Will the 2025 NBA offseason be remembered as the summer of Giannis Antetokounmpo? For the first time in his career, sources indicate Antetokounmpo is considering whether his long-term future lies with the Milwaukee Bucks or elsewhere. The two-time MVP is under contract for three more seasons, with the final year being a player option. He could sign a significant four-year extension worth nearly $300 million in the 2026 offseason, either with Milwaukee or a new team.
What unfolds next is a waiting game. Antetokounmpo is expected to meet with the Bucks in the coming month. Meanwhile, the other 29 NBA franchises will internally assess trade possibilities should the 2021 Finals MVP become available. Acquiring a former MVP in his prime is a rare event in the league.
Any team pursuing Giannis this summer must remember a key financial detail: teams without significant salary cap space would need to send Milwaukee at least $43.5 million in salary in a trade and still remain below the first luxury tax apron.
Which teams possess the necessary draft assets, contracts, and young talent to complete a trade with Milwaukee? To analyze this, we`ve categorized the league`s 30 teams into nine tiers, starting with the Bucks themselves.
The Milwaukee Bucks
The pressure is on the Bucks to build a championship-contending roster around Antetokounmpo. Over recent years, Milwaukee has been active in trades, utilizing numerous first-round, second-round, and swap picks. While this strategy contributed to their 2021 championship, it has limited their future draft capital. Improving the roster further this summer presents significant challenges.
A major hurdle is their limited ability to trade multiple future first-round picks; currently, only their 2031 or 2032 first-rounder is available. The combined salaries of Antetokounmpo, Damian Lillard, and Kyle Kuzma account for a large portion of the team`s payroll. Adding to the complexity, several key players like Bobby Portis, Taurean Prince, Kevin Porter Jr., and Gary Trent Jr. could become free agents.
On a positive note, a recent trade helped the Bucks avoid the second luxury tax apron, providing some financial flexibility. They are expected to have access to the non-tax midlevel exception.
Meeting Four Key Criteria: Draft Picks, Players, Contracts, and Win-Now Roster
While Giannis has not requested a trade and has no reported preferred destinations, certain teams are better positioned than others to make a deal happen while remaining competitive afterward.
Two franchises stand out as potentially fitting all the necessary requirements: draft assets, young players, substantial contracts to match salary, and the ability to still be a strong team even after trading for Antetokounmpo.
Houston Rockets
Houston`s financial situation is tight regarding a potential Antetokounmpo trade. While they have significant salary, team options and non-guaranteed contracts place them near the luxury tax and first apron.
However, the Rockets are in a rare position, pairing a playoff-level team with strong draft capital. They possess multiple future first-round picks, including tradable first-rounders and swap rights from various teams over the next several years. They also have a good number of second-round picks available.
Houston has a core of young players acquired through the draft or trades, alongside players on sizable contracts that could be included in a trade package.
San Antonio Spurs
With Victor Wembanyama still on his rookie contract, San Antonio has substantial financial flexibility, sitting well below the luxury tax and first apron. This allows them to absorb significant salary in a trade without facing immediate financial restrictions.
The Spurs maintain strong equity in future draft picks. They hold multiple lottery picks in the upcoming draft and several future tradable first-rounders, including unprotected picks and swap rights from various teams stretching several years into the future. San Antonio also has a number of second-round picks available for trade.
Their roster includes a mix of young, promising players and established veterans on contracts that could facilitate a trade while still leaving the Spurs with a solid core around Wembanyama.
Teams with Extensive Pick Packages
These two teams possess a large number of future first-round draft picks, making them attractive trade partners for a rebuilding team like the Bucks might become. The primary question is whether they retain enough assets and players after a trade to build a truly competitive team around Giannis.
Brooklyn Nets
The Nets are well-positioned due to their significant salary cap flexibility. Even accounting for potential free agent re-signings and draft picks, Brooklyn is projected to have substantial cap space. This financial state, combined with their draft capital, provides significant options.
Brooklyn owns a large number of future first-round picks, many of which are tradable. These include picks and swap rights acquired from several different teams, extending well into the next decade. The Nets also have a considerable number of future second-round picks available for trade.
Their current roster includes players on sizable, multi-year contracts that could be necessary components of a trade package.
