Will the 2025 NBA offseason be known as the summer of Giannis Antetokounmpo?
For the first time in his career, Antetokounmpo is open-minded about exploring whether his best long-term fit is remaining with the Milwaukee Bucks or going elsewhere, league sources confirmed to ESPN’s Shams Charania on Monday.
Antetokounmpo is under contract for the next three seasons, with 2027-28 as a player option. The 30-year-old two-time MVP will be eligible to sign a four-year, $293.4 million extension in the 2026 offseason — with the Bucks or with a potential new team.
What happens next is a waiting game — in Milwaukee and around the league. And with just hours until a highly anticipated draft lottery (7 p.m. ET, ESPN), this saga could take another twist after the pingpong balls decide which franchises will get the opportunity to select top prospects such as Cooper Flagg, Dylan Harper and Ace Bailey.
Antetokounmpo will meet with the Bucks in the next month, and the other 29 teams will internally line up trade scenarios if the 2021 Finals MVP is made available. (The last time an NBA 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 chasing Giannis this summer: Any franchise without salary cap space would have to send Milwaukee at least $43.5 million in salary and remain below the first apron.
Which franchises have the draft capital, the contracts and the young stars to swing a deal with Milwaukee? To set the stage, we have broken up the league’s 30 teams into nine tiers, starting with the Bucks.
Note: Player salaries are reflective of the 2025-26 season.
The Milwaukee Bucks
The Bucks have been on the clock to put 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-rounders. (The only players remaining from the 2021 championship team are Antetokounmpo and Lopez.) But those trades have played a role in why the Bucks trail only the Boston Celtics as the winningest regular-season team since 2016-17. Improving the top-heavy roster could be even more difficult this summer.
The challenge comes with an inability to trade multiple first-round picks. Currently, the Bucks can move either their 2031 or 2032 pick. Antetokounmpo, Damian Lillard and Kyle Kuzma will earn a combined $130 million of the Bucks’ $164 million payroll next season. Lillard will turn 35 in July and is owed $113 million over the next two seasons after recovering from a torn Achilles. Lopez, Bobby Portis, Taurean Prince, Kevin Porter Jr. and Gary Trent Jr. all could become free agents this summer. (Portis and Porter each 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 freedom to add in free agency or via trade while not being pressed against the salary cap’s second apron. The Bucks will have the $14.1 million non-tax midlevel exception available.
Checking four boxes: Draft picks, players, contracts and a win-now roster
1:37
Shams Charania: Giannis is open-minded about leaving the Bucks
Shams Charania reports that for the first time in Giannis Antetokounmpo’s career, he is open-minded about departing Milwaukee.
We won’t list Houston and San Antonio as the favorites just yet, considering Antetokounmpo has not asked to be traded and there is no list of preferred destinations.
However, in the case he does, Houston and San Antonio fit all the requirements; draft assets, young players, sizable contracts and a win-now roster even after trading for Antetokounmpo.
Houston Rockets
Houston is walking a financial tightrope when it comes to a potential Antetokounmpo deal. While the Rockets have $131 million in salary, they are a luxury tax and first apron team when taking into account Fred VanVleet’s team option, non-guaranteed contracts (Jock Landale, Aaron Holiday) and the first-round pick from Phoenix. (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. Besides the pick owed by Phoenix, Houston has nine future first-rounders — including five that can be traded over the next seven years. The Rockets can also swap firsts with Brooklyn in 2027 and have a 2027 unprotected first-round pick from Phoenix and two of the more favorable first-rounders among Dallas, Phoenix and their own in 2029. Houston owes Oklahoma City its 2026 first-rounder if it falls outside of the top 4. Houston has seven second-round picks available.
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 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) and Nate Williams ($2.3 million, Team 2027). Note: The Landale and Williams contracts are non-guaranteed. Holiday is not trade eligible unless the team option is exercised.
Year 3 of Victor Wembanyama’s first-round rookie contract has put San Antonio in a position to take back salary and not face financial restrictions. Including both its first-round picks in June, San Antonio is $33 million below the tax and $37 million below the first apron.
The Spurs still have equity in draft picks despite trading four first-round picks to acquire De’Aaron Fox at the deadline. They have two lottery picks in June and an additional three future tradable firsts. San Antonio has the Hawks’ unprotected first in 2027 and two of its 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 2-30) in 2030, and with Sacramento in 2031. The Timberwolves, meanwhile, will send their 2031 unprotected first 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) and Harrison Barnes ($19 million, UFA 2026)
Other contracts: Julian Champagnie ($3 million, Team 2026)
The pick packages
The Nets and Jazz have a combined 22 first-round picks available in an Antetokounmpo trade. The problem comes down to whether Brooklyn and Utah still have the assets and players to build around the superstar big man.
