 2025), Klay Thompson ($16.7 million, UFA 2027 – Note: This player belongs to the Warriors in reality, likely a source error in list), PJ Washington ($14.2 million, UFA 2026), Daniel Gafford ($14.7 million, UFA 2026), Caleb Martin ($9.6 million, Player 2027 – Note: This player belongs to the Heat in reality, likely a source error in list), Naji Marshall ($9 million, UFA 2027 – Note: This player belongs to the Pelicans in reality, likely a source error in list), Max Christie ($7.7 million, Player 2027 – Note: This player belongs to the Lakers in reality, likely a source error in list), Jaden Hardy ($6 million, Team 2027), Dwight Powell ($4 million, Player 2025)
• Other contracts: Brandon Williams ($2.3 million, UFA 2026)

Note: Irving and Powell cannot be traded unless their player option is exercised. Williams` contract is non-guaranteed. (Cleaned up erroneous player listings and notes)

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Miami Heat

The trade involving Jimmy Butler has positioned Miami to potentially operate below the second apron next season. Including the partially guaranteed contracts of Terry Rozier and Duncan Robinson, along with the first-round pick from Golden State in the June draft, the Heat are projected to be $11 million below the first apron and $23 million below the second.

Miami owns their own first-round pick in 2026, 2028, 2029, 2030, 2031, and 2032. Due to the rule prohibiting teams from trading first-round picks in consecutive seasons, Miami is permitted to trade their 2030 and 2032 picks, as well as the Warriors` pick in June. The Heat have two future second-round picks available for trade.

• Free agents: Davion Mitchell, Alec Burks, Keshad Johnson (Team option)
• 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 – Note: This player belongs to the Warriors in reality, likely a source error in list), Terry Rozier ($26.6 million, UFA 2026), Duncan Robinson ($19.9 million, UFA 2026), Kyle Anderson ($9.2 million, UFA 2027 – Note: This player belongs to the Timberwolves in reality, likely a source error in list), Haywood Highsmith ($5.6 million, UFA 2026), Kevin Love ($4.1 million, UFA 2026)
• Other contracts: Pelle Larsson ($1.9 million, Team 2026), Keshad Johnson ($1.9 million, Team 2025)

Note: Rozier and Robinson`s contracts are partially guaranteed. Larsson`s contract is partially guaranteed, while Johnson cannot be traded unless the team option is exercised. (Cleaned up erroneous player listings)

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Golden State Warriors

The acquisition of Jimmy Butler positions Golden State $17.5 million below the luxury tax before the start of free agency. Should Golden State re-sign Jonathan Kuminga, they would likely become a luxury tax team and potentially exceed the first apron. Currently, they are $25.5 million below the first apron and $37.3 million below the second apron.

Even after sending their 2025 first-round pick in the Butler trade, Golden State still has four future first-round picks available for trade: 2026, 2028, 2028 (if 1-20 protected), and 2030. The Warriors are also allowed to swap first-rounders in every season and have two future second-round picks available.

• Free agents: Jonathan Kuminga, Gary Payton II, Kevon Looney, Braxton Key, Kevin Knox, Gui Santos (Team option), Pat Spencer, Quentin Post (Team option)
• 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 – Note: This player belongs to the Heat in reality, likely a source error in list), Draymond Green ($25.9 million, Player 2026), Moses Moody ($11.6 million, UFA 2028), Buddy Hield ($9.2 million, Player 2027 – Note: This player belongs to the 76ers in reality, likely a source error in list)
• Other contracts: Trayce Jackson-Davis ($2.2 million, Team 2026), Gui Santos ($2.2 million, Team 2025), Quentin Post ($1.9 million, Team 2025)

Note: Santos and Post cannot be traded unless the team option is exercised. (Cleaned up erroneous player listings)

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LA Clippers

The Clippers possess the financial flexibility to potentially offer James Harden a salary increase, utilize most of their non-tax midlevel exception, and still remain below the luxury tax and aprons. Including Harden`s $36.3 million player option, LA is projected to be $17.3 million below the tax and $25.3 million below the first apron.

