Giannis Antetokounmpo is "ready for a new home at the Feb. 5 trade deadline," per ESPN's Shams Charania. The two-time MVP and former NBA champion has put on a brave face amid the Milwaukee Bucks' catastrophic collapse, but he's 31 years old and the clock is ticking. Giannis wants to win a championship and the Bucks can no longer provide him with that opportunity.
Several teams are expected to submit competitive offers, with known and unknown suitors alike vying to acquire a nine-time All-Star. Giannis is currently slated to miss the next four-to-six weeks with a calf strain, but he's under contract through 2026-27, with a player option for 2027-28. So teams are investing in at least a two-year window. Here are the best realistic offers Milwaukee can expect.
7. Minnesota Timberwolves
Timberwolves' best realistic offer:
The Minnesota Timberwolves are expected to check in on Giannis ahead of the Feb. 5 deadline, but it's unclear how exactly the Wolves plan to satisfy the Bucks' demands here. Anthony Edwards is off the table — obviously — and Minnesota is fresh out of draft picks it can trade, reducing them to a couple of swaps and matching salaries.
That's not to say this trade is completely without its merits. Jaden McDaniel is enjoying his most efficient offensive season to date and he remains a top-shelf defender on the wing. He's someone Milwaukee can either build around or flip in a future trade, perhaps for a proper pick or two. Naz Reid is a perennial Sixth Man of the Year candidate who could pop off with a bit more freedom, which the tanking Bucks can afford him.
Even Donte DiVincenzo, while not particularly exciting in a vacuum, gives Milwaukee real value as a connector and a defensive stopper with trade equity of his own, should the Bucks look to spin this into a three- or four-team affair. Minnesota can offer enough immediate, on-court quality to at least get Milwaukee on the phone. Just do not expect the Wolves to win the bidding war that is about to transpire.
6. San Antonio Spurs
Spurs' best realistic trade offer:
The San Antonio Spurs seem inclined to proceed with patience, letting Stephon Castle and Dylan Harper come into their own as Victor Wembanyama's long-term running mates. That is valid. What's also valid, however, is adding Giannis to the No. 2 seed in the West. San Antonio has already won three games against OKC in a two-week span; the Spurs are knocking on the door. Acquiring Giannis could allow San Antonio to kick that door down.
San Antonio has a enough leftover draft capital after the De'Aaron Fox trade to get Milwaukee on the phone. Devin Vassell and Harrison Barnes help to match salaries, and Vassell still offers upside as a shot-making wing. The real heart of these negotiations, however, is which young guard the Spurs offer up. There's a case for Harper. There's a case for Castle. At the end of the day, Milwaukee probably prefers to bank on the reigning second overall pick.
Whether or not Harper, Vassell and a few picks picks is enough, at the end of the day, is a fascinating question. Probably not in an all-out bidding war. San Antonio can climb up near the top of these rankings if both Harper and Castle are put on the table, but it feels like that's no-go territory for San Antonio — even if it's a compelling and reasonable conversation. Giannis with Fox, Castle and Wemby comes with spacing concerns, but then again, there is not a frontcourt in the NBA capable of combating Wemby and Giannis simultaneously.
5. New York Knicks
Knicks' best realistic trade offer:
The New York Knicks are limited in terms of available draft capital, but are equipped with enough productive pieces to pique Milwaukee's interest. Another potential advantage for New York, in this instance: taking on the Myles Turner contract, which has already aged poorly and will only get worse. If the Knicks remove the Turner albatross from Milwaukee's books and offer a healthy mix of quality contributors (or future trade chips), it's not hard to see how the Bucks get sucked in.
Karl-Anthony Towns' value is at an all-time low, but he's still immensely productive. The Bucks shouldn't have too much trouble finding a third team or flipping him for picks in the offseason if he puts up numbers as Milwaukee's No. 1 option. Josh Hart is the sort of role player every team wants. Mitchell Robinson needs a new contract, but he's a high-level rim protector and lob threat in the prime of his career. If one or both of the Knicks' swaps pan out, the Bucks can come away from this trade feeling okay about the outcome.
The KAT contract is undeniably a holdup, however, as there is significant downside risk that could complicate future trade avenues if Towns struggles. Hart and Robinson are real contributors, but Milwaukee also needs to tank and should probably put a premium on picks. As good as Hart and Robinson can look in New York, their skill sets don't always shine so brightly in a losing situation.
4. Golden State Warriors
Warriors' best realistic trade offer:
The Golden State Warriors could build this package around Jimmy Butler instead, although his season-ending ACL injury probably dampens Milwaukee's interest somewhat. Plus, Butler is almost certainly not keen on spending the next two years of his increasingly short NBA shelf life in purgatory on an intentionally bad or mediocre team. Draymond Green brings headaches of his own, but he can still provide value as a world-class defender and a rough-but-wise leader. (Or, as is the case with a lot of these packages, as trade bait.)
