Following a trade deadline marked by significant moves, the 2025 NBA offseason is poised to deliver an equally compelling narrative. Just prior to the February 6th deadline this past season, stars like Luka Doncic, Jimmy Butler III, Zach LaVine, and De`Aaron Fox were all involved in trades. Attention is now shifting to prominent players with uncertain futures, including Milwaukee`s Giannis Antetokounmpo and Phoenix`s Kevin Durant.
These two teams, along with the reigning champions Boston Celtics and seven others, form our list of 10 key organizations to monitor this summer, as their actions could significantly reshape the league.
Boston Celtics
Celtics President of Basketball Operations Brad Stevens commented in May 2025 on their salary cap situation:
Stevens is well aware of the team`s projected $500 million payroll and the severe roster restrictions imposed by being over the salary cap`s second apron. Unlike the previous season, where a championship win might have justified the high cost, Boston`s roster is now scrutinized after their second-round playoff exit and superstar Jayson Tatum`s Achilles injury.
Currently $23 million over the second apron, getting below it in a single trade seems unlikely unless, for instance, the Brooklyn Nets are willing to absorb Kristaps Porzingis` $30.7 million expiring contract. Reducing salary will likely require multiple transactions.
With key players Jayson Tatum, Jaylen Brown, and Derrick White under contract until at least 2028-29, Boston faces the challenge of balancing cost reduction with maintaining championship contention.
Remaining over the second apron imposes significant roster limitations on the Celtics, including:
- Inability to combine salaries in trades.
- Limited use of the traded player exception (cannot use more than 100%).
- Prohibition on sending out cash in deals.
- Inability to utilize pre-existing trade exceptions.
- Cannot sign a waived player whose salary was $14.1 million or more.
Furthermore, if they stay over the second apron in 2025-26, their 2033 first-round pick will be frozen (their 2032 pick is already frozen).
Brooklyn Nets
Nets General Manager Sean Marks stated in April 2025 regarding player acquisition:
Brooklyn holds unique advantages this offseason: four first-round draft picks in June and over $40 million in available cap space. However, unlike the 2019 offseason when they signed Durant and Irving, the current roster isn`t considered championship-ready, even with the addition of a top player.
Consequently, the Nets are expected to be active, potentially signing free agents to significant deals (similar to Indiana`s move for Bruce Brown), acquiring salary in exchange for draft picks, or targeting restricted free agents with offer sheets.
The team faces a spending requirement; they must spend 90% of the salary cap by the start of the regular season. With $79 million in current salary (including their draft picks), they need to spend an additional $60 million to meet this threshold, although most of their available cap space cannot be used during the regular season.
Denver Nuggets
Three-time MVP Nikola Jokic commented in May 2025 on the team`s needs:
Jokic`s comments did not surprise Nuggets President Josh Kroenke, who said last month, “I heard Jokic`s comments loud and clear. I mean, I think that I was thinking that before those words came out of his mouth.”
With three years left on Jokic`s contract, there`s a clear urgency to improve the roster, particularly the bench. The Nuggets` starters averaged 94.4 points per game in the regular season, the most by any team since the 1986-87 season, according to ESPN Research, highlighting the reliance on the first unit.
The Nuggets have primarily three avenues to enhance their depth:
- Developing recent draft picks like Jalen Pickett, Peyton Watson, Julian Strawther, Hunter Tyson, and DaRon Holmes into consistent rotation players.
- Executing trades. Given Denver`s limited draft capital (one first-round pick available in 2031 or 2032), their main trade asset is Michael Porter Jr. Porter Jr. averaged a career-high 18.2 points this season and is owed $38.3 million and $40.8 million over the next two years. Other potential salaries to move include the combined $13.5 million of Zeke Nnaji and Dario Saric. However, projected as a first apron team, Denver faces restrictions on taking back salary in trades.
- Utilizing free agency. This path appears challenging as the Nuggets are top-heavy financially, with Jokic, Jamal Murray, Porter Jr., and Aaron Gordon accounting for 82% of their total payroll. Furthermore, the first year of Murray`s extension pushes Denver over the first apron again. Without a trade to clear significant salary, Denver`s options in free agency are likely limited to the veteran minimum exception.
Golden State Warriors
Golden State General Manager Mike Dunleavy Jr. discussed their trade philosophy in May 2025:
Dunleavy possesses the draft assets required to make a significant “all-in” trade. Starting draft night, the Warriors can trade up to four first-round picks (2026, 2028, 2030 – if 1-20 protected, and 2032). They also hold the right to swap first-round picks in the next seven years if their 2030 pick falls within the top 20.
