Will the summer of 2025 be Giannis Antetokounmpo’s season?
For the first time in his career, Giannis Antetokounmpo is openly considering the possibility of exploring whether his best long-term fit is to remain with the Milwaukee Bucks or seek new horizons. League sources confirmed to Shams Charania of Alofoke Deportes on Monday.
Antetokounmpo is under contract for the next three seasons, with a player option for 2027-28. The two-time MVP, 30, will be eligible to sign a four-year, $293.4 million extension in the 2026 offseason, either with the Bucks or a potential new team.
What happens next is a waiting game, both in Milwaukee and across the league. And just hours before a highly anticipated draft lottery, this saga could take a new turn after the ping pong balls decide which franchises will have the opportunity to select the top prospects.
Antetokounmpo will meet with the Bucks in the coming month, and the other 29 teams will prepare internally for potential trade scenarios if the 2021 Finals MVP is available. The last time a team traded a former MVP in his prime was in January 2021, when the Houston Rockets sent James Harden to the Brooklyn Nets.
An important reminder for teams pursuing Giannis this summer: Any franchise without cap space would have to send Milwaukee at least $43.5 million in salary and stay below the first apron.
Which franchises have the draft capital, contracts, and young stars to make a deal with Milwaukee? To set the stage, we’ve divided the league’s 30 teams into nine tiers, starting with the Bucks.
Note: Player salaries reflect the 2025-26 season.
The Milwaukee Bucks
The Bucks have been on the countdown to build a championship roster around Antetokounmpo. This offseason is no different.
Since general manager Jon Horst was promoted in June 2017, Milwaukee has made 25 trades that have cost the team seven first-round picks, three years of pick swaps, and 18 second-round picks. (The only remaining players from their 2021 championship team are Antetokounmpo and Lopez). But those trades have played a significant role in why the Bucks are second only to the Boston Celtics as the team with the most regular season wins since 2016-17. Improving the top roster could be even more difficult this summer.
The challenge comes with the inability to trade multiple first-round picks. Currently, the Bucks can move their 2031 or 2032 pick. Antetokounmpo, Damian Lillard, and Kyle Kuzma will earn a combined total of $130 million of the $164 million in the Bucks’ payroll next season. Lillard will turn 35 in July and is owed $113 million over the next two years after recovering from a ruptured Achilles tendon. Lopez, Bobby Portis, Taurean Prince, Kevin Porter Jr., and Gary Trent Jr. could become free agents this summer. (Portis and Porter Jr. have a player option).
One positive: Milwaukee is no longer in financial purgatory. The Kuzma-Khris Middleton swap with the Washington Wizards at the trade deadline has given the Bucks the freedom to add in free agency or via trade without being pressed against the second apron. The Bucks will have the non-taxpayer mid-level exception of $14.1 million available.
Meeting four requirements: draft selections, players, contracts, and a roster to win now.
We will not list Houston and San Antonio as favorites for now, considering that Antetokounmpo has not requested to be traded and there is no list of preferred destinations.
However, in case he does, Houston and San Antonio meet all the requirements: draft assets, young players, considerable contracts and a roster to win now, even after signing Antetokounmpo.
Houston Rockets
Houston is walking a financial tightrope regarding a possible deal for Antetokounmpo. While the Rockets have $131 million in salaries, they are a luxury tax team and first apron team when considering Fred VanVleet’s team option, the non-guaranteed contracts (Jock Landale, Aaron Holiday) and Phoenix’s first-round pick. (VanVleet cannot be traded unless the team option is exercised).
The Rockets are in the rare position of being a playoff team with a top-10 pick in June’s draft. In addition to the pick owed by Phoenix, Houston has nine future first-round picks, five that can be traded in the next seven years. The Rockets can also swap first rounds with Brooklyn in 2027 and have an unprotected first-round pick from Phoenix in 2027 and two of the most favorable first-round picks between Dallas, Phoenix, and their own in 2029. Houston owes Oklahoma City its 2026 first-round pick if it falls outside the top 4. Houston has seven available second-round picks.
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), and Cam Whitemore ($3.5 million, RFA 2027)
Considerable 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) and Nate Williams ($2.3 million, Team 2027). Note: Landale and Williams’ contracts are not guaranteed. Holiday is not eligible to be traded unless the team option is exercised.
San Antonio Spurs
Wembanyama’s third year of his first-round rookie contract has put San Antonio in a position to reclaim salary and not face financial restrictions. Including both first-round picks in June, San Antonio is $33 million below the tax and $37 million below the first apron.
The Spurs still have draft pick capital despite trading four first-round picks to acquire De’Aaron Fox at the deadline. They have two lottery picks in June and three additional future negotiable first rounds. San Antonio has the Hawks’ unprotected first round in 2027 and two of their own starting in 2029. They also have the right to swap first rounds with Atlanta in 2026, with Boston (top-1 protected) in 2028, with Dallas or Minnesota (if 2-30) in 2030, and with Sacramento in 2031. Meanwhile, the Timberwolves will send their unprotected 2031 first round to San Antonio.
Free agents: Chris Paul, Charles Bassey, Jordan McLaughlin, Sandro Mamukelashvili, Bismack Biyombo
Out of the list: 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)
Considerable contracts: De’Aaron Fox ($37.1 million, UFA 2026), Devin Vassell ($17.5 million, UFA 2029), Keldon Johnson ($17.5 million, UFA 2027), and Harrison Barnes ($19 million, UFA 2026)
Other contracts: Julian Champagnie (3 million dollars, Team 2026)
The selection packages
The Nets and Jazz have a combined total of 22 first-round picks available in a trade for Antetokounmpo. The problem comes down to whether Brooklyn and Utah still have the assets and players to build around the superstar.
