Giannis Antetokounmpo: Potential Trade Scenarios for Every NBA Team

Could the summer of 2025 be remembered as the period when Giannis Antetokounmpo`s future with the Milwaukee Bucks became uncertain?

For the first time in his career, Antetokounmpo is reportedly open to exploring whether remaining in Milwaukee is his best long-term option or if moving to another team would be preferable, sources close to the situation have indicated.

Antetokounmpo is currently under contract for the next three seasons, with a player option for the 2027-28 season. The two-time MVP, who will be 30 years old, is eligible to sign a substantial four-year, $293.4 million extension in the 2026 offseason, a possibility whether he stays with the Bucks or joins a new team.

What unfolds next is a waiting game, both for the Bucks organization and the rest of the league. With key events like the draft lottery potentially influencing team strategies, this situation could evolve quickly as teams assess their potential to acquire a superstar.

Antetokounmpo is expected to meet with the Bucks in the coming month. Meanwhile, the other 29 NBA teams are internally evaluating trade possibilities should the 2021 Finals MVP become available. The last time an MVP in his prime was traded was in January 2021, when James Harden was sent from Houston to Brooklyn.

Teams looking to trade for Giannis this summer face a significant challenge: any franchise without substantial salary cap space would need to send Milwaukee at least $43.5 million in salary while also staying below the first salary cap apron.

Which teams possess the necessary combination of draft assets, valuable player contracts, and young talent to orchestrate a deal for Antetokounmpo? To analyze the potential landscape, we have categorized the league`s 30 teams into nine tiers, beginning with the Milwaukee Bucks themselves.

Note: Player salaries mentioned are reflective of the 2025-26 season.

The pressure has been on the Bucks to build a championship-caliber roster around Antetokounmpo, and this offseason is no exception.

Since Jon Horst became general manager in June 2017, Milwaukee has completed 25 trades, costing the team seven first-round picks, three years of pick swaps, and 18 second-rounders. Only Antetokounmpo and Brook Lopez remain from the 2021 championship roster. However, these moves have helped the Bucks achieve the second-highest regular-season win total since 2016-17, trailing only the Boston Celtics. Enhancing a top-heavy roster might prove more difficult this summer.

A key challenge is the inability to trade multiple future first-round picks. Currently, the Bucks can only trade their 2031 or 2032 first-rounder. Next season, Antetokounmpo, Damian Lillard, and Kyle Kuzma will account for a combined $130 million of the team`s projected $164 million payroll. Lillard, who will turn 35 in July, is owed $113 million over the subsequent two seasons after recovering from an Achilles injury. Lopez, Bobby Portis, Taurean Prince, Kevin Porter Jr., and Gary Trent Jr. could all become free agents this summer, with Portis and Porter holding player options.

On a positive note, Milwaukee`s financial situation has improved. The trade involving Kuzma and Khris Middleton with the Washington Wizards at the deadline provided the Bucks with more flexibility to add players in free agency or via trade without being severely constrained by the second salary cap apron. They will have access to the $14.1 million non-tax midlevel exception.

Checking Four Boxes: Draft Picks, Players, Contracts, and a Win-Now Roster

Assuming Antetokounmpo does not explicitly request a trade or provide a list of preferred destinations, Houston and San Antonio are not necessarily favorites just yet.

However, if he were to become available and open to exploring options, both Houston and San Antonio possess the necessary components: draft assets, young talent, sizable contracts for matching salaries, and the potential to remain competitive even after trading assets for Antetokounmpo.

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Houston faces a delicate financial balance concerning a potential Antetokounmpo trade. While their current salary total is $131 million, factoring in Fred VanVleet`s team option, non-guaranteed deals (Jock Landale, Aaron Holiday), and the incoming first-round pick from Phoenix positions them as a luxury tax and first apron team. (VanVleet cannot be traded unless his team option is exercised).

The Rockets are in a rare position as a playoff team with a projected top-10 pick in the upcoming June draft. Beyond the pick owed by Phoenix, Houston controls nine future first-rounders, five of which are tradable within the next seven years. They hold swap rights with Brooklyn in 2027, own an unprotected 2027 first-round pick from Phoenix, and have favorable first-round pick positioning in 2029 involving Dallas, Phoenix, and their own pick. Houston owes Oklahoma City a 2026 first-round pick if it falls outside the top 4. The Rockets also have seven second-round picks available for trading.

Free agents: Fred VanVleet (team option), Aaron Holiday (team), Steven Adams, Jae`Sean Tate, Jeff Green

Rookie scale contracts: Jabari Smith Jr. ($12.3 million, RFA 2026), Reed Sheppard ($10.6 million, RFA 2028), Amen Thompson ($9.7 million, RFA 2027), Tari Eason ($5.7 million, RFA 2026), Cam Whitmore ($3.5 million, RFA 2027)

Sizable contracts: Fred VanVleet ($44.9 million, Team 2026), Alperen Sengun ($33.9 million, Player 2029), Jalen Green ($33.3 million, Player 2027), Dillon Brooks ($22.1 million, UFA 2027)

Other contracts: Jock Landale ($8 million, UFA 2027), Aaron Holiday ($4.9 million, Team 2026), Nate Williams ($2.3 million, Team 2027). Note: Landale and Williams` contracts are non-guaranteed. Holiday is not trade eligible unless his team option is exercised.