Brooklyn Nets
The Nets are in the driver’s seat this summer because of their cap flexibility. Including the free agent holds of Cam Thomas, Day’Ron Sharpe and the team’s four first-round picks, Brooklyn projects to have $45 million in cap space.
Brooklyn has 15 future first-round picks, including 13 that are tradable. The Knicks owe Brooklyn three future firsts (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 in 2028. The pick is top-8 protected in 2027 if the first in 2025 is sent to Oklahoma City. In addition, the Nets have the less favorable 2029 first of Dallas, Phoenix and Houston. The Rockets also have the right to swap firsts 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)
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), Johnson ($2.3 million, Team 2025), Wilson ($2.2 million, Team 2025), Martin ($2.2 million, Team 2025), Timme ($2 million, Team 2025)
With two first-round picks in June and 15 players under contract, expect Utah to act like a team over the cap this summer. Including both firsts and $15 million in non-guaranteed contracts (a total of $15 million), it is right at the salary cap.
The Jazz own 13 first-round picks, including a combined five unprotected first-rounders (two in 2027 and 2029) from Cleveland and Minnesota (the Wolves will also send a top-5-protected first in 2029.) They have eight tradable firsts, including two in this year’s draft. The Suns will also send Utah an unprotected 2031 first. The Jazz have a top-5-protected 2027 first from the Lakers and can swap a first with Minnesota or Cleveland in 2026 (if in the top eight) and with Cleveland in 2028. The Jazz owe Oklahoma City a top-8-protected first 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)
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 in to this contract, while 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: The Mykhailiuk, Juzang and Springer contracts are non-guaranteed next season.
The wild cards
1:35
Stephen A.: Why should Giannis stay in Milwaukee?
Stephen A. Smith says he isn’t surprised by Giannis Antetokounmpo’s decision and believes the Bucks aren’t going anywhere as a team.
There is uncertainty as it relates to these next six teams.
While the Thunder check the four boxes to acquire a superstar such as Antetokounmpo, future finances could be a deterrent. Oklahoma City could commit nearly $800 million in extensions this offseason to Shai Gilgeous-Alexander, Jalen Williams and Chet Holmgren.
For the 76ers, fortunes could change if they grab a top-2 spot in this year’s draft. However, because of the size of Antetokounmpo’s salary, acquiring Joel Embiid or Paul George is a likely nonstarter in Milwaukee.
The financial windfall of Cade Cunningham likely being named to All-NBA impacts the Pistons’ spending this offseason. Because Cunningham’s salary will get adjusted from $38.6 million to $46.4 million next season, Detroit projects to enter the offseason with $19 million in cap space but could elect to act as a team over the cap if it brings back free agents Tim Hardaway Jr. and Dennis Schroder. In that scenario, Detroit would have the $14.1 million non-tax midlevel exception and $5.1 million biannual exception available. The Pistons have all their first-round picks in the next seven seasons, are allowed to trade four and can swap 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)
The trade sending Marcus Smart to Washington has given Memphis options this offseason. Including Santi Aldama’s free agent hold, the Grizzlies have $147 million in salary and are $7 million below the salary cap. They could use the available room to renegotiate the Jaren Jackson Jr. contract in 2025-26 and then extend for an additional four seasons.
The Grizzlies have their own first round in the next seven years. They also have the more favorable swap of their own and least favorable swap of Orlando and Phoenix in 2026. In 2030, the Grizzlies have the right to swap their own first with the less favorable between Phoenix and Washington. Memphis has seven second-rounders available.
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), 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, 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)
The Pelicans are a wild-card team because they control the Bucks’ first-round pick in the next two seasons. Including their lottery pick and 12 players under contract, they are $2.5 million below the tax and $8.4 million under the first apron. And besides 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 least favorable of their own first and Milwaukee’s in 2027 will go to Atlanta, but New Orleans will retain it if the pick falls in the top five. They also have a 2026 top-4-protected first-rounder from Indiana. In total, the Pelicans have six tradable first-rounders, including their lottery pick in June, with four second-rounders 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)
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 Reaves contract is non-guaranteed. Payton and Boston cannot be traded unless their team option is exercised.