The primary challenge lies in assembling a trade package with sufficient salary without including core players like Draymond Green or Jimmy Butler III (who appears to be on the roster). Curry, Butler, and Green make up 85% of Golden State`s payroll. The remaining six players under contract for next season earn a combined total of just $30 million. These salary constraints highlight the critical role Jonathan Kuminga plays in the Warriors` offseason plans.
The Warriors are expected to extend Kuminga a $7.9 million qualifying offer, making him a restricted free agent. While Brooklyn is the only team potentially capable of offering him a starting salary of $20 million or more (which Golden State could match), exploring a sign-and-trade could be the most viable option.
However, a sign-and-trade for Kuminga presents two key difficulties, aside from him needing to sign a contract of at least three years with the first guaranteed. Firstly, only 50% of Kuminga`s outgoing salary counts towards the trade equation for Golden State (e.g., a $30 million first-year salary counts as $15 million outgoing, but $30 million incoming for the acquiring team). Secondly, Golden State is $25 million below the first apron, limiting their ability to trade for a player earning more than that amount unless additional salary is added to the package.
Houston Rockets
Rockets General Manager Rafael Stone (via Houston Chronicle) commented on the team`s direction:
If the Rockets` GM is truly willing to sacrifice continuity to acquire an All-NBA caliber player, then expect Houston to be aggressive this offseason.
Houston possesses the three key elements needed to acquire a superstar:
- Draft Equity: Houston controls five tradeable first-round picks over the next seven years, including the 10th pick in the upcoming draft and unprotected firsts in 2027 (Phoenix) and 2029 (Phoenix or Dallas). They also hold tradeable first-round picks in 2028, 2030, and 2032.
- Controllable Contracts: The Rockets have five players on cost-controlled first-round rookie contracts: Jabari Smith Jr., Tari Eason, Reed Sheppard, Cam Whitmore, and Amen Thompson.
- Sizable Contracts: Alperen Sengun and Jalen Green signed rookie extensions last October. The “poison pill” restriction on their contracts lifts on July 1st, making them eligible for trade. Both players are set to earn $33 million next season. Dillon Brooks also has two years remaining on his contract ($22.1 million and $20.9 million).
The Rockets also have a deadline of June 29th to decide on Fred VanVleet`s $44.9 million team option. Houston`s decision here will significantly impact their financial flexibility for trades and their ability to retain free agent Steven Adams.
Houston`s effectiveness was notably high in their first-round series against Golden State when Steven Adams was paired with Alperen Sengun. When these two players were on the court together this postseason, Houston had a net rating of plus-30.7 points per 100 possessions, a slight improvement from their plus-30 rating in the regular season with the duo.
Including the team options for VanVleet and Aaron Holiday, and the non-guaranteed contract of Jock Landale, Houston is currently positioned right at the first salary cap apron.
Los Angeles Lakers
Lakers General Manager Rob Pelinka acknowledged a key roster issue in May 2025:
Pelinka attempted to address the center position need at the deadline, trying to acquire Charlotte Hornets center Mark Williams to provide a lob threat and fill the void left by trading Anthony Davis. However, the trade was voided after a failed physical examination.
While the Lakers lack the salary cap space to sign a high-profile free agent like Myles Turner, they do possess assets for trades. These include a 2031 or 2032 first-round pick, five years of pick swaps, the 2024 first-round pick Dalton Knecht, and over $70 million in potentially expiring contracts (though some mentioned seem incorrect based on typical player timelines, assuming the original text meant contracts that could facilitate trade value like Austin Reaves, Dorian Finney-Smith, Rui Hachimura, Maxi Kleber, and Gabe Vincent).
The Lakers continue to navigate a dual approach: winning now with LeBron James on the roster while also building a sustainable future around Luka Doncic. Doncic is eligible to sign a four-year, $229 million extension on August 2nd.
Milwaukee Bucks
Giannis Antetokounmpo shared his perspective on championships in an April 2025 podcast interview (“Thanalysis”):
The Milwaukee Bucks are set to be a major focal point of the NBA universe this offseason, primarily for two reasons.
ESPN`s Shams Charania reported in mid-May that Antetokounmpo is exploring whether his best long-term future lies in remaining with the Bucks or potentially elsewhere. Antetokounmpo is under contract for the next three seasons, with the 2027-28 season being a player option. The 30-year-old two-time MVP becomes eligible to sign a massive four-year, $293.4 million extension in the 2026 offseason, a deal he could sign with Milwaukee or any new team that acquires him.
As is common in any offseason involving a superstar like Giannis, Milwaukee faces pressure to build a championship-contending roster around him. Improving the top-heavy roster might prove challenging this summer. Milwaukee is restricted in trading multiple first-round picks, currently only able to move their 2031 or 2032 pick. The combined salaries of Antetokounmpo, Damian Lillard, and Kyle Kuzma account for $130 million of the team`s projected $164 million payroll next season.