Utah Jazz
With a number of players already under contract for next season and draft picks to consider, the Jazz are expected to operate near the salary cap. However, they remain below the luxury tax threshold, offering some flexibility.
The Jazz possess an impressive collection of future first-round picks, many of which are unprotected, acquired from multiple teams. This includes multiple tradable first-rounders in upcoming drafts and various swap rights. Utah also holds a large number of future second-round picks available for trade.
Their roster features players on rookie scale contracts and significant veteran contracts that could be used to facilitate a trade for a superstar.
Wild Cards
The situation for these six teams is less certain regarding a potential Antetokounmpo trade. While some check the boxes for assets, other factors like future financial commitments or potential changes based on the draft lottery make their position less clear-cut. For some, acquiring Giannis might preclude the possibility of trading for other stars like Joel Embiid or Paul George due to salary constraints.
Detroit Pistons
Detroit`s financial outlook is heavily influenced by potential All-NBA escalators for their young star. This could impact their available cap space, though they retain options like the non-tax midlevel and biannual exceptions.
The Pistons have control of all their own first-round picks for the next seven seasons, with the ability to trade a significant number of them and swap picks in each season.
Their roster is built around young, high draft picks on rookie scale contracts, supported by veterans on larger deals that could be aggregated in a trade.
Memphis Grizzlies
A recent trade has given Memphis more financial flexibility this offseason. They are projected to be below the salary cap, allowing them to potentially renegotiate and extend current player contracts while remaining flexible for trades.
The Grizzlies control their own first-round picks for the foreseeable future and hold various swap rights with other teams years down the line. They also have a good number of future second-round picks available.
Memphis has a core of stars on significant contracts, supported by younger players on rookie deals and players on more modest contracts.
New Orleans Pelicans
The Pelicans are a unique wild card as they control some of Milwaukee`s own future first-round picks. They project to be below the luxury tax and first apron, providing some financial headroom.
New Orleans owns their own first-round picks and has tradable first-rounders and swap rights involving other teams, including Milwaukee`s picks in future years. They also hold several second-round picks available for trade.
Their roster features players on significant, multi-year contracts and younger players on rookie or team-option deals that could be part of a trade package.
Oklahoma City Thunder
Oklahoma City has significant financial flexibility for the immediate future before potential large contract extensions for their young stars begin. They are projected to remain below the luxury tax, offering substantial room to maneuver in trades.
The Thunder possess an exceptionally large number of future first-round picks, acquired from numerous teams, many of which are tradable. This includes various protected picks and swap rights, giving them tremendous draft capital. They also have a vast number of future second-round picks available.
OKC`s roster is a mix of established high-salary players and a deep pool of talent on rookie scale or team-friendly contracts.
Orlando Magic
Keeping their current young core intact is set to become expensive for the Magic, potentially pushing them over the luxury tax and towards the luxury tax aprons in the near future. This financial trajectory could complicate absorbing Giannis` large salary.
The Magic have a number of tradable first-round picks available over the next several years, including swap rights with other teams. They also hold a large number of future second-round picks.
Orlando`s roster is primarily composed of players on rookie scale contracts, recently signed extensions, or players on team options that need to be considered for trade eligibility.
Philadelphia 76ers
Philadelphia`s flexibility this summer depends partly on the draft lottery outcome and player options. If key players opt into their contracts, the team is projected to be below the luxury tax and first apron, offering some room to add salary.
The 76ers have additional first-round picks available for trade beyond their own, including unprotected picks and swap rights from other teams in future drafts. They also possess a good number of future second-round picks.
Their roster features star players on max contracts, supported by players on various contract types, though matching Giannis` salary without including a primary star would be challenging.
Accelerating the Rebuild, But At a Cost
These four teams share a common characteristic: they finished outside the playoff picture. While they possess the necessary draft assets and young players to pursue Antetokounmpo, none currently have a roster depth that would immediately contend for a championship even with him. Trading for a superstar would likely strip their roster down significantly.
Charlotte Hornets
Charlotte is projected to be near the salary cap threshold this offseason but has the draft assets Milwaukee would desire in a trade. They hold a high lottery pick in the upcoming draft and control all of their own future first-rounders, plus additional firsts acquired from previous trades. This includes various protected picks and swap rights. They can trade a significant number of future first and second-round picks.