The Thunder have a one-year reprieve before extensions for Williams and Holmgren begin in 2026 and Gilgeous-Alexander the following year. For now, Oklahoma City has 15 players under contract entering the offseason and once again is projected below the luxury tax; not including its draft picks, the team is $10.1 million below. OKC has its first-round picks in the next seven years and the possibility of an additional six first-rounders. Including both firsts in June, Oklahoma City can trade 13 of them.
In 2026, the Thunder have a top-8-protected first from Utah and top-6-protected first from Philadelphia. OKC can also swap first-rounders with the Clippers and Rockets (if 11-30). The least favorable of their own, Rockets (if 5-30) and Clippers will go to Philadelphia in 2026. The 76ers first is a top-4-protected first in 2027 if not conveyed in 2025 or 2026, and the Thunder can also swap first-rounders with the Clippers in 2027 and Mavericks in 2028. Oklahoma City will receive a top-5-protected first from Denver in 2027, 2028 or 2029. If the first is conveyed in 2027, Oklahoma City will receive a 2029 top-5-protected first from the Nuggets. The pick is top-5 protected in 2030 if not conveyed in 2027. The Thunder have 18 second-round picks available to use in a 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 the team option is exercised.
The cost to keep this roster intact is set to get expensive. With Year 1 Franz Wagner’s and Jalen Suggs’ extensions set to begin, the Magic are not only over the luxury tax by $19 million but are $11 million above the first apron and $1 million below the second. The projection includes both first-round picks in June’s draft.
The Magic have six tradable first-rounders in the next eight years. They have the more favorable 2026 first-round swap of their own and less favorable Phoenix or Washington (if 1-8). Orlando has 15 second-rounders available.
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), 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), Harris ($7.5 million, Team 2025). Note: Moritz Wagner and Harris cannot be traded unless their team options are exercised.
Other contracts: Joseph ($3.5 million, Team 2025), Houstan ($2.2 million, Team 2026). Note: Joseph and Houstan cannot be traded unless their team options are exercised.
The draft lottery and the player options of Andre Drummond, Kelly Oubre Jr. and Eric Gordon play a role in what flexibility Philadelphia has this summer. If the team retains its first-rounder and all three players opt in before June 29, it is $3.7 million below the luxury tax and $11.1 million below the first apron.
The 76ers have an additional three first-rounders available to use in a trade. Philadelphia is allowed to trade its own first-rounder in 2025, 2030 and 2032 and has an unprotected first-rounder from the Clippers in 2028. Philly can also swap first-rounders (top-4 protected) with the Clippers in 2029. It has eight seconds available to use in trades.
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
There is a common theme for the four teams listed below.
All four finished in the lottery, and while each has the draft equity and young players to chase Antetokounmpo, none have a roster that can contend for a playoff spot.
Charlotte is right at the $154.6 million salary cap this offseason but have the draft assets to appease Milwaukee if Antetokounmpo becomes available. Including a top-three pick in June, Charlotte owns all their first-rounders through 2032 and three additional firsts from prior trades. In 2026, they have the less favorable first of Phoenix, Washington (if 1-8), Orlando and Memphis. Charlotte will receive a 2027 top-14-protected first and unprotected in 2028 if not conveyed in the prior year. The Hornets will also receive a 2027 top-2-protected first from the Mavericks. Charlotte is allowed to trade up to seven first-round picks and has 11 future second-round picks.
Free agents: Seth Curry, Taj Gibson and 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) and Moussa Diabate ($2.3 million, UFA 2027). Note: All three contracts are nor or partially protected.
With 13 players under contract for next offseason, Portland is over the salary cap but well below the luxury tax to add during free agency or via trade. With their upcoming lottery pick, the Blazers are $11 million below the tax and $17 million below the first apron.
The Blazers owe Chicago a top-14-protected first-round pick, with the protection extending to 2028. They have the most and least favorable first of their own, Boston and Milwaukee in 2029 and have the right to swap first-rounders with Milwaukee in 2028 and 2030. The swap rights in 2028 are extinguished if the Blazers send Chicago their first that year.
Including this season (they can trade their first-rounder the night of the draft), Portland has four first-round picks and six second-rounders available to trade.
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), 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) and Toumani Camara ($2.2 million, Team 2026). Notes: Both contracts are non-guaranteed.
Toronto enters the offseason with limited flexibility outside of their first-round pick. Including a likely top-10 selection, Toronto is over the tax and $1.3 million over the first apron. The Raptors have 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 has seven future second-round picks available.
Free agents: Chris Boucher and 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.
