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Ranking Top Potential Giannis Antetokounmpo Trade Packages
The Milwaukee Bucks are nearing a franchise-altering decision on Giannis Antetokounmpo. Is it time to trade the former NBA Most Valuable Player, or will he choose to extend in Milwaukee?
Bucks co-governor Jimmy Haslem recently reaffirmed the timeline, "I just think before the draft is a natural time, right? Because if Giannis does play somewhere else, then we ought to get a lot of assets, and it's [general manager Jon Horst's] job to do it."
The clear danger for the Bucks: Antetokounmpo can opt out of his $62.8 million for 2027-28 to be a free agent next summer. He's eligible for an extension on October 1; if Antetokounmpo makes it clear he won't re-sign, the Bucks need to get a deal done for the best player in franchise history since Kareem Abdul-Jabbar and Oscar Robertson.
But what would a trade look like for Milwaukee? What are the best, most realistic offers to expect from a long list of interested teams? And what say does Antetokounmpo have in where he ends up?
4. Golden State Warriors
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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
The Warriors can offer Wisconsin native Podziemski, who is extension eligible this summer; however, Butler is recovering from a knee injury and is expected to miss the start of the 2026-27 season. At 36, Butler isn't Milwaukee's ideal piece to build around, though his expiring $56.8 million contract could be used again in trade.
The Bucks' value lies in the draft compensation, which consists of distant first-round picks, with the hope that Steph Curry and Antetokounmpo are winding down by then. For Golden State to have a real shot, Antetokounmpo would probably need to push extremely hard to make it happen. That would include scaring off other suitors by promising to leave as a free agent in 2027.
At this early stage, there's no intel to suggest the Warriors are at the top of Antetokounmpo's list. Regardless, in all trade scenarios, the assumption is that Antetokounmpo verbally agrees to extend with the new team ahead of the transaction.
3. Boston Celtics
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The Boston Celtics receive: Giannis Antetokounmpo, $706,566 trade exception
The Milwaukee Bucks receive: Jaylen Brown, Max Shulga, 2026 first-rounder (No. 27), 2027 first-rounder
Brown is the best player the Bucks could receive in an Antetokounmpo, but the draft compensation is relatively sparse. This path represents Milwaukee's intent to compete as quickly as possible, rather than a measured retool.
Upcoming changes to the NBA's lottery system may make full rebuilds less attractive to teams—not that it was ever especially appealing to a franchise to bottom out over a sustained period. Regardless, the Bucks don't have their first-round pick in 2027.
The larger question would be how quickly Milwaukee can field a viable roster around Brown. He helped carry the Celtics through the regular season while Jayson Tatum was injured. Can he do the same with the Bucks?
2. Portland Trail Blazers
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The Portland Trail Blazers receive: Giannis Antetokounmpo
The Milwaukee Bucks receive: Scoot Henderson, Shaedon Sharpe, Kris Murray, Matisse Thybulle (via sign-and-trade), 2028 first-rounder, 2029 1st rounder, 2030 reversal of prior first-round swap, 2031 protected first-rounder, $11.9 million trade exception (Antetokounmpo)
The Trail Blazers have a low-key viable offer to make for Antetokounmpo. Before their playoff run, many may have dismissed Portland as a viable suitor. Still, the team has taken significant steps forward, boasts two of Antetokounmpo's former teammates (Jrue Holiday and Damian Lillard), and can return some of the Bucks' picks to Milwaukee from the Lillard trade.
Portland would try to keep one of Henderson or Sharpe out of the deal, doing something instead around Jerami Grant. Milwaukee must use whatever leverage it has for two young, talented backcourt additions, along with sizable draft compensation.
NBA buzz has Antetokounmpo preferring to play in the Eastern Conference, away from powerhouse teams like the Oklahoma City Thunder and San Antonio Spurs, while also staying closer by time zone to family in Greece. Whether that's true or not remains to be seen, as Holiday's relationship with Antetokounmpo may be the wild card.
1. Miami Heat
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The Miami Heat receive: Giannis Antetokounmpo, $4.7 million trade exception
The Milwaukee Bucks receive: Tyler Herro, Kel'el Ware, Nikola Jović, 2026 first-rounder, 2030 first-rounder, 2032 protected first-rounder, 2033 second-rounder, $4.6 million trade exception
The Heat represent the confluence of Milwaukee's best return and Antetokounmpo's perceived wishes. Some in NBA circles believe Antetokounmpo values playing with Bam Adebayo, with whom he shares an agent (Alex Saratsis).
Herro, a recent All-Star from Wisconsin, verbally agrees to extend with the Bucks before the trade. Ware has emerged as one of the brighter center prospects in the league. Miami has enough draft compensation to get a deal across the finish line.
The question for Milwaukee will be how the franchise values players, a subjective matter. Do they prefer Scoot Henderson and Shaedon Sharpe over Herro and Ware? Would a more established All-Star and former NBA Finals MVP like Jaylen Brown move the needle for the Bucks? Is draft compensation the greatest priority?
The answer should be a path towards sustained success that doesn't shy away from taking a step back for the good of the team. Whether or not the Bucks agree remains to be seen.
Stay tuned for more Antetokounmpo trade concepts as the first night of the NBA draft (June 23) inches ever closer.
Email Eric Pincus at eric.pincus@gmail.com and follow him on X @EricPincus and Bluesky.