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Entering the third year of Victor Wembanyama`s rookie contract, San Antonio is well-positioned financially to absorb significant salaries without facing financial restrictions. Including both of their first-round picks in June, the Spurs are approximately $33 million below the luxury tax and $37 million below the first apron.

Despite trading four first-round picks for De`Aaron Fox, the Spurs still possess valuable draft equity. They hold two lottery picks in the upcoming draft and an additional three future tradable first-rounders. San Antonio owns Atlanta`s unprotected first-round pick in 2027 and two of their own starting in 2029. The Spurs also have the right to swap first-round picks with Atlanta in 2026, with Boston (top-1 protected) in 2028, with Dallas or Minnesota (if picks 2-30) in 2030, and with Sacramento in 2031. Furthermore, Minnesota will send their unprotected 2031 first-round pick to San Antonio.

Free agents: Chris Paul, Charles Bassey, Jordan McLaughlin, Sandro Mamukelashvili, Bismack Biyombo

Off the board: Victor Wembanyama

Rookie scale contracts: Stephon Castle ($9.6 million, RFA 2028), Jeremy Sochan ($7.1 million, RFA 2026), Blake Wesley ($4.7 million, RFA 2027), Malaki Branham ($4.9 million, RFA 2026)

Sizable contracts: De`Aaron Fox ($37.1 million, UFA 2026), Devin Vassell ($27 million, UFA 2029), Keldon Johnson ($17.5 million, UFA 2027), Harrison Barnes ($19 million, UFA 2026)

Other contracts: Julian Champagnie ($3 million, Team 2026)

Teams with Significant Pick Packages

The Nets and Jazz collectively hold 22 first-round picks that could potentially be included in a trade for Antetokounmpo. The main question for these teams is whether they would still retain enough valuable assets and players to build a competitive roster around a superstar big man.

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Brooklyn is in a favorable position this summer largely due to their salary cap flexibility. Including free agent cap holds for Cam Thomas, Day`Ron Sharpe, and the value of their four first-round picks, the Nets are projected to have around $45 million in cap space.

The Nets control 15 future first-round picks, with 13 being tradable. New York owes Brooklyn three future firsts (2027, 2029, 2031) and swap rights in 2028 (or Phoenix`s pick). If Philadelphia keeps its first-round pick this season, they will send Brooklyn a top-8-protected first in 2028. This pick becomes top-8 protected in 2027 if the 2025 pick was sent to Oklahoma City. Additionally, the Nets own the less favorable 2029 first-round pick among Dallas, Phoenix, and Houston. Houston also has the right to swap firsts in 2027. The Nets possess 15 second-round picks available for trading.

Free agents: D`Angelo Russell, De`Anthony Melton, Trendon Watford, Ziaire Williams, Cam Thomas, Day`Ron Sharpe, Tyrese Martin (Team), Drew Timme (Team), Keon Johnson (Team), Jalen Wilson (Team)

Rookie scale contracts: Noah Clowney ($3.4 million, RFA 2027), Dariq Whitehead ($3.2 million, RFA 2027)

Sizable contracts: Nic Claxton ($25.4 million, UFA 2028), Cameron Johnson ($21.1 million, UFA 2027)

Other contracts: Maxwell Lewis (2.2 million, Team 2026), Keon Johnson ($2.3 million, Team 2025), Jalen Wilson ($2.2 million, Team 2025), Tyrese Martin ($2.2 million, Team 2025), Drew Timme ($2 million, Team 2025)

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With two first-round picks in June and 15 players already under contract, Utah is likely to operate as a team over the salary cap this summer. Including their two firsts and $15 million in non-guaranteed contracts, their total salary figure places them close to the salary cap.

The Jazz possess 13 first-round picks, including a combined five unprotected first-rounders (two in 2027 and 2029) from Cleveland and Minnesota (Minnesota will also send a top-5-protected first in 2029). They have eight tradable first-rounders, including two in the upcoming draft. Phoenix will also send Utah an unprotected 2031 first. The Jazz have a top-5-protected 2027 first from the Lakers and have swap rights with Minnesota or Cleveland in 2026 (if within the top eight) and with Cleveland in 2028. Utah owes Oklahoma City a top-8-protected first in 2026. The Jazz have nine second-round picks available for trading.

Free agents: John Collins (Player)

Rookie scale contracts: Taylor Hendricks ($6.1 million, RFA 2027), Cody Williams ($5.7 million, RFA 2028), Walker Kessler ($4.9 million, RFA 2026), Keyonte George ($4.3 million, RFA 2027), Brice Sensabaugh ($2.7 million, RFA 2027), Isaiah Collier ($2.7 million, RFA 2028)

Sizable contracts: Lauri Markkanen ($46.4 million, UFA 2029), Collins ($26.6 million, Player 2025), Collin Sexton ($19.2 million, UFA 2026), Jordan Clarkson ($14.3 million, UFA 2026), KJ Martin ($8 million, UFA 2026). Note: Collins cannot be traded unless he opts into his contract, and Martin`s contract is non-guaranteed.

Other contracts: Svi Mykhailiuk ($3.7 million, UFA 2028), Kyle Filipowski ($6.1 million, Team 2027), Johnny Juzang ($2.8 million, UFA 2028), Jaden Springer ($2.4 million, UFA 2027). Note: Mykhailiuk, Juzang, and Springer`s contracts are non-guaranteed next season.

The Wild Cards

The situation regarding these six teams remains uncertain when it comes to acquiring Giannis.