Washington Wizards
Washington is $14 million below the tax and has the flexibility of $20 million in non-guaranteed contracts. The Wizards have 25 draft picks through 2032, including 10 first-rounders. Two of which — their own and Memphis’ — are in this year’s draft.
Washington also has the least favorable 2026 first-rounder between Oklahoma City, Houston (if 5-30) and LA Clippers and the second-most favorable 2029 first-rounder between Boston, Milwaukee and Portland. The Warriors will send a top-20-protected first to Washington in 2030. Washington has the right to swap first-rounders with Phoenix in 2026, 2028 and 2030 but owe New York a first-round pick that is top-8 protected in 2026.
Free agents: Khris Middleton (Player) and 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: 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, while Middleton cannot be traded. unless he opts-in to 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 make a Giannis deal
Each of the four teams listed below have at a minimum three tradable firsts.
That is the good news. The bad? Any contracts included in a trade likely don’t match Milwaukee’s timeline. (For example, Golden State would need to reroute Draymond Green to a third team and gain additional draft assets to make a Giannis deal work.)
For a second straight season, expect the Mavericks to hover around the tax line and first apron threshold. Including Kyrie Irving’s $43 million player option and the Mavs’ 2025 first-round pick, Dallas is $8 million over the luxury tax and $4 million over the first apron. They are not allowed to use more than 100% of the traded player exception if they remain above the first apron.
The Mavericks have three tradable first-rounders and two seconds. Including their lottery pick in June, Dallas can trade the Lakers’ 2029 unprotected first and their own in 2031. The Mavs also have the ability to swap firsts in 2026, 2031 and 2032 with one second-rounder 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), 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), 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.
The Jimmy Butler trade has positioned Miami below the second apron next season. Including the partially guaranteed contracts of Terry Rozier, Duncan Robinson and Golden State’s first-round pick in June’s draft, the Heat are $11 million below the first apron and $23 million below the second.
Miami has its own first-round pick in 2026, 2028, 2029, 2030, 2031 and 2032. Because teams are not allowed to trade firsts in back-to-back seasons, Miami can send out 2030, 2032 and the Warriors’ pick in June. The Heat have two second-rounders available to trade.
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), Johnson ($1.9 million, Team 2025). Note: Larsson’s contract is partially guaranteed, while Johnson cannot be traded unless the team option is exercised.
The addition of Butler has Golden State $17.5 million below the luxury tax before free agency begins. In the scenario where Golden State re-signs Jonathan Kuminga, the Warriors would become a luxury tax team that would likely exceed the first apron. They are $25.5 million and $37.3 million below both aprons.
Even after surrendering their 2025 first-rounder in the Butler trade, Golden State still has four available to use in a trade: 2026, 2028, 2028 (if 1-20) and 2030. The Warriors are also allowed to swap firsts in every season and have two second-rounders available.
Free agents: Jonathan Kuminga, Gary Payton II, Kevon Looney, Braxton Key, Kevin Knox, Gui Santos (Team), Pat Spencer and Quinten Post (Team)
Off the board: Stephen Curry ($59.6 million, UFA 2027)
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), Santos ($2.2 million, Team 2025), Post ($1.9 million, Team 2025). Note: Santos and Post cannot be traded unless the team option is exercised.
LA Clippers
The Clippers have the flexibility to give Harden a salary increase, use most of their non-tax midlevel exception and still remain below the luxury tax and aprons. Including Harden’s $36.3 million player option, LA is $17.3 million below the tax and $25.3 million beneath the first apron.
Including in June’s draft, the Clippers have three first-rounders (2030 and 2032) available to put in a trade. They are allowed to swap firsts in 2030, 2031 and 2032 with five second-rounders available to trade.
Free agents: James Harden (Player), Nicolas Batum (Player), Amir Coffey, Patty Mills and Ben Simmons
Rookie scale contracts: Kobe Brown ($2.7 million, RFA 2027)
Sizable contracts: Kawhi Leonard ($50 million, UFA 2027), 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), Batum ($4.9 million, Player 2026)
Other contracts: Drew Eubanks ($4.8 million, UFA 2026), Jordan Miller ($2.2 million, Team 2027) and Cam Christie ($2 million, Player 2027). Note: Eubanks and Miller’s contracts are non-guaranteed.
Risks outweigh the rewards
Bucks forward Bobby Portis made an astute observation as it relates to any team trading for Antetokounmpo.