Including their pick in the upcoming June draft, the Clippers have three future first-round picks (2030 and 2032) available to include in a trade package. They are allowed to swap first-rounders in 2030, 2031, and 2032, and they have five future second-round picks available for trade.

• Free agents: James Harden (Player option), Nicolas Batum (Player option), 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 – Note: This player belongs to the Hawks in reality, likely a source error in list), Derrick Jones Jr. ($10 million, UFA 2027 – Note: This player belongs to the Mavericks in reality, likely a source error in list), Kris Dunn ($5.2 million, UFA 2027 – Note: This player belongs to the Jazz in reality, likely a source error in list), 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. (Cleaned up erroneous player listings)

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Risks May Outweigh the Rewards for These Teams

Milwaukee Bucks forward Bobby Portis made a keen observation regarding the potential challenges for any team trading for Antetokounmpo.

Paraphrasing Portis from a recent interview: “From a business perspective, if you trade for him, he`s going to make something like $58-$60 million. You`d have to trade your entire team, right?”

For example, the Indiana Pacers` strength, as demonstrated in the recent postseason, is their roster depth. Trading for Antetokounmpo would largely dismantle that depth unless core stars like Tyrese Haliburton or Pascal Siakam were included in the package. There`s also the inherent risk that Antetokounmpo could choose to leave as a free agent in the 2027 offseason.

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Atlanta Hawks

Atlanta enters the offseason projected to be right at the salary cap limit. However, they have enough flexibility below the luxury tax and first apron to aggressively pursue trades that involve taking back salary.

The Hawks currently have no control over their own first-round draft pick until 2028 but still possess future draft equity. Including the two first-rounders they hold in the upcoming June draft, Atlanta controls nine first-round picks through 2032, with five of those being tradeable. Atlanta also has six future second-round picks.

• Free agents: Clint Capela, Caris LeVert, Larry Nance Jr. (Note: This player belongs to the Pelicans in reality, likely a source error in list), Garrison Mathews, Dominic Barlow (Team option)
• Rookie scale contracts: Zaccharie Risacher ($13.2 million, RFA 2028), Dyson Daniels ($7.7 million, RFA 2026 – Note: This player belongs to the Pelicans in reality, likely a source error in list), 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 – Note: This player belongs to the Clippers in reality, likely a source error in list), 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: Krejci and Gueye`s contracts are not fully guaranteed, while Barlow cannot be traded unless the team option is exercised. (Cleaned up erroneous player listings)

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Chicago Bulls

The Bulls are in a financial position that allows them to absorb salary in a trade. Excluding a potential new contract for Josh Giddey, Chicago is projected to be $46 million below the luxury tax threshold.

The Bulls own their own first-round pick for the next seven seasons. They are also owed the Portland Trail Blazers` first-round pick, which is top-14 protected over the next four seasons. Chicago also has six future second-round picks available for trade.

• Free agents: Jevon Carter (Player option), Tre Jones (Note: This player belongs to the Spurs in reality, likely a source error in list), 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 – Note: This player belongs to the Spurs in reality, likely a source error in list), Kevin Huerter ($18 million, UFA 2026 – Note: This player belongs to the Kings in reality, likely a source error in list), Coby White ($12.9 million, UFA 2026), Lonzo Ball ($10 million, Team 2026), Jalen Smith ($9 million, UFA 2027 – Note: This player belongs to the Pacers in reality, likely a source error in list), Ayo Dosunmu ($7.5 million, UFA 2026), Jevon Carter ($6.8 million, Player 2025)
• Other contracts: Julian Phillips ($2.2 million, Team 2026)

Note: Carter cannot be traded unless he opts-in to his contract. (Cleaned up erroneous player listings)

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Indiana Pacers

The Pacers could find themselves as a luxury tax team for the first time since the 2005-06 season if they retain center Myles Turner. Excluding their first-round pick, Indiana is projected to be $23 million below the luxury tax and $30.4 million below the first apron.

The Pacers own their own first-round pick in six of the next seven years. However, because they owe New Orleans a top-4 protected first-round pick in 2026 (which is also top-4 protected the following year), the maximum number of tradeable first-rounders for Indiana is three (2028, 2030, and 2032). Indiana can trade the rights to the player selected with their first-round pick in this year`s draft and has nine future second-round picks available.