Adding to the complexity, Damian Lillard will turn 35 in July and is owed $113 million over the next two seasons while recovering from a torn Achilles. Several key players like Brook Lopez, Bobby Portis, Taurean Prince, Kevin Porter Jr., and Gary Trent Jr. could potentially become free agents this summer (Portis and Porter hold player options). However, there are positives: Milwaukee is no longer facing severe financial restrictions and has flexibility to add talent through free agency or trades. They also compete in a relatively wide-open Eastern Conference without a clear prohibitive favorite for the upcoming season.
Orlando Magic
Orlando`s head of basketball operations, Jeff Weltman, signaled a shift in team strategy in April 2025:
While “conservative” might not be the exact term, Weltman has historically focused on threading the needle: drafting, developing, retaining talent, and competing for a top-six seed in the East. Since 2021, Orlando has heavily relied on the draft, with a league-leading nine players selected through the draft process and only two (Wendell Carter Jr. and Gary Harris) acquired via trade.
This strategy has yielded consecutive playoff appearances, reaching the first round each time. However, they failed to advance in either attempt. With the initial years of Franz Wagner and Jalen Suggs` extensions set to begin, the Magic are projected to exceed the luxury tax and enter the first apron, necessitating potential roster adjustments.
The Magic`s ability to take the next step will depend on Weltman`s approach, assuming the team is healthy, and whether they can compete for a top-four seed. Last regular season, their top four scorers—Paolo Banchero, Suggs, Franz Wagner, and Moritz Wagner—each missed at least 20 games. The core trio of Banchero, Suggs, and Franz Wagner played together in only six games, representing a mere 3% of Orlando`s total possessions.
If external help is deemed necessary, the Magic possess the draft assets and contracts to be aggressive this offseason. They were the first team since the 2016-17 Oklahoma City Thunder to reach the postseason despite ranking last in 3-point shooting percentage, indicating a potential area for improvement. Not only do they hold two first-round picks in this year`s draft, but they can trade up to four firsts in the next seven years and also have the right to swap firsts each season.
Phoenix Suns
Kevin Durant discussed his career longevity on `The Draymond Green Show with Baron Davis`:
If Giannis Antetokounmpo is the primary target for teams this offseason, Kevin Durant is undoubtedly a very close second. The 37-year-old forward averaged 26.6 points last season, ranking sixth in the NBA, and has dropped below 25 points per game only once in his career (his rookie season).
After two disappointing and costly seasons, the Suns are likely to reshape their roster, beginning with exploring trade possibilities for the All-Star Durant. Durant is entering the final year of his contract, and without signing an extension or being traded, Phoenix risks losing him as a free agent next offseason without receiving any assets in return.
Several factors will influence the potential trade package Phoenix could receive for Durant:
- Can Phoenix shed enough salary to fall below the second apron, which would allow them to aggregate salaries in a trade? Or drop below the first apron to use more than 100% of a traded player exception? The Suns are projected to be $25 million over the second apron but could significantly reduce payroll if Cody Martin ($8.7 million) is waived, Vasilije Micic`s $8.1 million team option is declined, and Bradley Beal`s contract is bought out. The same apron rules also apply to teams interested in acquiring Durant`s $54.6 million salary.
- Is Durant willing to sign a two-year, $112 million extension with a new team that trades for him?
- Is the team acquiring Durant realistically positioned to compete for a championship?
San Antonio Spurs
Victor Wembanyama reacted in February 2025 to the team`s moves, suggesting a shift in timeline:
Similar to Houston, San Antonio possesses the necessary components – draft assets, young players, tradable contracts, and a desire to accelerate their timeline – to potentially add a third star alongside Victor Wembanyama and De`Aaron Fox.
San Antonio is well-equipped with draft capital. They hold two lottery picks in the upcoming draft, including the No. 2 selection. The Spurs also have the right to swap first-round picks with the Atlanta Hawks in 2026, own Atlanta`s unprotected first in 2027, and control multiple other pick swaps. Additionally, the Spurs can trade two of their own future first-round picks (either 2029 and 2031 or 2030 and 2032). Complementing this, they have a significant collection of 17 second-round picks available to trade.
Financially, San Antonio has an advantage with considerable flexibility. They are projected to be $32 million below the first apron and $44 million below the second apron entering the offseason. This allows them to more easily aggregate salaries in trades and take back larger salaries. Excluding Fox and Wembanyama, the Spurs have 10 players earning between $3 million and $27 million, providing a range of contracts to use in potential deals.