“Just looking business-wise: You trade for him, obviously, he’s going to make, what, $58-$60 million,” Portis said last week on FanDuel TV’s Run It Back. “You’ve got to trade your whole team, right?”
For example, the Pacers’ strength, as displayed this postseason, has continued to be their depth. Trading for Antetokounmpo would all but eliminate that unless stars Tyrese Haliburton or Pascal Siakam are included. There is also the risk of Antetokounmpo leaving in the 2027 offseason when he potentially becomes a free agent.
Atlanta enters the offseason right at the salary cap. They have enough flexibility below the luxury tax and first apron to be aggressive taking back salary in a trade.
The Hawks have no control over their first-round pick until 2028 but still possess draft equity in future seasons. Including the two first-rounders in June, Atlanta has nine through 2032, five that are tradable. Atlanta has six second-rounders.
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), Barlow ($2.3 million, Team 2025). Note: Krejic and Gueye’s contracts are not fully guaranteed, while Barlow cannot be traded unless the team option is exercised.
The Bulls are in a position to take back salary in a trade. Not including a new contract for Josh Giddey, Chicago is $46 million below the luxury tax.
The Bulls have their own first-round pick in the next seven seasons and are owed the Trail Blazers’ first-round pick that is top-14 protected over the next four seasons. Chicago also has six second-round picks available to trade.
Free agents: Jevon Carter (Player), Tre Jones, Talen Horton-Tucker and Josh Giddey
Rookie scale contracts: Matas Buzelis ($5.5 million, RFA 2028) and 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), Carter ($6.8 million, Player 2025). Note: Carter cannot be traded unless he opts in to his contract
Other contracts: Julian Phillips ($2.2 million, Team 2026)
The Pacers could be a luxury tax team for the first time since 2005-06 if they retain center Myles Turner. Not including their first-round pick, Indiana is $23 million below the luxury tax and $30.4 million below the first apron.
The Pacers have their own first-rounder in six out of the next seven years. However, because they owe New Orleans a top-4-protected first-rounder in 2026 (it is also top-4 protected the following year), the maximum firsts available to trade is three (2028, 2030 and 2032). Indiana can trade the rights to the player selected in this year’s draft and have nine second-rounders available.
Free agents: Myles Turner, Thomas Bryant, James Johnson, Isaiah Jackson and 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) and Bradley ($2.9 million, Team 2025)
The Kings have two max players — Zach LaVine and Domantas Sabonis — under contract but have flexibility to take back money in a trade or use their $14.1 million exception in free agency. Sacramento, which has $163 million in salary committed to only eight players, is $24 million below the luxury tax and is in no danger of being in the first apron once its roster is filled out.
The Kings are allowed to trade a maximum of four first-rounders (2026, 2028, 2030 and 2032) in the next seven years and can swap first-rounders in each season. Sacramento has four second-rounders available.
Free agents: Trey Lyles, Jake LaRavia, Doug McDermott, Jae Crowder, Markelle Fultz, Terence Davis (Team), Keon Ellis (Team) and Isaac Jones (Team)
Rookie scale contracts: Keegan Murray ($11.1 million, RFA 2026) and 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) and Jonas Valanciunas ($10.4 million, UFA 2027)
Other contracts: Davis ($2.5 million, Team 2025), Ellis ($2.3 million, Team 2025) and Jones ($1.9 million, Team 2025). Note: The three players cannot be traded unless their options are exercised.
Limited in draft assets
The Nuggets, Lakers, Timberwolves, Knicks and Suns have a combined six first-round picks available to trade over the next seven years. Considering Milwaukee’s focus in any Giannis trade should be to accumulate draft assets, the four teams are likely not contenders when it comes to landing Antetokounmpo — unless an All-NBA player is traded to a third team for multiple draft picks.
For a second straight season, Denver is projected to be over the first apron. As a result, they cannot use more than 100% of the traded player exception but are allowed to aggregate contracts if the post-transactional salary leaves them below the second apron. Denver is $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 to swap.
Free agents: Dario Saric (Player), Russell Westbrook (Player), DeAndre Jordan and 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) and 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) and Zeke Naji ($8.2 million, Player 2027)
Other contracts: Jalen Pickett ($2.2 million, Team 2026), Hunter Tyson ($2.2 million, Team 2026)
For a second straight offseason, LeBron James’ potential free agency plays a role in what the Lakers can add to their roster. James has a $52.6 million player option for next season. If he opts in or signs a new contract with a comparable starting salary, the Lakers will be $1.3 million over the luxury tax. Because the Lakers are well below the second apron, they have flexibility to aggregate contracts in a trade. L.A. has more than $60 million in expiring contracts.