Their roster is built around players on sizable contracts and key young players on rookie scale deals.
Portland Trail Blazers
Portland is over the salary cap but well below the luxury tax, providing flexibility to add talent via trade or free agency. They hold an upcoming lottery pick and are projected to be comfortably below the luxury tax aprons.
The Blazers have complex draft pick obligations and rights, including a protected first-round pick owed to another team and swap rights involving Milwaukee in future drafts. Despite these complexities, they have a number of tradable first and second-round picks available.
Their roster includes players on significant contracts and young players on rookie scale deals, though some veteran contracts include player options that affect trade eligibility.
Toronto Raptors
Toronto enters the offseason with limited financial flexibility beyond using their first-round pick. They are projected to be over the luxury tax and near the first apron, restricting their ability to add salary without making significant cuts elsewhere.
The Raptors control their own first-round pick in every draft for the foreseeable future and can trade multiple future first-rounders, including their likely lottery pick this year. They also hold several future second-round picks.
Their roster features core players on recently signed or extended max-level contracts, alongside players on rookie scale deals and non-guaranteed contracts.
Washington Wizards
Washington has significant financial flexibility, sitting comfortably below the luxury tax and having a large amount in non-guaranteed contracts that can be converted. They possess an abundance of future draft picks, including multiple first-rounders in the upcoming draft and ten first-rounders through 2032.
Their draft assets include their own picks, picks from other teams with various protections and swap rights, providing a large pool of draft capital available for trade. They also have numerous future second-round picks.
The roster consists of a mix of players on significant contracts, including some with team or player options, and younger players on rookie scale or non-guaranteed deals. Some contracts have trade restrictions.
Need a Third Team to Facilitate a Giannis Deal
The four teams listed in this tier have at least three tradable first-round picks, which is a positive. However, the negative is that any major contracts they might include in a trade package are likely tied to players who don`t align with Milwaukee`s potential rebuilding timeline. Making a deal work would likely require rerouting significant salary and acquiring more draft assets from a third team.
Dallas Mavericks
Dallas is expected to operate around the luxury tax line and first apron, particularly depending on key player options. Being over the first apron would limit their use of the traded player exception, although they can aggregate contracts if the final salary remains below the second apron. They possess a substantial amount in expiring contracts.
The Mavericks have a limited number of tradable first-round picks over the next several years, including their upcoming lottery pick and unprotected firsts from other teams in later drafts. They also have some swap rights and a limited number of second-rounders available.
Their roster features max-level players and others on significant contracts, some with player options that need to be exercised for trade eligibility. Other contracts are non-guaranteed.
Miami Heat
A key trade has positioned Miami below the second luxury tax apron for next season, providing more financial flexibility than previously. They are projected to be below both the first and second aprons, allowing them to aggregate contracts in trades.
Miami owns their own first-round picks in most future drafts, but rules prevent trading back-to-back firsts. They can trade certain future firsts and an acquired first-round pick in the upcoming draft. They have a limited number of second-round picks available.
Their roster includes players on large, multi-year contracts, some of which are partially guaranteed. They also have players on rookie scale, team option, or partially guaranteed contracts.
Golden State Warriors
A recent acquisition has placed Golden State below the luxury tax before free agency, but re-signing key players would likely push them into the luxury tax and potentially over the first apron. They are currently well below both apron thresholds.
Even after trading a future first-rounder, Golden State retains several tradable first-round picks over the next few years, some with protections. They also have the ability to swap firsts in every future season and possess a limited number of second-rounders.
Their roster features superstar contracts and significant deals for other key players, some with player options. They also have players on rookie scale, team option, or non-guaranteed contracts.
LA Clippers
The Clippers have financial flexibility to potentially increase player salaries and utilize their midlevel exception while remaining below the luxury tax and both aprons. They are projected to be comfortably below both thresholds, allowing for contract aggregation in trades.
Including their pick in the upcoming draft, the Clippers have a limited number of first-round picks available for trade in later drafts. They are allowed to swap firsts in future seasons and have a moderate number of second-round picks available.
Their roster features multiple stars on large contracts and other players on significant deals, some with player options that impact trade eligibility. Other contracts are non-guaranteed.