Oklahoma City possesses the assets (picks, young players, contracts) needed for a superstar trade like Antetokounmpo, but future financial commitments could be a limiting factor. The Thunder could potentially commit nearly $800 million in contract extensions this offseason to Shai Gilgeous-Alexander, Jalen Williams, and Chet Holmgren.

For Philadelphia, their prospects could significantly improve if they secure a top-2 pick in this year`s draft. However, given Antetokounmpo`s high salary, trading for a star like Joel Embiid or Paul George is unlikely to be Milwaukee`s preference in return.

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Cade Cunningham`s potential All-NBA selection would impact the Pistons` spending flexibility this offseason. If his salary adjusts from $38.6 million to $46.4 million next season, Detroit is projected to start the offseason with $19 million in cap space. Alternatively, they could choose to operate as a team over the cap if they re-sign free agents like Tim Hardaway Jr. and Dennis Schroder, which would give them access to the $14.1 million non-tax midlevel exception and the $5.1 million biannual exception. The Pistons own all their first-round picks for the next seven seasons, are allowed to trade four, and can swap picks in each season.

Free agents: Tim Hardaway Jr., Malik Beasley, Dennis Schroder, Lindy Waters III, Paul Reed

Rookie scale contracts: Jaden Ivey ($10.1 million, RFA 2026), Ausar Thompson ($8.8 million, RFA 2027), Ron Holland II ($8.7 million, RFA 2028), Jalen Duren ($6.5 million, RFA 2026), Marcus Sasser ($2.9 million, RFA 2027)

Sizable contracts: Cunningham ($46.4 million, UFA 2030), Tobias Harris ($26.6 million, UFA 2026), Isaiah Stewart ($15 million, Team 2027), Simone Fontecchio ($8.3 million, UFA 2026)

Other contracts: Bobi Klintman ($2 million, Team 2027)

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The trade that sent Marcus Smart to Washington has provided Memphis with flexibility this offseason. Including Santi Aldama`s free agent hold, the Grizzlies have approximately $147 million in salary, putting them about $7 million below the salary cap. They could use this room to renegotiate Jaren Jackson Jr.`s contract in 2025-26 and then extend it for an additional four seasons.

The Grizzlies hold their own first-round pick for the next seven years. They also own a favorable swap involving their own pick and the less favorable pick between Orlando and Phoenix in 2026. In 2030, Memphis has the right to swap their own first-round pick with the less favorable pick between Phoenix and Washington. Memphis has seven second-round picks available for trading.

Free agents: Marvin Bagley III, Luke Kennard, Santi Aldama, Lamar Stevens

Rookie scale contracts: Zach Edey ($6 million, RFA 2028)

Sizable contracts: Ja Morant ($39.5 million, UFA 2028), Desmond Bane ($36.7 million, UFA 2029), Jaren Jackson Jr. ($23.4 million, UFA 2026), Brandon Clarke ($12.5 million, UFA 2027), John Konchar ($6.2 million, UFA 2027)

Other contracts: Vince Williams Jr. ($2.3 million, Team 2026), Scotty Pippen Jr. ($2.3 million, Team 2027), Jay Huff ($2.3 million, Team 2027), GG Jackson ($2.2 million, Team 2026), Jaylen Wells ($2 million, Team 2027)

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New Orleans is a wild card partly because they control Milwaukee`s first-round pick for the next two seasons. Including their own lottery pick and 12 players already under contract, they are approximately $2.5 million below the luxury tax and $8.4 million under the first apron. Besides owning their own first-round pick for the next seven years (four of which are tradable), New Orleans holds swap rights with Milwaukee in 2026.

The less favorable pick between their own first and Milwaukee`s in 2027 is owed to Atlanta, but New Orleans keeps the pick if it falls in the top five. They also own a 2026 first-round pick from Indiana, protected top-4. In total, the Pelicans have six tradable first-rounders, including their lottery pick in June, and four second-round picks available for trading.

Free agents: Elfrid Payton (Team), Brandon Boston (Team), Bruce Brown, Jeremiah Robinson-Earl

Rookie scale contracts: Jordan Hawkins ($4.7 million, Team 2026), Yves Missi ($3.4 million, RFA 2028)

Sizable contracts: Zion Williamson ($39.5 million, UFA 2028), Dejounte Murray ($30.8 million, Player 2027), CJ McCollum ($30.7 million, UFA 2026), Trey Murphy III ($25 million, UFA 2029), Herbert Jones ($13.9 million, UFA 2027), Kelly Olynyk ($13.4 million, UFA 2026), Jose Alvarado ($4.5 million, Player 2026). Note: Williamson`s contract is partially guaranteed.

Other contracts: Karlo Matkovic ($2 million, Team 2026), Antonio Reeves ($2 million, Team 2026), Payton ($3.2 million, Team 2025), Boston ($2.3 million, Team 2025). Note: The Reeves contract is non-guaranteed. Payton and Boston cannot be traded unless their team option is exercised.

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Oklahoma City has a one-year window before extensions for Jalen Williams and Chet Holmgren begin in 2026, followed by Shai Gilgeous-Alexander`s extension the year after. For now, the Thunder enter the offseason with 15 players under contract and are once again projected to be below the luxury tax, sitting about $10.1 million below before factoring in draft picks. OKC owns their own first-round picks for the next seven years and could acquire an additional six first-rounders from other teams. Including their two picks in June, Oklahoma City can trade 13 first-rounders.

