.jpg?w=1280 "Giannis")
How a 4-Team Trade That Reunites Giannis and Jrue Holiday Could Actually Work
Giannis Antetokounmpo and Jrue Holiday? Together again? On the New York Knicks? People are apparently talking about it.
On a recent episode of The Zach Lowe Show, Lowe noted (around the 15-minute mark):
"There was a wild rumor going around for the last 72 hours or so about a three-team trade. I say 'wild rumor,' because I have not gotten anyone who would be tangentially involved to say that it's real, or any of it is real…And I heard a couple of different versions of it. One of them had the Knicks getting both Giannis and Jrue Holiday."
This comes on the heels of The Stein Line's Jake Fischer reporting that the Portland Trail Blazers have "long admired" Mikal Bridges. And it just so happens they control three of the Milwaukee Bucks' first-rounders: 2028 (swap), 2029 and 2030 (swap). Marc Stein also added over at The Stein Line that the Knicks have "explored pathways" to acquiring Holiday—who, as SNY's Ian Begley noted on The Putback with Ian Begley (at the 35:25 mark), Giannis apparently wants to play with again.
Talk about a long, winding trail of bread crumbs. But as confusing as it might be to follow, the various niblets of reporting lead us to wonder: What could an in-season megatrade that reunites Holiday and Giannis in New York actually look like?
Why The New York Knicks Do It
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In: Giannis Antetokounmpo, Jrue Holiday
Out: Mikal Bridges, Deuce McBride, Karl-Anthony Towns, Guerschon Yabusele, Washington's 2026 first-round pick, 2027 second-round pick (second most favorable of Houston, Indiana, Miami and Oklahoma City), 2030 first-round swap, 2032 first-round swap, 2032 second-round pick
Because they get Giannis despite not having the assets to do so under normal circumstances, that's why.
New York cannot trade an outright first-rounder until this summer, when its 2026 and 2033 obligations loosen enough to free up a movable pick. Milwaukee would rather wait for those picks to become available, but this is a rare case where in-season logistics are actually easier to navigate.
Striking a deal over the summer gets harder when Bridges' salary increases by nearly $9 million, and with the Knicks hovering around the second apron and potentially unable to aggregate contracts.
Optimists will insist the Knicks draining their asset stores is overkill. Bridges and Towns are both in the heart of their primes and surely worth plenty of first-round equity on their own.
Except that they are not. Fred Katz of The Athletic relayed on an episode of Katz and Shoot that people around the league have compared KAT's value to what the Atlanta Hawks got for Trae Young: Corey Kispert and CJ McCollum.
If the Knicks have the chance to parlay KAT, Bridges, McBride and a smattering of swaps and seconds into Giannis and Jrue, they have to do it.
Full Trade Details
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Milwaukee Bucks Receive: Jerami Grant, Deuce McBride, Robert Williams III, Guerschon Yabusele, Washington's 2026 first-round pick (top-eight protection; turns into 2026 and 2027 seconds if not conveyed; via New York), 2027 first-round pick (its own; via New Orleans), 2029 first-round pick (most favorable of its own, Boston and Portland; via Portland), 2030 first-round pick (its own; via Portland), 2032 first-round pick (swap; via New York), New York's 2030 second-round pick (via Portland), New York's 2032 second-round pick
Portland Trail Blazers Receive: Mikal Bridges*, Karl-Anthony Towns
New Orleans Pelicans Receive: 2027 second-round pick (second most favorable of Houston, Indiana, Miami and Oklahoma City; via New York), 2028 first-round swap (more favorable of its own and Milwaukee; via Portland), 2030 first-round swap (via New York)
*Cannot be traded until Feb. 1
Why The Milwaukee Bucks Do It
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In: Jerami Grant, Deuce McBride, Robert Williams III, Guerschon Yabusele, Washington's 2026 first-round pick (via New York), 2027 first-round pick (its own; via New Orleans), 2029 first-round pick (its own; via Portland), 2030 first-round pick (its own; via Portland), New York's 2030 second-round pick (via Portland), 2032 first-round swap (via New York), New York's 2032 second-round pick
Out: Giannis Antetokounmpo
Let's not pretend the Bucks pounce on this package in a vacuum. They wouldn't. But Giannis' future doesn't exist in a vacuum. He has just one full year left on his contract before he can become a free agent (2027-28 player option) and clearly has an affinity for the Knicks. His leverage guides Milwaukee's actions.
