A 4-Team, 14-Player Blockbuster Trade to Land Giannis with Rumored Suitor

With the NBA draft rapidly approaching, it's nearly time for a decision on Giannis Antetokounmpo.

The 30-year-old may do nothing and remain with the Milwaukee Bucks despite losing Damian Lillard likely for the season with an Achilles injury. He may demand a trade and let fate take him to the highest bidder, allowing the Bucks to send him wherever they deem best.

But many around the league expect Antetokounmpo will be more direct with Milwaukee if he wants out and will force a move to the team he most desires.

Even if the nine-time All-Star doesn't want to play the villain role, his agent (Alex Saratsis of Octagon) would pull out all the stops to best advocate for his client.

The final destination isn't clear, with speculation ranging from the San Antonio Spurs to the Atlanta Hawks, Los Angeles Lakers, Chicago Bulls, Miami Heat, Houston Rockets, etc.

Recently, Toronto Star reporter Doug Smith linked the Raptors to the two-time NBA MVP: "I don't know if it will happen, but I do know there is mutual interest between Antetokounmpo and the Raptors. The wild card is the cost."

On the premise that Antetokounmpo chooses Toronto, the following four-team trade breaks down the potential cost, roping in the Lakers and Bulls. Spoiler alert: it's an expensive proposition.

Full Trade Details

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Toronto Raptors get:

• Giannis Antetokounmpo (from Bucks)
• Jalen Smith (from Bulls)
• Jevon Carter (from Bulls)

Milwaukee Bucks get:

• RJ Barrett (from Raptors)
• Gradey Dick (from Raptors)
• Chris Boucher (sign-and-trade from Raptors)
• Ja'Kobe Walter (from Raptors)
• Gabe Vincent (from Lakers)
• 2025 No. 9 (this and the following picks are all from Raptors)
• 2026 first-round swap rights
• 2026 Lakers second-rounder
• 2027 first-round pick
• 2028 first-round swap rights
• 2029 first-round pick
• 2030 first-round swap rights
• 2031 first-round pick
• 2032 first-round swap rights (top-five protected for the Raptors)

Los Angeles Lakers get:

• Jakob Poeltl (from Raptors)
• Lonzo Ball (from Bulls)

Chicago Bulls get:

• Dalton Knecht (from Lakers)
• Jarred Vanderbilt (from Lakers)
• Shake Milton (from Lakers)
• AJ Lawson (from Raptors)
• $10 million trade exception (Ball)
• $9 million trade exception (Smith)
• $1.5 million trade exception (Carter)

Notes: The trade would need to wait until July 12, after salaries and hard-cap restrictions roll over to the 2025-26 season and Lawson's signing restriction lifts.

The Bucks would trigger a first-apron hard cap (projected to be $195.9 million) by acquiring Boucher via sign-and-trade (three-year, $37.3 million; only the first year is guaranteed at $11.8 million). The Bulls have the same first-apron limit, using the pre-existing Zach LaVine traded player exception to take on Knecht and Vanderbilt.

The Raptors would trigger a second-apron hard cap ($207.8 million) by aggregating contracts to acquire Antetokounmpo. Similarly, the Lakers would trigger a second-apron hard cap to take on Poeltl.

Milton's contract must be amended to guarantee at least $2.4 million of his $3 million salary. Lawson's would be changed to a fully guaranteed at $2.3 million.

If the Raptors' 2032 first-round pick is in the top five, the Bucks receive their 2032 second-rounder instead.

Why the Toronto Raptors Do It

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Why Antetokounmpo? Does that need exposition?

His ties to Toronto may stem from his relationship with top executive Masai Ujiri. If Antetokounmpo is picking the Raptors, who are they to say "no?"

The larger question is justifying the cost. On the premise that Toronto has no interest in moving Scottie Barnes in the deal, it's giving up nearly all the first-round compensation possible (a little more than what the Cleveland Cavaliers paid out to get Donovan Mitchell).

Barrett and Poeltl's sizable contracts are essentially required, not just to match Antetokounmpo's salary but also to flesh out the rest of the roster to at least 14 players. Dick's shooting would be valuable in Toronto, but he's can't be the reason why a deal this significant dies.

Boucher and Lawson complete the math to make it legal, with the Raptors rounding out the roster with a 25-year-old big (Smith) and a veteran point guard who can shoot (Carter). The Raptors fight to retain recent second-round picks Jamal Shead and Jonathan Mogbo.

Assuming Antetokounmpo prefers to stay at power forward, pencil in Smith as the fifth starter alongside Immanuel Quickly, Brandon Ingram and Barnes. The bench is thin on experience, but hardly devoid of talent with Ochai Agbaji, Colin Castleton, Jamison Battle, Shead, Mogbo and Carter.

Toronto would still have its $5.7 million taxpayer mid-level exception to add a vital rotation player, along with the No. 39 pick and room initially for one veteran minimum. A second could be added about a month into the season.

The pick haul is massive. The Raptors would have to believe the starting combination can compete at the highest level and the player development staff can turn some of the younger prospects into playoff-capable contributors.

Why the Milwaukee Bucks Do It

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The Bucks will pull every lever and cross every bridge to entice Antetokounmpo to stay. To explore the potential in Toronto, the assumption is that they are unsuccessful and, through his agent, obstruct other suitors.