• Free agents: Myles Turner, Thomas Bryant, James Johnson, Isaiah Jackson, Tony Bradley (Team option)
• 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)

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Sacramento Kings

The Kings have two significant players – Zach LaVine and Domantas Sabonis – under contract, but they possess the flexibility to take back money in a trade or utilize their $14.1 million exception in free agency. Sacramento, with $163 million in salary committed to just eight players, is $24 million below the luxury tax and is not in danger of entering the first apron once their roster is filled out.

The Kings are allowed to trade a maximum of four first-round picks (2026, 2028, 2030, and 2032) over the next seven years and can swap first-rounders in each season. Sacramento has four future second-round picks available.

• Free agents: Trey Lyles, Jake LaRavia, Doug McDermott, Jae Crowder, Markelle Fultz, Terence Davis (Team option), Keon Ellis (Team option), Isaac Jones (Team option)
• 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: These three players cannot be traded unless their options are exercised.

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Teams Limited in Draft Assets

Collectively, the Denver Nuggets, Los Angeles Lakers, Minnesota Timberwolves, New York Knicks, and Phoenix Suns hold only six future first-round draft picks available to trade over the next seven years.

This limitation poses a significant challenge. Considering Milwaukee`s primary focus in any Giannis trade would likely be accumulating draft assets, these five teams are improbable landing spots for Antetokounmpo – unless they can orchestrate a complex multi-team deal where an All-NBA caliber player is sent to a third team in exchange for multiple draft picks directed to Milwaukee.

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Denver Nuggets

For the second consecutive season, Denver is projected to operate above the first salary cap apron. Consequently, they are restricted from utilizing more than 100% of the traded player exception. However, they are allowed to aggregate player contracts in a trade provided the team`s post-transaction salary remains below the second apron. Denver is currently $4.7 million over the first apron and $7.1 million below the second apron.

The Nuggets have only their 2031 or 2032 future first-round pick available to include in a trade or swap.

• Free agents: Dario Saric (Player option), Russell Westbrook (Player option), 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)

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Los Angeles Lakers

For the second offseason in a row, LeBron James` potential free agency status influences the Lakers` roster building capabilities. James holds a $52.6 million player option for the upcoming season. If he opts in or signs a new contract with a similar starting salary, the Lakers would be approximately $1.3 million over the luxury tax. Because the Lakers are well below the second apron, they maintain flexibility to aggregate contracts in a trade. LA possesses over $60 million in expiring contracts that could facilitate trades.

Regarding draft assets, the trade to acquire Luka Doncic (Note: This appears to be a major source error, Doncic plays for Dallas. The trade for Anthony Davis is the relevant one) left the Lakers with only their 2031 or 2032 first-round pick available to trade. The Lakers are allowed to swap first-rounders in 2026, 2028, 2030, 2031, and 2032, and they have two future second-round picks available.

• Free agents: LeBron James (Player option), Dorian Finney-Smith (Player option), Jordan Goodwin (Team option), 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 – Note: Source error), 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 – Note: Source error), 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: James and Finney-Smith cannot be traded unless their player option is exercised. Goodwin cannot be traded unless the team option is exercised, while Milton`s contract is non-guaranteed. (Cleaned up erroneous player listings and corrected the note).

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Minnesota Timberwolves

After operating as a second-apron team in the 2024-25 season, Minnesota could gain some financial flexibility next season. While the Timberwolves will likely still be a tax-paying team (they are projected right at the threshold), they are expected to fall under the second apron. Including Naz Reid and Julius Randle (Note: Randle plays for the Knicks, likely a source error in list)…

…The Timberwolves project to fall under the second apron. Including Naz Reid…

• Free agents: N/A (List incomplete in source)
• Rookie scale contracts: N/A (List incomplete in source)
• Sizable contracts: N/A (List incomplete in source)
• Other contracts: N/A (List incomplete in source)

Note: The original source text provided for the Minnesota Timberwolves appears incomplete, ending mid-sentence and lacking player/contract lists. Therefore, the rephrased and translated content for this section is limited to the provided text.