In 2026, the Thunder hold a top-8-protected first from Utah and a top-6-protected first from Philadelphia. They also have swap rights with the Clippers and Rockets (if picks 11-30). The least favorable pick among their own, Houston`s (if picks 5-30), and the Clippers` will go to Philadelphia in 2026. Philadelphia`s first becomes top-4 protected in 2027 if not conveyed in 2025 or 2026. The Thunder also have swap rights with the Clippers in 2027 and the Mavericks in 2028. Oklahoma City is set to receive a top-5-protected first from Denver in 2027, 2028, or 2029. If the pick conveys in 2027, Oklahoma City will receive a 2029 top-5-protected first from Denver. The pick becomes top-5 protected in 2030 if not conveyed in 2027. The Thunder have 18 second-round picks available for trade.

Free agents: Ajay Mitchell (Team), Jaylin Williams (Team)

Off the board: Shai Gilgeous-Alexander ($38.3 million, UFA 2027)

Rookie scale contracts: Chet Holmgren ($13.7 million, RFA 2026), Ousmane Dieng ($6.7 million, RFA 2026), Jalen Williams ($6.6 million, RFA 2026), Cason Wallace ($5.8 million, RFA 2027), Nikola Topic ($5.2 million, RFA 2028), Dillon Jones ($2.8 million, RFA 2028)

Sizable contracts: Isaiah Hartenstein ($28.5 million, Team 2026), Alex Caruso ($18.1 million, UFA 2029), Lu Dort ($17.7 million, Team 2026), Isaiah Joe ($12.4 million, Team 2027), Aaron Wiggins ($9.7 million, Team 2028), Kenrich Williams ($7.2 million, Team 2026)

Other contracts: Jaylin Williams ($2.2 million, Team 2025), Mitchell ($3 million, Team 2025). Note: Williams and Mitchell cannot be traded unless their team option is exercised.

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Maintaining this roster is set to become expensive. With the extensions for Franz Wagner and Jalen Suggs beginning, the Magic project to be over the luxury tax by $19 million and $11 million above the first apron, potentially $1 million below the second apron. This projection includes both first-round picks in the June draft.

The Magic hold six tradable first-rounders over the next eight years. They have the right to swap the more favorable pick between their own and the less favorable pick between Phoenix or Washington (if picks 1-8) in 2026. Orlando possesses 15 second-round picks available for trading.

Free agents: Moritz Wagner (Team), Gary Harris (Team), Cory Joseph (Team), Caleb Houstan (Team)

Rookie scale contracts: Paolo Banchero ($15.3 million, RFA 2026), Anthony Black ($7.9 million, RFA 2027), Jett Howard ($5.5 million, RFA 2027), Tristan da Silva ($3.8 million, RFA 2028)

Sizable contracts: Franz Wagner ($38.7 million, UFA 2030), Jalen Suggs ($35 million, UFA 2030), Kentavious Caldwell-Pope ($22.6 million, Player 2026), Jonathan Isaac ($15 million, UFA 2029), Cole Anthony ($13.1 million, Team 2026), Wendell Carter Jr. ($10.9 million, Team 2028), Goga Bitadze ($8.3 million, UFA 2027), Moritz Wagner ($11 million, Team 2025), Gary Harris ($7.5 million, Team 2025). Note: Moritz Wagner and Harris cannot be traded unless their team options are exercised.

Other contracts: Cory Joseph ($3.5 million, Team 2025), Caleb Houstan ($2.2 million, Team 2026). Note: Joseph and Houstan cannot be traded unless their team options are exercised.

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The draft lottery results and the decisions of Andre Drummond, Kelly Oubre Jr., and Eric Gordon regarding their player options will significantly impact Philadelphia`s flexibility this summer. If the team retains its first-round pick and all three players opt in before June 29, the team would be approximately $3.7 million below the luxury tax and $11.1 million below the first apron.

The 76ers hold three additional first-round picks available for trade. Philadelphia is allowed to trade their own first-round pick in 2025, 2030, and 2032, and they own an unprotected first-round pick from the Clippers in 2028. Philly can also swap first-rounders (top-4 protected) with the Clippers in 2029. They have eight second-round picks available for trading.

Free agents: Kelly Oubre Jr. (Player), Andre Drummond (Player), Eric Gordon (Player), Jared Butler (Team), Lonnie Walker IV (Team), Justin Edwards (Team), Kyle Lowry, Guerschon Yabusele, Quentin Grimes

Rookie scale contracts: Jared McCain ($4.2 million, RFA 2028)

Sizable contracts: Joel Embiid ($55.2 million, Player 2028), Paul George ($51.7 million, Player 2027), Tyrese Maxey ($37.9 million, UFA 2029)

Other contracts: Adem Bona ($2 million, Team 2027), Ricky Council IV ($2.2 million, Team 2026). Note: Council`s contract is non-guaranteed.

Accelerating the Rebuild, But at a Cost

A common characteristic unites the four teams listed below.

All four finished in the draft lottery, and while each possesses the necessary draft capital and young players to pursue Antetokounmpo, none currently have a roster capable of immediately contending for a playoff spot, let alone a championship, after such a significant trade.