Milwaukee can not trade him, but the leverage only weakens after the offseason, with limited flexibility at the trade deadline in February. Once in the final year of their deal, an NBA superstar has all the power.

The Spurs didn't need to give up as much at the deadline to get De'Aaron Fox, who specifically pushed his way to San Antonio from the Sacramento Kings. This is the fate the Bucks are toying with by not acceding to Antetokounmpo's (theoretical) demands.

Like how the Kings didn't get Rookie of the Year Stephon Castle (and certainly not Victor Wembanyama), Barnes isn't on the table. That's what the haul of picks is for, along with young players Barrett (almost 25), Dick (21) and Walter (20). Milwaukee replenishes some of its weakened draft capital with the giant cache from Toronto.

Because Boucher's contract would only have guarantees in the first year, it becomes a valuable trade chip after December 15, perhaps packaged with Pat Connaughton's expiring $9.4 million.

The No. 9 selection could be on a center like Duke's Khaman Maluach, with Bobby Portis presumably opting out to leave in free agency with others like Brook Lopez, Taurean Prince, Gary Trent Jr., etc. Perhaps Jericho Sims is retained, or the Bucks could use spending tools like the non-taxpayer mid-level ($14.1 million) and bi-annual ($5.1 million) exceptions to add a veteran like Luke Kornet.

With Lillard out, perhaps a veteran guard like D'Angelo Russell or, if the Cleveland Cavaliers cannot afford to keep him, Ty Jerome can fill the gap at point guard.

The Bucks, who gave swap rights to the New Orleans Pelicans in 2026, aren't bottoming out in losing Antetokounmpo and some of their veterans. The franchise immediately shifts to a younger identity, trying to scrap through the play-in tournament for a postseason berth.

But is the current iteration of the roster, with Antetokounmpo, limited trade assets, multiple free agents seeking lucrative deals and no Lillard, much better?

Losing their franchise star can't be undersold, but the return is arguable on the premise that Antetokounmpo says it's time and specifically chooses Toronto.

Why the Los Angeles Lakers Do It

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Respectfully to Jaxson Hayes, the Lakers went into the postseason without an established starting center. Luka Dončić may need a lob threat, which Hayes provided well post-Dallas Mavericks trade, but the size in the Western Conference needs an appropriate counter.

Poeltl is not flashy, but he's a legit 7'0", 260-pound center who averaged 14.5 points and 62.7 percent shooting with 9.6 rebounds and 1.2 blocks per game. Against the Boston Celtics, he scored a career-high 35 points with 12 rebounds. He fills one of the two needs at the position.

The Lakers can retain Hayes, a shared client of WME's Bill Duffy, who represents Dončić, giving the team the lob option. L.A. would continue to target that archetype, like the ones Dončić took to the NBA Finals (Dereck Lively II and Daniel Gafford). Still, Poeltl is an immediate upgrade, better suited with the necessary heft that Hayes doesn't bring.

Los Angeles initially gave up Knecht to acquire Mark Williams from the Charlotte Hornets, but the Lakers didn't clear his physical. While Knecht has trade value, the Hornets were also getting a future first and a first-round swap. Here, the Lakers give up three rotation players (and Milton) for two, with Ball replacing Vincent.

Ball adds size, defensive and offensive acceleration off the bench as a high-potential role player alongside Dončić. While the Lakers lose Vanderbilt's disruptive defense, his lack of offensive skill proved somewhat problematic in the postseason.

Assuming LeBron James and Dorian Finney-Smith opt in (or out but re-sign at relatively similar numbers), the team would have 10 players under contract, including Austin Reaves, Rui Hachimura, Maxi Kleber, Jordan Goodwin and Bronny James.

The Lakers would also have the $5.7 million taxpayer mid-level to replenish depth, plus the space for up to four minimum players (though one spot could be saved for the No. 55 pick, if not put on a two-way contract). That would change slightly if Hayes returns above a minimum contract.

Why the Chicago Bulls Do It

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The Bulls began to forge an identity late in the season, one that likely includes retaining guard Josh Giddey, who will be a restricted free agent in July. Penciling him in at a starting salary of $30 million, the team won't be near the league's luxury-tax line ($187.9 million).

Smith wasn't a rotational priority on the team, especially after acquiring Zach Collins from the San Antonio Spurs. Neither was Carter, but Ball was a steady contributor after multiple years of health issues (knee).

Chicago has the offensive firepower, bolstered by the addition of Knecht, but needs help on the wing defensively.  Vanderbilt has a below-average salary contract and would fit in well either as a starter or off the bench. Coach Billy Donovan can choose between Kevin Huerter, Patrick Williams, Knecht or Vanderbilt—assuming the other four are Coby White, Nikola Vučević, Matas Buzelis and Giddey.

Roster space is an issue, which may require another deal. Lawson and/or Milton may need to be waived, since Chicago needs room for Nos. 12 and 45 in the draft. The Bulls can also use their non-taxpayer and bi-annual exceptions without dipping into the luxury tax.

The Lakers and Bulls play vital roles in the multi-team swap, but the heart of the deal is Antetokounmpo asserting his will on the Bucks to send him to his hand-picked destination. If it's the Raptors and they're willing to pay the price, all four profit in different ways.

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