The real reason to build the package around Draymond is that it's much easier to incorporate Jonathan Kuminga and Moses Moody into the deal. Kuminga comes with his share of baggage, too, but he's an extremely talented individual, hungry for his moment in the sun. Milwaukee can let him off the leash and see if he's worth the contract extension he so plainly feels entitled to. Moody is already on a friendly contract, with youth on his side and the potential to break out in a rebuilding environment.
Golden State has close to its full draft stores available to it, meaning the Warriors can go the extra mile and include at least three unprotected future picks, which could swing this deal in their favor. Green, Kuminga and Moody is not the most appealing group of players, but those future picks could spike in value as Golden State's core ages.
3. Miami Heat
Heat's best realistic trade offer:
The Miami Heat probably prefer to build a package around Tyler Herro and/or Andrew Wiggins, and maybe that works out. But if Milwaukee puts its foot down, and if the price soars past a certain point, it's hard to imagine the Heat putting a genuinely competitive offer on the table without including Bam Adebayo. It helps to have Kel'el Ware ready to occupy the everyday center role as a floor spacer and lob threat next to Giannis, at least.
For Milwaukee, Adebayo is one of the best assets realistically within their grasp. We've seen him function successfully as the centerpiece of a postseason contender. Norman Powell continues to put up monster scoring numbers and should net value from a third team, if the Bucks so choose. He's a free agent at the end of the season, so at worst, that's a cool $20 million off the books as Milwaukee authors its next chapter.
Adebayo could net the Bucks three or four quality picks in a separate trade, which is the real kicker. He's also 28 and due for an explosion in a more suitable system, so Milwaukee could simply lock him up and speed up its rebuild. Miami's future firsts hold significant upside, as there's no telling how long Antetokounmpo and that Heat roster actually hold up as contenders. So yeah, the Bucks will listen to Miami's phone call, especially if Adebayo's name comes up.
2. Philadelphia 76ers
76ers' best realistic trade offer:
The Philadelphia 76ers almost certainly are not in the running, but as far as wild card teams go, this would be such a Daryl Morey move. His whole motto is to push all the chips in when there's a five percent chance of winning a title. Pairing Giannis with Tyrese Maxey and Joel Embiid, while not without its short- and long-term risks, positions Philly as a clear frontrunner in the East and a real potential endgame challenger.
Philadelphia is equipped with one of the most valuable draft picks in the NBA right now: the Clippers' unprotected 2028 pick, which could align nicely with the disintegration of Kawhi Leonard and James Harden. Philly's own 2030 pick in this scenario also carries substantial upside.
At the end of the day, this comes down to how Milwaukee values VJ Edgecombe against, say, Dylan Harper, which is a more interesting debate now than it was a few months ago. It really depends, however, on the Bucks' valuation of Jared McCain and his contributions — not only on the court, but as a potential culture-builder next to Edgecombe. McCain's rookie season was brief but spectacular, and he's starting to find a rhythm at an optimal time. The Paul George contract is a toughie — and perhaps even a dealbreaker — but he's still performing well enough that Milwaukee could see a path to dumping it down the road. At worst, they eat it while banking on the considerable upside of Edgecombe, McCain and those picks.
1. Atlanta Hawks
Hawks' best realistic trade offer:
The Atlanta Hawks are probably the most appealing and interesting underdog in the Giannis sweepstakes. This season has not gone exactly to plan for Atlanta, but the Trae Young trade created loads of flexibility, and the Hawks are equipped with some juicy assets to float in Milwaukee's direction.
That Pelicans pick is the golden goose. Nothing is guaranteed before the lottery, of course, but even a 40 percent chance of landing one of Cam Boozer, Darryn Peterson or AJ Dybantsa in June should be enough to vault Atlanta to the front of the line ... assuming the Hawks are willing to go there, that is. Atlanta also owns the least favorable of Milwaukee or New Orleans' 2027 first-round pick — a potential alternative (Atlanta cannot trade both due to the Stepien Rule) that could also satisfy the Bucks' front office at the onset of a rebuild.
Kristaps Porzingis is a $30 million chunk of expiring money. He's also still quite good, and the Bucks would have a theoretical advantage when it comes to re-signing him, even if it's only to trade him and recoup assets at a later date. Nickeil Alexander-Walker has blossomed into a legitimate 20-point scorer with phenomenal defensive chops. Zaccharie Risacher, for all the negative chatter around him, is a recent No. 1 pick who finished second in Rookie of the Year voting. Atlanta has the edge here.