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Charlotte`s salary figure is currently close to the $154.6 million cap this offseason, but they hold draft assets that could potentially appeal to Milwaukee if Antetokounmpo becomes available. Including a projected top-three pick in June, Charlotte owns all their own first-round picks through 2032, plus three additional first-rounders acquired in previous trades. In 2026, they hold the less favorable pick among Phoenix, Washington (if picks 1-8), Orlando, and Memphis. Charlotte is set to receive a 2027 first-round pick protected top-14, which becomes unprotected in 2028 if not conveyed earlier. The Hornets will also receive a 2027 first-round pick from Dallas, protected top-2. Charlotte is permitted to trade up to seven first-round picks and holds 11 future second-round picks.

Free agents: Seth Curry, Taj Gibson, Wendell Moore Jr.

Rookie scale contracts: Brandon Miller ($11.9 million, RFA 2027), Tidjane Salaun ($7.9 million, RFA 2028), Mark Williams ($6.3 million, RFA 2026), Nick Smith ($2.7 million, RFA 2026)

Sizable contracts: LaMelo Ball ($37.9 million, UFA 2029), Miles Bridges ($25 million, UFA 2027), Jusuf Nurkic ($19.4 million, UFA 2026), Grant Williams ($13.7 million, UFA 2027), Josh Green ($13.7 million, UFA 2027)

Other contracts: Josh Okogie ($7.8 million, UFA 2026), DaQuan Jeffries ($2.7 million, UFA 2027), Moussa Diabate ($2.3 million, UFA 2027). Note: All three contracts are not fully guaranteed or partially protected.

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With 13 players under contract for next season, Portland is over the salary cap but well below the luxury tax, allowing flexibility for additions via free agency or trade. Including their upcoming lottery pick, the Blazers are approximately $11 million below the tax and $17 million below the first apron.

The Blazers owe Chicago a first-round pick protected top-14, with the protection extending through 2028. They hold the right to the most and least favorable first-round pick among their own, Boston`s, and Milwaukee`s in 2029, and have swap rights with Milwaukee in 2028 and 2030. The 2028 swap rights are extinguished if the Blazers send their first-round pick to Chicago that year.

Including their pick in the current season (which they can trade on draft night), Portland has four first-round picks and six second-round picks available for trading.

Free agents: Jabari Walker, Matisse Thybulle (Player), Rayan Rupert (Team), Dalano Banton

Rookie scale contracts: Scoot Henderson ($10.7 million, UFA 2027), Shaedon Sharpe ($10.7 million, RFA 2027), Donovan Clingan ($7.2 million, RFA 2028), Kris Murray ($3.1 million, RFA 2027)

Sizable contracts: Deandre Ayton ($35.6 million, UFA 2026), Jerami Grant ($32 million, Player 2027), Anfernee Simons ($27.7 million, UFA 2026), Deni Avdija ($14.4 million, UFA 2028), Robert Williams ($13.3 million, UFA 2026), Matisse Thybulle ($11.5 million, Player 2025). Note: Thybulle cannot be traded unless his option is exercised.

Other contracts: Duop Reath ($2.2 million, RFA 2026), Toumani Camara ($2.2 million, Team 2026). Notes: Both contracts are non-guaranteed.

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Toronto begins the offseason with limited flexibility beyond their first-round pick. Including a likely top-10 selection, Toronto is projected to be over the luxury tax and $1.3 million over the first apron. The Raptors own their own first-round pick in every draft through 2032 and are allowed to trade up to five first-round picks, including their lottery pick in June. Toronto holds seven future second-round picks available for trading.

Free agents: Chris Boucher, Garrett Temple

Rookie scale contracts: Ochai Agbaji ($6.4 million, RFA 2026), Gradey Dick ($5 million, RFA 2026), Ja`Kobe Walter ($3.6 million, RFA 2028)

Sizable contracts: Scottie Barnes ($38.7 million, UFA 2030), Brandon Ingram ($38.1 million, UFA 2028), Immanuel Quickley ($32.5 million, UFA 2028), RJ Barrett ($27.7 million, UFA 2027), Jakob Poeltl ($19.5 million, Player 2026)

Other contracts: Jonathan Mogbo ($1.9 million, Team 2026), Jamal Shead ($1.5 million, Team 2026), AJ Lawson ($2.3 million, UFA 2026), Colin Castleton ($2.2 million, UFA 2026), Jamison Battle ($2 million, UFA 2027). Note: Lawson, Castleton, and Battle`s contracts are non-guaranteed.

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Washington is approximately $14 million below the luxury tax and has additional flexibility from $20 million in non-guaranteed contracts. The Wizards possess 25 draft picks through 2032, including 10 first-rounders. Two of these firsts, their own and Memphis`, are in this year`s draft.

Washington also holds the less favorable 2026 first-round pick among Oklahoma City, Houston (if picks 5-30), and the LA Clippers, and the second-most favorable 2029 first-round pick among Boston, Milwaukee, and Portland. Golden State will send a top-20-protected first-round pick to Washington in 2030. Washington has the right to swap first-rounders with Phoenix in 2026, 2028, and 2030 but owes New York a first-round pick protected top-8 in 2026.

Free agents: Khris Middleton (Player), Malcolm Brogdon

Rookie scale contracts: Alex Sarr ($11.8 million, RFA 2028), Bilal Coulibaly ($7.3 million, RFA 2027), Carlton Carrington ($4.7 million, RFA 2028), AJ Johnson ($3.1 million, RFA 2028), Kyshawn George ($3 million, RFA 2028)

Sizable contracts: Khris Middleton ($33.3 million, Team 2025), Jordan Poole ($31.8 million, UFA 2027), Marcus Smart ($21.6 million, UFA 2026), Corey Kispert ($14 million, UFA 2029), Richaun Holmes ($13.3 million, UFA 2026), Saddiq Bey ($6.2 million, UFA 2027). Note: Holmes` contract is non-guaranteed, and Middleton cannot be traded unless he opts into his contract.

