How the Los Angeles Lakers Could Land Giannis Antetokounmpo in a Blockbuster Trade

The Milwaukee Bucks are running out of time with Giannis Antetokounmpo. This offseason, Antetokounmpo will decide whether to sign an extension—and if he doesn't, the Bucks will need to move him before he walks in free agency after the 2026-27 season.

That extension window doesn't open until October 1, which means Milwaukee's best chance to complete a trade comes before then—ideally around the NBA Draft in June or the free-agency period in July, when contenders have the most financial flexibility to make a blockbuster move work.

Whatever Antetokounmpo intends to do in October must be communicated clearly over the next six weeks. Meanwhile, if the Los Angeles Lakers would rather trade for Antetokounmpo than invest in Austin Reaves, and if Reaves cannot secure a large enough free-agent offer elsewhere, the Lakers could pair two of the NBA’s elite players in L.A.

B/R is examining the best realistic offers Milwaukee would expect from several teams, including the Cleveland Cavaliers, Miami Heat, Golden State Warriors, Portland Trail Blazers and Boston Celtics. But one offer worth examining closely involves the Lakers, Reaves and draft compensation.

Full Trade Details and Timing

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Los Angeles Lakers receive: Giannis Antetokounmpo, $12.4 million trade exception, $4.2 million trade exception

Milwaukee Bucks receive: Austin Reaves, Jarred Vanderbilt, Jake LaRavia, Dalton Knecht, Nick Smith Jr., 2031 first-rounder, 2032 protected first-round swap

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Reaves opts out of his $14.9 million for 2026-27 to ink a four-year, $172 million contract with the Lakers as part of a sign-and-trade to the Bucks. Milwaukee triggers a first-apron hard cap at a projected $209.1 million to take in four Lakers for Antetokounmpo. Nick Smith Jr. is absorbed separately on a minimum contract, but he delays the entire transaction until July 12. If that's an issue, Bronny James can be substituted to push the trade up to July 6.

The Lakers aggregate Reaves, LaRavia and Smith into an expanded traded player exception for Antetokounmpo, with a first-apron hard cap. The team receives trade exceptions for Vanderbilt and Knecht. The 2031 first-round pick is unprotected, but the 2032 swap is top-5 protected; otherwise, it conveys as a 2033 second-rounder.

Why the Los Angeles Lakers Do It

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The reasoning is simple: Los Angeles adds one of the five best players on the planet to pair with Luka Dončić.

The franchise can approach a deal in multiple ways, but its "best" offer would include Reaves and require Milwaukee's willingness to invest in the almost 28-year-old guard. While Reaves can earn up to a projected $41.3 million, his starting salary is just below the max at $40 million.

The Lakers avoid complicated salary-matching issues by making the Antetokounmpo swap while under the $165 million salary cap. L.A. could try to rope the New Orleans Pelicans into a multi-team deal, offering the No. 25 pick for Herb Jones. If willing, the Pelicans and Lakers would need a deal in place before the first round, prior to the Antetokounmpo trade, folding two separate swaps into one in July. Milwaukee could send Gary Harris or Taurean Prince to New Orleans, assuming at least one opts into their 2026-27 salary, to make a three-team deal legitimate.

An alternative trade between the Lakers and Bucks for Antetokounmpo could center on Rui Hachimura instead of Reaves, also via sign-and-trade. Los Angeles could get to three firsts (including whomever the Lakers preselected at No. 25) and three first swaps if the Bucks preferred draft considerations and the financial flexibility of Hachimura at a $20 million starting salary instead of Reaves' $40 million. This also assumes Hachimura doesn't earn more elsewhere.

Reaves could also refuse to go to the Bucks to re-sign with the Lakers, or he could join another team with cap room like the Brooklyn Nets, Chicago Bulls or a mystery franchise willing to trade for the space needed to give him a lucrative contract.

But what about LeBron James? The Lakers certainly can't afford him back at $50 million with Antetokounmpo. In the Reaves scenario, $20 million earmarked for Hachimura to stay in L.A. could instead go to James. The Lakers must decide whether it's time to turn the page or keep James with the franchise until he retires.

The three-way deal with the Pelicans with Jones doesn't have James returning. Instead, the Lakers bring back potential free agents Deandre Ayton and Marcus Smart, along with Luke Kennard, Jaxson Hayes and Hachimura, to complement Antetokounmpo and Dončić. L.A. would also have the $9.4 million room mid-level exception to add depth, Adou Thiero, either Bronny or Smith, and a few free-agent signings to minimum deals. The team could also dip below the luxury tax, if a priority.

Why the Milwaukee Bucks Do It

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If Antetokounmpo signals he wants out, Milwaukee's job is straightforward: find the best possible return. But the Bucks don't have all the leverage here—Giannis does. He's expected to opt out of his $62.8 million player option for 2027-28, and he can essentially veto any trade by threatening to walk as an unrestricted free agent if Milwaukee looks to ship him somewhere he doesn't want to go.

Assuming he wants to join the Lakers and signals he'll extend, the Bucks get one of the summer's top unrestricted free agents. Reaves was playing at an All-Star level before a calf injury, scoring a career-high 51 points in October against the Sacramento Kings.

Even before the NBA proposed significant changes to the tanking system, competing executives indicated before the February trade deadline that the Bucks were not looking to bottom out in an Antetokounmpo trade. Reaves and draft compensation constitute a competitive offer, provided Milwaukee can sway Reaves to join with a healthy financial commitment.

The Bucks can decide before the start of the season whether to exercise Knecht's $6.5 million option for 2027-28. LaRavia and Smith are on expiring deals, but Vanderbilt has a $13.3 million player option to continue for another.

Milwaukee would have too many players on its roster. However, several decisions will be made before July, with Kevin Porter Jr., Gary Trent Jr., Harris, Prince and Jericho Sims all armed with player options. Additionally, Pete Nance is non-guaranteed, and Andre Jackson Jr. is on a team option.

The alternative to Reaves would be Hachimura, who was one of the NBA's best postseason shooters. That path would give Milwaukee greater flexibility post-Antetokounmpo, though Reaves is a higher-impact player.

Finally, if the Bucks, Lakers and Pelicans can agree on a multi-team swap, some of the incoming players could be rerouted to New Orleans. Regardless, Milwaukee would head into the 2026-27 season under the NBA's $200.5 million luxury tax threshold as the franchise retools without its former MVP.

Email Eric Pincus at [e-mail] and follow him on X @EricPincus and Bluesky.