Brooklyn Nets
The Nets are in command this summer due to their flexibility in the salary cap. Including the free agent holds of Cam Thomas, Day’Ron Sharpe and their four first-round picks, Brooklyn projects to have $45 million in cap space.
Brooklyn has 15 future first-round picks, including 13 that are tradeable. The Knicks owe Brooklyn three future first-round picks (2027, 2029, 2031) and swap rights in 2028 (or Phoenix). If the 76ers retain their first-round pick this season, they will send Brooklyn a top-8 protected first-round pick in 2028. The pick is top-8 protected in 2027 if the 2025 first is sent to Oklahoma City. In addition, the Nets have the least favorable 2029 first-round pick from Dallas, Phoenix, and Houston. The Rockets also have the right to swap first-round picks in 2027. The Nets also have 15 second-round picks available to trade.
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)
Considerable contracts: Nic Claxton ($25.4 million, UFA 2028), Cameron Johnson ($21.1 million, UFA 2027)
Other contracts: Maxwell Lewis (2.2 million dollars, Team 2026), Johnson (2.3 million dollars, Team 2025), Wilson (2.2 million dollars, Team 2025), Martin (2.2 million dollars, Team 2025), Timme (2 million dollars, Team 2025)
Utah Jazz
With two first-round picks in June and 15 players under contract, Utah is expected to operate as an above-the-cap team this summer. Including both firsts and $15 million in non-guaranteed contracts (a total of $15 million), Utah is right at the cap.
The Jazz possess 13 first-round picks, including a combined five unprotected first-round picks (two in 2027 and 2029) from Cleveland and Minnesota (the Wolves will also send a top-five protected first-round pick in 2029). They have eight tradable first rounds, including two in this year’s draft. The Suns will also send Utah an unprotected 2031 first-round pick. The Jazz have a top-five protected first-round pick from the Lakers in 2027 and can swap a first with Minnesota or Cleveland in 2026 (if they are in the top eight) and with Cleveland in 2028. The Jazz owe Oklahoma City a top-8 protected first-round pick in 2026. Utah has nine second-round picks available to trade.
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)
Considerable 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 accepts this contract, while Martin’s contract is not 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: The contracts of Mykahiliuk, Juzang and Springer are not guaranteed for next season.
The wildcards
There is uncertainty regarding these six teams. While the Thunder meet the four requirements to acquire a superstar like Antetokounmpo, future finances could be an impediment. Oklahoma City could commit to nearly $800 million in extensions this offseason for Shai Gilgeous-Alexander, Jalen Williams, and Chet Holmgren.
For the 76ers, luck could change if they get a top-2 pick in this year’s draft. However, due to the size of Antetokounmpo’s salary, acquiring Joel Embiid or Paul George is probably a non-viable start in Milwaukee.
Detroit Pistons
The financial benefit of Cade Cunningham likely being named to All-NBA impacts the Pistons’ spending this offseason. Because Cunningham’s salary will jump from $38.6 million to $46.4 million next season, Detroit projects to enter the offseason with $19 million in cap space, but could opt to operate as an over-the-cap team if they bring back free agents Tim Hardaway Jr. and Dennis Schroder. In that scenario, Detroit would have the non-taxpayer mid-level exception of $14.1 million and the $5.1 million biannual exception available. The Pistons have all of their first-round picks in the next seven seasons, can trade four, and can swap in each season.
Free Agents: Hardaway Jr., Malik Beasley, Dennis Schroder, Lindy Waters III, Paul Reed
Rookie scale contracts: Jaden Ivey (10.1 million dollars, RFA 2026), Ausar Thompson (8.8 million dollars, RFA 2027), Ron Holland II (8.7 million dollars, RFA 2028), Jalen Duren (6.5 million dollars, RFA 2026), Marcus Sasser (2.9 million dollars, RFA 2027
Considerable 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 dollars, Team 2027)
Memphis Grizzlies
The trade that sent Marcus Smart to Washington has given Memphis options this offseason. Including the free agent retention of Santi Aldama, the Grizzlies have $147 million in salaries and are $7 million below the salary cap. They could use the available space to renegotiate Jaren Jackson Jr.’s contract in 2025-26 and then extend it for four additional seasons.
The Grizzlies have their own first round pick in the next seven years. They also have the most favorable swap of their own and Orlando’s and Phoenix’s least favorable swap in 2026. In 2030, the Grizzlies have the right to swap their own first with the least favorable swap between Phoenix and Washington. Memphis has seven second-round picks available.
Free agents: Marvin Bagley III, Luke Kennard, Santi Aldama, Lamar Stevens
Rookie scale contracts: Zach Edey ($6 million, RFA 2028)
Considerable contracts: Ja Morant ($39.5 million, UFA 2028), Desmond Bane ($36.7 million, UFA 2029), Jaren Jackson ($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 dollars, Team 2026), Scotty Pippen Jr. (2.3 million dollars, Team 2027), Jay Huff (2.3 million dollars, Team 2027), GG Jackson (2.2 million dollars, Team 2026), Jaylen Wells (2 million dollars, Team 2027)
New Orleans Pelicans
The Pelicans are a wildcard team because they control the Bucks’ first-round pick in the next two seasons. Including their lottery pick and 12 players under contract, the Pelicans are $2.5 million below the tax and $8.4 million below the first apron. And in addition to having their own first-round pick in the next seven years (four can be traded), New Orleans has the right to swap with Milwaukee in 2026.
The more favorable of their own first and Milwaukee’s in 2027 will go to Atlanta, but New Orleans will keep it if the pick falls in the top five. They also have a top-four protected first-round pick from Indiana in 2026. In total, the Pelicans have six negotiable first-round picks, including their lottery pick in June, with four second-round picks available.
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)
Considerable 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