Risks Outweigh the Rewards
As a Bucks player once shrewdly observed regarding trading for Antetokounmpo, “You trade for him, obviously, he`s going to make, what, $58-$60 million… You`ve got to trade your whole team, right?” For the teams in this tier, acquiring Giannis would likely dismantle their roster depth, which is a key strength for some. Additionally, there`s the significant risk that Antetokounmpo could leave as a free agent in 2027.
Atlanta Hawks
Atlanta enters the offseason near the salary cap but has enough flexibility below the luxury tax and first apron to absorb salary in a trade. This financial state allows for some maneuverability.
The Hawks have limitations on their own future first-round pick control for several years but still possess overall draft equity. Including upcoming draft picks, they have a number of tradable first-rounders through 2032. They also hold several second-round picks.
Their roster includes a max-contract star and other players on significant deals, rookie scale contracts, and contracts with team options or non-guaranteed portions.
Chicago Bulls
The Bulls are in a financial position to take back salary in a trade, projected well below the luxury tax threshold even when accounting for potential new contracts for free agents. This provides considerable financial room for trades.
The Bulls control their own first-round pick for the next seven seasons and are owed a protected first-round pick from another team over the next few seasons. They also hold several future second-round picks available for trade.
Their roster features players on significant contracts, some with player options, alongside rookie scale players and others on more modest deals. Some contracts have trade conditions.
Indiana Pacers
The Pacers could potentially become a luxury tax team depending on key re-signings, but they are projected to remain significantly below the first luxury tax apron. This provides room for salary aggregation in trades.
The Pacers own most of their future first-round picks. However, due to a protected pick owed to another team, the number of tradable first-rounders is limited over the next few years. They can trade their pick in the upcoming draft and have a good number of future second-round picks.
Their roster features star players on max or near-max contracts, alongside others on significant deals and players on rookie scale contracts. Some contracts have team options.
Sacramento Kings
The Kings have large contracts for their star players but possess flexibility to absorb salary in a trade or use their midlevel exception. They are projected well below the luxury tax and are not in danger of hitting the first apron even after filling out their roster. This offers considerable financial room.
The Kings are allowed to trade a moderate number of future first-round picks over the next seven years and can swap first-rounders in each season. They hold a limited number of future second-round picks.
Their roster includes multiple players on max or near-max contracts, veterans on significant deals, and players on rookie scale or team/player option contracts.
Limited in Draft Assets
These teams collectively possess a very limited number of future first-round picks available for trade over the next several years. Given Milwaukee`s likely priority in a Giannis trade would be accumulating draft assets, these teams are improbable destinations unless they can acquire significant draft capital from a third team in exchange for one of their own star players.
Denver Nuggets
For the second consecutive season, Denver is projected to be over the first luxury tax apron. This restricts their use of the traded player exception, although they can aggregate contracts if they remain below the second apron. They are currently between the first and second apron thresholds.
The Nuggets have very limited future first-round picks available for trade or swap, with only one or two picks tradable in the distant future.
Their roster features a superstar on a max deal, other players on significant contracts, and younger players on rookie scale or team option deals.
Los Angeles Lakers
LeBron James` potential free agency status significantly impacts the Lakers` ability to add to their roster. If he opts in or re-signs at a similar salary, the Lakers will likely be over the luxury tax. However, they are projected to be well below the second apron, allowing them to aggregate contracts in trades. They have a large amount in expiring contracts.
Following past trades, the Lakers have extremely limited future first-round picks available for trade, with only one or two tradable in the distant future. They are allowed to swap firsts in multiple future seasons and hold a limited number of second-rounders.
Their roster includes a superstar, players on significant contracts, some with player options, and players on rookie scale, team option, or non-guaranteed deals.
Minnesota Timberwolves
After operating as a second-apron team in the previous season, Minnesota might gain some financial flexibility, potentially falling below the second apron. They are projected to be near the luxury tax line. This potential shift could allow for contract aggregation.
Due to past trades, the Timberwolves have extremely limited future first-round picks available. They have limited swap rights and a very limited number of second-round picks available for trade.
Their roster features multiple players on max or near-max contracts, players on player options, and others on more modest deals.
