How the Golden State Warriors Could Land Giannis Antetokounmpo in a Blockbuster Trade
The Milwaukee Bucks face a ticking clock with their franchise player. Giannis Antetokounmpo will either accept or reject an extension this offseason. If it's the latter, the team needs a trade before he leaves in free agency after the 2026-27 season.
B/R recently examined the best realistic offers Milwaukee would expect from the Miami Heat. The timing is tricky for the Bucks, since Antetokounmpo won't be eligible to extend until October 1, making their best window for a deal ahead of the NBA draft in June and the July free-agent period, when teams are at their most financially flexible.
Whatever Antetokounmpo intends to do in October must be communicated clearly over the next two months. Meanwhile, if the Warriors can sway the Bucks to send Antetokounmpo to Golden State, the Steph Curry era would get a desperately needed resuscitation.
Full Trade Scenario
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The Golden State Warriors receive: Giannis Antetokounmpo
The Milwaukee Bucks receive: Jimmy Butler, Brandin Podziemski, 2026 1st-rounder, 2027 first-rounder, 2030 protected first-rounder, 2032 protected first-rounder
When It Would Need to Happen
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The trade would be agreed to by the Warriors and Bucks before the first night of the NBA draft on June 23, assuming Golden State doesn't win a top-4 selection on the May 10 draft lottery. The Bucks inform the Warriors who to take at No. 11; a top-4 selection for Golden State changes the calculus entirely.
The deal is executed on July 6, after the 2026-27 moratorium, under a projected $165 million salary cap, $200.5 million luxury tax, $209.1 million first apron, and $221.7 million second apron. The Warriors' 2030 first-round pick conveys if 1-20, as it is already promised to the Dallas Mavericks if 21-30.
Should the selection go to Dallas, the Bucks get a 2031 first-round pick swap with the Warriors instead. Golden State's 2032 first-round pick has top-4 protection, otherwise it conveys unprotected to Milwaukee in 2033.
The Warriors trigger a second-apron hard cap by aggregating Butler and Podziemski. The Bucks end with a first-apron hard cap by using the expanded traded player exception from Antetokounmpo's outgoing salary to acquire the two Warriors.
Why the Golden State Warriors Do It
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It's not complicated: The Warriors pair Curry with one of the NBA's best players.
The primary challenge is matching Antetokounmpo's $58.5 million salary for next season. The Warriors' starting point must be Butler, since Draymond Green can opt out of his $27.7 million final year before July.
Even if Green chooses to opt in to a trade to Milwaukee, the Warriors' attempt to land the former NBA Most Valuable Player while keeping Butler would give the franchise an untenable first-apron hard cap with Curry and Antetokounmpo's massive salaries on the books.
Butler is recovering from a serious knee injury and may not be ready to play until January. The Warriors value him highly, but with Curry near the end of his contract and the franchise struggling to put a winner around him, upgrading to Antetokounmpo is a must if the Bucks are willing.
To entice Milwaukee, the Warriors include their best young guard, Podziemski, plus four first-round picks. Despite a second-apron hard cap, Golden State could still re-sign Kristaps Porziņģis to a contract starting around $20 million and use its non-taxpayer mid-level exception ($15 million) and bi-annual exception ($5.5 million) to flesh out the remainder of the roster.
Coach Steve Kerr, whose contract is expiring, may be willing to return to coach Antetokounmpo. Green could also opt out to re-sign on a three-year deal at a lower number, perhaps starting at or slightly above $20 million. Extensions would follow for Curry and Antetokounmpo.
Al Horford ($6 million) and De'Anthony Melton ($3.5 million) can also opt out before next season. The Warriors would aspire to bring them back regardless, along with Pat Spencer, Quinten Post, and Gary Payton II.
Why the Milwaukee Bucks Do It
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Assuming Antetokounmpo makes clear his intentions to move on, the team should canvas the league for the best possible offers.
But Antetokounmpo also has leverage in where he ends up. He's expected to opt out of his $62.8 million for 2027-28, and can use the threat of walking as an unrestricted free agent in 2027 should Milwaukee send him to an undesired location.
Assuming Antetokounmpo wants to play with Curry in Golden State and is willing to push hard to make that happen, the Bucks could get a former All-Star back in Butler and a young guard in Podziemski, 23, coming off a career year.
The Bucks, who owe their 2027 first-rounder to the New Orleans Pelicans or Atlanta Hawks, aspire to stay competitive next season. The goal would be to get Butler back in a contract year, hoping he can quickly return to form.
Butler could theoretically return to the court before January, but an anterior cruciate ligament tear is typically a year-long recovery.
The Bucks could also look to re-trade him ahead of the trade deadline.
Podziemski, a Wisconsin native, averaged 13.8 points with 3.7 assists and 1.1 steals per game for the Warriors. He played all 82 games, starting 43 of them. He's eligible for a rookie-scale extension this summer or restricted free agency in 2027.
The Warriors would likely need to include four first-round picks in the deal, and Milwaukee could lobby for additional pick swaps. Gui Santos, 23, is another solid rotation player to fight for.
The larger question for the Bucks—assuming Antetokounmpo won't extend and has a short list of destinations—would be this: how does the Warriors' package hold up compared to a Miami Heat offer that should include Tyler Herro, Kel'el Ware, several first-round picks, and other considerations?
Email Eric Pincus at eric.pincus@gmail.com and follow him on X @EricPincus and Bluesky.
