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.
Loser: Jaylen Brown
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As reaction to the trade bled into Tuesday, speculation ran wild on the possibility of Brown being traded.
He was reportedly offered in the Giannis deal, and it's natural to wonder if that'll damage the relationship to the point it's unsalvageable.
If it does, and Brown is ultimately moved before the 2026-27, he may get some short-term satisfaction out of being the undisputed alpha (assuming he goes to a team where that's the case).
But the likelihood of him landing in a situation in which he's as consistently successful as he was in Boston is almost nonexistent.
For much of Brown's career, he was a near-perennial conference finals participant. He won a Finals MVP for perhaps the most storied franchise in the NBA.
No longer having that connection would be a real loss.
Winner: Bam Adebayo
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On more than one occasion, Bam Adebayo has expressed some frustration with Miami's mediocrity.
Earlier this year, when speaking of the play-in tournament, he said, "I don't wanna be in this s— no more."
Well, now he probably won't (or at least shouldn't) be.
The Heat are now asset-poor. They have a lot of work to do to fill out the roster after giving up multiple rotation players for Giannis. They absolutely have to add shooters, given the potentially wonky fit between Bam and Antetokounmpo.
But that top two should be more than good enough to avoid that 7-10 range that has become a little too comfortable for Miami in recent years.
The amount of defensive attention Giannis will command will help Bam too. He's not exactly the kind of player who commands double-teams, but that's definitely out now. And opponents will often have to send their best interior defender to deal with Giannis. That will leave Bam to match up with lesser defenders than he's used to.
On multiple levels, Adebayo's life almost certainly got a little easier with this trade.
Losers: All the Other Giannis Suitors
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Over the last 13 months or so, several other teams came up as possible or reported suitors for Giannis.
The Golden State Warriors could've offered Jimmy Butler's expiring contract and multiple first-round picks. The New York Knicks were seemingly Giannis' preferred destination for much of the process (although their title run probably eliminates them from this conversation). The Minnesota Timberwolves were among the teams Giannis might've extended with had he been dealt there. There was even some talk of him winding up with the Portland Trail Blazers.
Obviously, all of the above, and anyone else who might've been in the mix, simply aren't now. They missed their opportunity to add one of the top 20-25 players of all time.
Now, the degree of loss depends on how seriously any of those teams were about surrendering what they had to to get Giannis, but the remorse could certainly intensify if the Heat get off to a good start in 2026-27.
Winner: Giannis Antetokounmpo
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Giannis got his way. He's wanted out of Milwaukee for a while. And even if New York may have been the preferred landing spot, Miami is a good consolation.
Again, this roster is far from complete. And the front office just gave up a lot of its flexibility to add Giannis. But the Heat have proven capable of maximizing talent many times during the Erik Spoelstra era.
Even without any other earth-shattering moves this summer, he'll implement a system that does exactly that for Giannis.
And while there may be safer bets to emerge from the East, Miami has now given Giannis his first real chance to do so in years.
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