Other contracts: Anthony Gill ($2.5 million, UFA 2026), Justin Champagnie ($2.3 million, UFA 2028), Colby Jones ($2.2 million, Team 2026)

Need a Third Team to Facilitate a Giannis Deal

Each of the four teams listed below possesses at least three tradable first-round picks, which is a positive aspect. The challenge lies in the fact that any contracts included in a trade for Giannis likely wouldn`t align well with Milwaukee`s team timeline. For example, Golden State would likely need to trade a player like Draymond Green to a third team to acquire additional draft assets necessary to make a deal for Giannis feasible.

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For the second consecutive season, the Mavericks are expected to operate near the luxury tax line and the first apron threshold. Including Kyrie Irving`s $43 million player option and the Mavs` 2025 first-round pick, Dallas is approximately $8 million over the luxury tax and $4 million over the first apron. If they remain above the first apron, they are restricted from using more than 100% of the traded player exception.

The Mavericks hold three tradable first-round picks and two second-rounders. Including their lottery pick in June, Dallas can trade the Lakers` unprotected 2029 first-round pick and their own first-round pick in 2031. The Mavs also have swap rights for first-rounders in 2026, 2031, and 2032, and have one second-round pick available.

Free agents: Kyrie Irving (Player), Dwight Powell (Player), Dante Exum, Spencer Dinwiddie

Rookie scale contracts: Dereck Lively II ($5.3 million, RFA 2027), Oliver-Max Prosper ($3 million, RFA 2027)

Sizable contracts: Anthony Davis ($54.1 million), Kyrie Irving ($43 million, Player 2025), Klay Thompson ($16.7 million, UFA 2027), PJ Washington ($14.2 million, UFA 2026), Daniel Gafford ($14.7 million, UFA 2026), Caleb Martin ($9.6 million, Player 2027), Naji Marshall ($9 million, UFA 2027), Max Christie ($7.7 million, Player 2027), Jaden Hardy ($6 million, Team 2027), Dwight Powell ($4 million, Player 2025). Note: Irving and Powell cannot be traded unless their player option is exercised.

Other contracts: Brandon Williams ($2.3 million, UFA 2026). Note: Williams` contract is non-guaranteed.

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The trade involving Jimmy Butler has positioned Miami to remain below the second apron next season. Including the partially guaranteed contracts of Terry Rozier and Duncan Robinson, and the incoming first-round pick from Golden State in June`s draft, the Heat are approximately $11 million below the first apron and $23 million below the second apron.

Miami owns their own first-round picks in 2026, 2028, 2029, 2030, 2031, and 2032. As teams are not permitted to trade first-round picks in consecutive seasons, Miami can send out their 2030 and 2032 first-rounders, plus Golden State`s pick in June. The Heat have two second-round picks available for trading.

Free agents: Davion Mitchell, Alec Burks, Keshad Johnson (Team)

Rookie scale contracts: Nikola Jovic ($4.4 million, RFA 2026), Kel`el Ware ($4.4 million, RFA 2028), Jaime Jaquez Jr. ($3.9 million, RFA 2027)

Sizable contracts: Bam Adebayo ($37.1 million, UFA 2029), Tyler Herro ($31 million, UFA 2027), Andrew Wiggins ($28.2 million, Player 2026), Terry Rozier ($26.6 million, UFA 2026), Duncan Robinson ($19.9 million, UFA 2026), Kyle Anderson ($9.2 million, UFA 2027), Haywood Highsmith ($5.6 million, UFA 2026), Kevin Love ($4.1 million, UFA 2026). Note: Rozier and Robinson`s contracts are partially guaranteed.

Other contracts: Pelle Larsson ($1.9 million, Team 2026), Keshad Johnson ($1.9 million, Team 2025). Note: Larsson`s contract is partially guaranteed, while Johnson cannot be traded unless the team option is exercised.

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The acquisition of Jimmy Butler places Golden State approximately $17.5 million below the luxury tax heading into free agency. If Golden State re-signs Jonathan Kuminga, the Warriors would likely become a luxury tax team that could exceed the first apron. They are currently $25.5 million below the first apron and $37.3 million below the second apron.

Even after sending out their 2025 first-round pick in the Butler trade, Golden State still holds four first-round picks available for trade: 2026, 2028, a 2028 pick (if picks 1-20), and 2030. The Warriors are also allowed to swap first-round picks in every season and have two second-round picks available.

Free agents: Jonathan Kuminga, Gary Payton II, Kevon Looney, Braxton Key, Kevin Knox, Gui Santos (Team), Pat Spencer, Quinten Post (Team)

Off the board: Stephen Curry ($59.6 million, UFA 2027 – includes no trade clause)

Rookie scale contracts: Brandin Podziemski ($3.7 million, RFA 2027)

Sizable contracts: Jimmy Butler ($59.6 million, UFA 2027), Draymond Green ($25.9 million, Player 2026), Moses Moody ($11.6 million, UFA 2028), Buddy Hield ($9.2 million, Player 2027)

Other contracts: Trayce Jackson-Davis ($2.2 million, Team 2026), Gui Santos ($2.2 million, Team 2025), Quinten Post ($1.9 million, Team 2025). Note: Santos and Post cannot be traded unless their team option is exercised.

