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How a Surprise Team Could Win the Giannis Antetokounmpo Trade Sweepstakes
The NBA is bracing for a final decision from the Milwaukee Bucks on former NBA MVP Giannis Antetokounmpo. The expectation is that the Bucks will agree to trade Antetokounmpo before next week's NBA draft, with an extension for Antetokounmpo in Milwaukee seeming more remote by the day.
B/R has explored and ranked several potential Antetokounmpo trade packages. The Miami Heat appear most likely to land the All-Star forward, though the Boston Celtics are the best destination for the former NBA MVP.
Still, the Orlando Magic are among the many teams believed to be in the running.
A trade for Antetokounmpo wouldn't be easy, but Orlando can make a compelling case by offering one of its top forwards.
Full Trade Scenario
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The Orlando Magic receive: Giannis Antetokounmpo, Gary Trent Jr., Jericho Sims, Andre Jackson Jr.
The Milwaukee Bucks receive: Franz Wagner, Tristan da Silva, Jase Richardson, Goga Bitadze, Jonathan Isaac, Noah Penda, 2033 first-round pick
Why the Orlando Magic Do It
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It's not complicated. The Magic add one of the NBA's best players to play alongside 2022 No. 1 overall pick Paolo Banchero.
While the pairing with Wagner has helped the Magic become a playoff regular for the last three seasons, the franchise hasn't advanced past the first round since the Dwight Howard era in 2010. The Bucks might prefer Banchero in the deal, but the Magic seem fully committed to the Duke forward.
Wagner has been tremendous for Orlando, although he struggled to stay healthy this season. The 2021 No. 8 pick is the price necessary to land Antetokounmpo, along with da Silva (2024 No. 18), Richardson (No. 25 in 2025), and Penda (No. 32 in 2025). The Magic would be wise to put some protections on the 2033 first-rounder.
The deal would be agreed to ahead of the draft, but executed after the annual moratorium on July 6. The Magic increase Issac's guarantee by almost $1 million (to $8.9 million), sending out the exact matching salary for the four incoming players. This triggers a second apron hard cap at a projected $221.7 million.
Orlando has consistently avoided paying luxury taxes. The move for Antetokounmpo represents a significant shift in philosophy, in an effort for the franchise to compete at a much higher level.
Players like Trent, Sims, and Jackson help the Magic reach the required 14 players; each should be able to find reserve minutes in the rotation. Bitadze is an unfortunate financial casualty, needed to keep the Magic under their apron limit.
Finally, the Magic don't make the deal without Antetokounmpo's commitment to extend, but that's inherent in each of the theoretical scenarios.
Why the Milwaukee Bucks Do It
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An Antetokounmpo trade is a must if he won't agree to stay long-term in Milwaukee. The Bucks can prioritize draft compensation, depth, or returning star power. Wagner has yet to earn an All-Star nod, but he averaged 24.2 points a game with 5.7 rebounds and 4.7 assists through the 2024-25 season. Injuries slowed him last year; Milwaukee does its due diligence to ensure Wagner is in good shape this summer.
In addition to Wagner, almost 25, the team brings in bright prospects in da Silva, Richardson, and Penda. Bitadze is a solid backup center capable of starting in stretches. Milwaukee would waive and stretch Isaac's salary over seven years at $1.3 million per season. That's just under the 15 percent max limit based on a $165 million salary cap, considering the Bucks have $22.5 million going to Damian Lillard for several seasons.
Milwaukee can generate a $16.7 million trade exception by using its non-taxpayer mid-level exception of $15 million to take in Isaac. The trade proposal assumes the Bucks prefer to keep the latter exception available rather than add additional talent via free agency.
The Magic and Bucks convince Trent and Sims to opt into their final years to play a significant role alongside Antetokounmpo in Orlando. If either refuses, the deal can be easily reconfigured. The Bucks trigger a first-apron hard cap of $209.1 million by taking back more salary than they send out, but the franchise is well below the luxury tax threshold.
A resolution to the Antetokounmpo saga would be welcome. Partnering here with the Magic, the Bucks add a strong group of young players, centered around Wagner, along with an unprotected future first-round pick.
Email Eric Pincus at eric.pincus@gmail.com and follow him on X @EricPincus and Bluesky.
