Biggest Winners and Losers from Heat, Bucks' Giannis Antetokounmpo Blockbuster Trade

After months (and maybe even years) of waiting, the Giannis Antetokounmpo deal has finally arrived.

In the end, the Miami Heat emerged as the ultimate winners. And ESPN's Shams Charania was first with the details.

But of course, the Heat weren't alone. There were plenty of winners and losers in this deal. And we have the biggest ones below.

Winner: Heat

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We can quibble over the amount headed out, Giannis' age and his injury history. There are very real concerns about the state of Miami's roster and future after this deal.

It gave up three rotation players, a prospect, three first-round picks, a first-round pick swap and a second-round pick.

Giannis and Bam Adebayo make up a duo with lots of raw talent, but it's reasonable to wonder how they'll fit together (or even if they'll fit together at all).

But they were also just sort of wallowing in mediocrity for the last few years. And there's no question they got the best individual player in this deal.

If Giannis can stay healthy (a relatively sizable "if," at this point), he still produces like a perennial MVP candidate.

Over the six seasons after he won his second MVP, Giannis has put up 29.8 points, 11.4 rebounds, 6.0 assists, 1.1 blocks and 1.0 steals.

He and Bam will be a nightmare on the defensive side of the floor.

And if the Heat can add just one or two useful players (hopefully ones who can hit threes), they could be back in the mix for titles as early as this season.

Loser: Celtics

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In recent weeks, the rumor mill started churning in overdrive with the possibility of the Boston Celtics landing Giannis. In recent days, multiple high-profile analysts and/or reporters started planting flags on the possibility.

But the Celtics obviously didn't win this sweepstakes, and according to Charania, they were very much in on it.

Now, Boston is left without the superstar it apparently coveted (at least to some degree). And the team and its second-best player now have to deal with the fact that Jaylen Brown was offered, or was at least reported to have been offered.

That's not something every organization and star can bounce back from.

Barring a different trade involving Brown, there could be some real tension between him and the front office that tried to trade him.

If he's still on the roster when the 2026-27 campaign starts, that tension could make its way to the floor.

Winner: Milwaukee Bucks

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Milwaukee was never going to get an individual player on the same level as Antetokounmpo, so it doesn't really make sense to judge this deal through that prism.

Giannis wanted out. Based on his not-so-subtle public comments over the last year and change, he's wanted out for a while. Simply ridding itself of that desire is a plus for the Bucks.

And given his age (32 in December), recent injury history and a game so reliant on athleticism, the Bucks getting this much for Giannis feels like another plus.

Tyler Herro is a 26-year-old Wisconsin native who's averaged at least 20 points in each of the last five seasons and has a career 38.2 three-point percentage. Even if he's not a longterm answer for the Bucks, he could have trade value down the road.

There's still untapped potential for Jaime Jaquez Jr., Kel'el Ware and Kasparas Jakučionis.

And in the post-"Adam Silver's anti-tanking rules" era, those future picks could be even more valuable than they were several years ago.

If Giannis has an injury-riddled season in a couple years and the Heat are mediocre, a ninth- or 10th-place finish in the East will yield better odds that that pick will wind up at the top of the draft for Milwaukee.

Antetokounmpo obviously gave the Bucks many great years and countless memories, but it was time for a new era. And they got a solid start on that era with this trade.