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The Clippers have the financial flexibility to offer James Harden a salary increase, utilize most of their non-tax midlevel exception, and still remain below the luxury tax and both aprons. Including Harden`s $36.3 million player option, LA is approximately $17.3 million below the tax and $25.3 million below the first apron.

Including their pick in June`s draft, the Clippers hold three first-round picks (2030 and 2032) available for trade. They are allowed to swap first-round picks in 2030, 2031, and 2032, and have five second-round picks available for trading.

Free agents: James Harden (Player), Nicolas Batum (Player), Amir Coffey, Patty Mills, Ben Simmons

Rookie scale contracts: Kobe Brown ($2.7 million, RFA 2027)

Sizable contracts: Kawhi Leonard ($50 million, UFA 2027), James Harden ($36.3 million, Player 2025), Norman Powell ($20.5 million, UFA 2026), Ivica Zubac ($18.1 million, UFA 2028), Bogdan Bogdanovic ($16 million, Team 2026), Derrick Jones Jr. ($10 million, UFA 2027), Kris Dunn ($5.2 million, UFA 2027), Nicolas Batum ($4.9 million, Player 2026)

Other contracts: Drew Eubanks ($4.8 million, UFA 2026), Jordan Miller ($2.2 million, Team 2027), Cam Christie ($2 million, Player 2027). Note: Eubanks and Miller`s contracts are non-guaranteed.

Risks Outweigh the Rewards

Milwaukee Bucks forward Bobby Portis made a relevant observation regarding any team considering trading for Antetokounmpo.

“Just looking business-wise: You trade for him, obviously, he`s going to make, what, $58-$60 million,” Portis stated recently. “You`ve got to trade your whole team, right?”

This highlights the challenge for teams like the Pacers, whose strength in the recent postseason was their depth. Trading for Antetokounmpo would likely dismantle that depth unless core players like Tyrese Haliburton or Pascal Siakam were included in the package. Additionally, there`s the inherent risk of Antetokounmpo potentially leaving in the 2027 offseason if he becomes a free agent.

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Atlanta starts the offseason close to the salary cap. They have sufficient flexibility below the luxury tax and first apron to aggressively take on salary in a trade. However, they have no control over their own first-round pick until 2028.

Despite owing future picks, Atlanta still possesses draft equity in later seasons. Including their two first-rounders in June, Atlanta holds nine first-round picks through 2032, five of which are tradable. Atlanta has six second-round picks.

Free agents: Clint Capela, Caris LeVert, Larry Nance Jr., Garrison Mathews, Dominic Barlow (Team)

Rookie scale contracts: Zaccharie Risacher ($13.2 million, RFA 2028), Dyson Daniels ($7.7 million, RFA 2026), Kobe Bufkin ($4.5 million, RFA 2027)

Sizable contracts: Trae Young ($46 million, Player 2026), Jalen Johnson ($30 million, UFA 2030), Terance Mann ($15.5 million, UFA 2028), Onyeka Okongwu ($15 million, UFA 2028), Georges Niang ($8.2 million, UFA 2026)

Other contracts: Vit Krejci ($2.3 million, Team 2027), Mouhamed Gueye ($2.2 million, Team 2026), Dominic Barlow ($2.3 million, Team 2025). Note: Krejci and Gueye`s contracts are not fully guaranteed, while Barlow cannot be traded unless the team option is exercised.

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The Bulls are in a financial position to absorb salary in a trade. Not including a potential new contract for Josh Giddey, Chicago is approximately $46 million below the luxury tax.

The Bulls hold their own first-round pick for the next seven seasons and are owed the Trail Blazers` first-round pick (protected top-14) for the next four seasons. Chicago also holds six second-round picks available for trading.

Free agents: Jevon Carter (Player), Tre Jones, Talen Horton-Tucker, Josh Giddey

Rookie scale contracts: Matas Buzelis ($5.5 million, RFA 2028), Dalen Terry ($5.4 million, RFA 2026)

Sizable contracts: Nikola Vucevic ($21.5 million, UFA 2026), Patrick Williams ($18 million, Player 2028), Zach Collins ($18.1 million, UFA 2026), Kevin Huerter ($18 million, UFA 2026), Coby White ($12.9 million, UFA 2026), Lonzo Ball ($10 million, Team 2026), Jalen Smith ($9 million, UFA 2027), Ayo Dosunmu ($7.5 million, UFA 2026), Jevon Carter ($6.8 million, Player 2025). Note: Carter cannot be traded unless he opts into his contract.

Other contracts: Julian Phillips ($2.2 million, Team 2026)

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The Pacers could face the luxury tax for the first time since the 2005-06 season if they retain center Myles Turner. Not including their first-round pick, Indiana is approximately $23 million below the luxury tax and $30.4 million below the first apron.

The Pacers hold their own first-round pick in six of the next seven years. However, because they owe New Orleans a first-round pick protected top-4 in 2026 (protection also applies in 2027), the maximum number of first-rounders they can trade is three (2028, 2030, and 2032). Indiana can trade the rights to the player selected with their pick in this year`s draft and holds nine second-round picks available.