With that said, the Bucks are regaining control over three of their first-rounders. Everything else is immaterial. This deal frees them to tank rebuild their hearts out virtually unencumbered by detrimental draft obligations.
Emphasis must be placed on "virtually." Milwaukee would still be down its 2028 first-rounder. Though Portland has swap rights on that selection, the Bucks horcruxed the other end of that swap by sending it to the Wizards when they shipped out Khris Middleton at last year's deadline.
Compensating Washington to give up that end of the swap feels too daunting. Getting the rights back to 2027 is more valuable anyway. It ascribes more purpose to being bad next year. The Bucks can then stomach a one-year gap in 2028, at which point they'll already have two lottery prospects under their belt from 2026 and 2027, before having the rights to their own selections in 2029, 2030 and beyond.
Milwaukee can see whether McBride or Williams—both acquired for second-round equity—have any subsequent value in other deals. This year's Wizards pick won't convey, but it should be something like No. 34 or No. 35. The unprotected swap from the Knicks is far out enough that the Bucks can envision exercising it.
Why The Portland Trail Blazers Do It
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In: Mikal Bridges, Karl-Anthony Towns
Out: Jerami Grant, Jrue Holiday, Robert Williams III, 2028 first-round swap (via Milwaukee), 2029 first-round pick, 2030 first-round swap (via Milwaukee), New York's 2030 second-round pick
Portland needs more functional diversity incorporated into its offense. The peak versions of Bridges and Towns provide it. Each stretches the floor, Bridges adds a layer of tertiary playmaking and Towns puts a ton of pressure on the basket with his drives.
Both of their contracts are hotly debated. Yet, while neither Bridges nor Karl-Anthony Towns is netting a haul on their own, the concern is overstated.
Bridges won't even be one of the 50 highest paid players when his extension kicks in next season. The two years and $118.1 million left on KAT's deal is exorbitant, but it's short term. Especially if he's willing to decline his 2027-28 player option and sign for a lower annual number over a longer period of time.
There is no getting around KAT's spotty, oftentimes shoddy, defense. The Blazers are built to insulate him. He can play alongside Clingan in ultra-huge frontcourts, and Portland would continue to have excellent size on the perimeter with Deni Avdija and Toumani Camara. Bridges' defensive value should go through the roof when working in tandem with the latter two.
Forfeiting three Bucks swaps is a lot—too much, arguably. For as well as Holiday and Grant have played when healthy, though, neither is an actual asset.
Grant cooled off after a hot start and has two years and $70.6 million left on his deal. Holiday is 35 and has another two seasons and $72 million remaining on his agreement. You'd be hard-pressed to move either without attaching an asset. Someone like Bridges is also easier than Holiday to fit into next year's roster construction, when Portland presumably has both Scoot Henderson and Damian Lillard at its disposal.
We need to factor in the alternative pathways for those Bucks swaps, too. They will not be nearly as valuable if Giannis stays put, or if Milwaukee flips him in another package that bags more immediately impactful players.
Why The New Orleans Pelicans Do It
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In: 2027 second-round pick (second most favorable of Houston, Indiana, Miami and Oklahoma City; via New York, 2028 first-round swap (from Milwaukee, via Portland), 2030 first-round swap (via New York)
Out: 2027 first-round swap (from Milwaukee)
New Orleans' involvement boils down to one question: How much compensation will it require for delaying swap rights on Milwaukee's pick by one year?
Nabbing a medium-distant swap from the Knicks and another second-rounder feels reasonable. New York has a handful of other second-rounders (and very little leverage) if it's not.
The Pelicans are not risking much by delaying the swap. Frankly, they might not be risking anything.
It's unlikely they will exercise it if the Bucks end up holding onto Giannis Antetokounmpo. And even if they move him independent of this deal, the Pelicans can't be confident in the product they have now to guarantee they'll finish with a better record than a rebuilding iteration of Milwaukee.
Pushing the swap to 2028 could actually increase the chances that New Orleans actually cashes in on it.
Dan Favale is a National NBA Writer for Bleacher Report. Follow him on Bluesky (@danfavale), and subscribe to the Hardwood Knocks podcast, co-hosted by Bleacher Report's Grant Hughes.