Free agents: Myles Turner, Thomas Bryant, James Johnson, Isaiah Jackson, Tony Bradley (Team)

Rookie scale contracts: Benedict Mathurin ($9.2 million, RFA 2026), Jarace Walker ($6.7 million, RFA 2027), Ben Sheppard ($2.8 million, RFA 2027)

Sizable contracts: Tyrese Haliburton ($45.6 million, UFA 2029), Pascal Siakam ($45.6 million, UFA 2028), Andrew Nembhard ($18.1 million, UFA 2028), Obi Toppin ($14 million, UFA 2028), Aaron Nesmith ($11 million, UFA 2027), TJ McConnell ($10.2 million, UFA 2029)

Other contracts: Johnny Furphy ($1.9 million, Team 2027), Tony Bradley ($2.9 million, Team 2025)

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The Kings have two maximum-salary players – Zach LaVine and Domantas Sabonis – under contract but possess flexibility to take on salary in a trade or utilize their $14.1 million exception in free agency. Sacramento, with $163 million committed to just eight players, is approximately $24 million below the luxury tax and is not in danger of reaching the first apron once their roster is filled out.

The Kings are permitted to trade a maximum of four first-round picks (2026, 2028, 2030, and 2032) over the next seven years and can swap first-round picks in each season. Sacramento holds four second-round picks available.

Free agents: Trey Lyles, Jake LaRavia, Doug McDermott, Jae Crowder, Markelle Fultz, Terence Davis (Team), Keon Ellis (Team), Isaac Jones (Team)

Rookie scale contracts: Keegan Murray ($11.1 million, RFA 2026), Devin Carter ($4.9 million, RFA 2028)

Sizable contracts: Zach LaVine ($47.5 million, Player 2026), Domantas Sabonis ($43.6 million, UFA 2028), DeMar DeRozan ($24.6 million, UFA 2027), Malik Monk ($18.8 million, Player 2027), Jonas Valanciunas ($10.4 million, UFA 2027)

Other contracts: Terence Davis ($2.5 million, Team 2025), Keon Ellis ($2.3 million, Team 2025), Isaac Jones ($1.9 million, Team 2025). Note: These three players cannot be traded unless their options are exercised.

Limited in Draft Assets

The Nuggets, Lakers, Timberwolves, Knicks, and Suns collectively hold only six first-round picks available for trade over the next seven years. Considering Milwaukee`s primary goal in any Giannis trade would be to accumulate draft assets, these five teams are unlikely contenders to land Antetokounmpo unless they can reroute an All-NBA caliber player to a third team in exchange for multiple draft picks.

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For the second consecutive season, Denver is projected to be over the first apron. Consequently, they cannot use more than 100% of the traded player exception. They are permitted to aggregate contracts in a trade only if the resulting salary figure keeps them below the second apron. Denver is approximately $4.7 million over the first apron and $7.1 million below the second apron.

The Nuggets have only their 2031 or 2032 first-round pick available to use in a trade or for a swap.

Free agents: Dario Saric (Player), Russell Westbrook (Player), DeAndre Jordan, Vlatko Cancar

Off the board: Nikola Jokic ($55.2 million, Player 2027)

Rookie scale contracts: Christian Braun ($4.9 million, RFA 2026), Peyton Watson ($4.4 million, RFA 2026), DaRon Holmes II ($3.2 million, RFA 2028), Julian Strawther ($2.7 million, RFA 2027)

Sizable contracts: Jamal Murray ($46.4 million, UFA 2029), Michael Porter Jr. ($38.3 million, UFA 2027), Aaron Gordon ($22.8 million, Player 2028), Zeke Naji ($8.2 million, Player 2027)

Other contracts: Jalen Pickett ($2.2 million, Team 2026), Hunter Tyson ($2.2 million, Team 2026)

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For the second consecutive offseason, LeBron James` potential free agency decision influences the Lakers` ability to modify their roster. James holds a $52.6 million player option for the upcoming season. If he opts in or signs a new contract with a similar starting salary, the Lakers would be approximately $1.3 million over the luxury tax. Since the Lakers are well below the second apron, they have flexibility to aggregate contracts in a trade. LA possesses over $60 million in expiring contracts.

Regarding draft assets, the trade to acquire Luka Doncic left the Lakers with only their 2031 or 2032 first-round pick available for trading. The Lakers are allowed to swap first-rounders in 2026, 2028, 2030, 2031, and 2032, and hold two second-round picks available.

Free agents: LeBron James (Player), Dorian Finney-Smith (Player), Jordan Goodwin (Team), Jaxson Hayes, Markieff Morris, Alex Len

Off the board: LeBron James (includes no trade clause)

Rookie scale contracts: Dalton Knecht ($4 million, RFA 2028)

Sizable contracts: Luka Doncic ($46 million, Player 2026), Rui Hachimura ($18.3 million, UFA 2026), Dorian Finney-Smith ($15.4 million, Player 2025), Austin Reaves ($13.9 million, Player 2026), Gabe Vincent ($11.5 million, UFA 2026), Maxi Kleber ($11 million, UFA 2026), Jarred Vanderbilt ($11.6 million, UFA 2028)

Other contracts: Shake Milton ($3 million, UFA 2027), Jordan Goodwin ($2.3 million, Team 2025), Bronny James ($1.9 million, Team 2027). Note: Goodwin cannot be traded unless the team option is exercised, while Milton`s contract is non-guaranteed.

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After operating as a second-apron team in the 2024-25 season, Minnesota could gain some financial flexibility next season. While the Timberwolves are likely to remain a tax-paying team (currently right at the threshold), they are projected to fall below the second apron. Including the player options for Naz Reid and Julius Randle, along with the first-round pick…

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