As far as draft assets, the trade to acquire Luka Doncic left the Lakers with only their 2031 or 2032 first-round pick available to trade. The Lakers are allowed to swap firsts in 2026, 2028, 2030, 2031 and 2032 and have two second-rounders available.
Free agents: LeBron James (Player), Dorian Finney-Smith (Player), Jordan Goodwin (Team), Jaxson Hayes, Markieff Morris, Alex Len
Off the board: James (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), 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) and Jarred Vanderbilt (411.6 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.
After spending the 2024-25 season as a second-apron team, Minnesota could have financial flexibility next season. While the Timberwolves are likely still going to be a tax-paying team (they are right at the threshold), the Timberwolves project to fall under the second apron. Including Naz Reid and Julius Randle’s player options along with the first-rounder from Detroit, the Timberwolves are $8.5 million below the apron.
The Timberwolves are left with the 2025 first from Detroit as their lone available draft asset to trade. They do have five seconds available, including the first pick in this year’s second round from Utah.
Free agents: Julius Randle (Player), Naz Reid (Player), Nickeil Alexander-Walker, Joe Ingles, Luka Garza (Team) and Josh Minott (Team)
Rookie scale contracts: Rob Dillingham ($6.6 million, RFA 2028), Terrence Shannon Jr. ($2.7 million, RFA 2028)
Sizable contracts: Anthony Edwards ($45.5 million, UFA 2029), Rudy Gobert ($35 million, Player 2027), Randle ($30.9 million, Player 2025), Jaden McDaniels ($24.9 million, UFA 2029), Reid ($15 million, Player 2025), Donte DiVincenzo ($11.9 million, UFA 2026) and Mike Conley ($10.7 million, UFA 2026). Note: Randle and Reid cannot be traded unless they opt in to their contract.
Other contracts: Jaylen Clark ($2.2 million, UFA 2026), Garza ($2.3 million, Team 2025), Leonard Miller ($2.2 million, Team 2026) and Minott ($2.2 million, Team 2025). Note: Garza and Minott cannot be traded because of their team option.
With 88% of their payroll tied up among five players (Jalen Brunson, Josh Hart, OG Anunoby, Mikal Bridges and Karl-Anthony Towns), the Knicks, who are leading the Celtics 2-1 in the conference semifinals, are limited in how they add to their roster this offseason. New York is $8.4 million over the luxury tax and right at the first apron with 10 players under contract.
When it comes to the draft, the top-8 protected first from Washington in 2026 is the lone tradable first New York has available. The Knicks are allowed to swap firsts in 2026, 2030 and 2032, and they have eight seconds available.
Free agents: PJ Tucker (Team), Ariel Hukporti (Team), Precious Achiuwa, Cameron Payne, Delon Wright, Landry Shamet
Off the board: Jalen Brunson ($34.9 million, Player 2028)
Rookie scale contracts: Pacome Dadiet ($2.8 million, RFA 2028)
Sizable contracts: Karl-Anthony Towns ($53.1 million, Player 2027), OG Anunoby ($39.6 million, Player 2028), Mikal Bridges ($24.9 million, UFA 2026), Josh Hart ($19.5 million, Team 2027), Mitchell Robinson ($12.9 million, UFA 2026), Deuce McBride ($4.3 million, UFA 2027)
Other contracts: Tyler Kolek ($2.1 million, Team 2027), Tucker ($3.5 million, Team 2025), Hukporti ($1.95 million, Team 2025). Note: Tucker and Hukporti cannot be traded unless their team option are exercised.
Phoenix enters next season as a luxury tax team for a fourth straight year and it will be a projected $25 million over the second apron. The Suns could create significant savings (close to $100 million) and get closer to the second-apron threshold if they decline their $8.1 million team option for Vasilije Micic and waive Cody Martin’s $8.7 million salary. As it stands, Phoenix is not allowed to aggregate contracts or use more than 100% of the traded player exception.
Past trades and second-apron restrictions have positioned Phoenix with limited draft capital. Although the Suns have four future firsts in the next seven seasons, they’re allowed to trade either a 2028 (less favorable first of their own, New York, Washington) or 2029 first (least favorable of Cleveland, Minnesota — if picks Nos. 6 through 30 — and Utah). Their 2032 first-round pick is frozen because they exceeded the second apron this season. The Suns are allowed to trade the draft rights for the player selected with the Utah pick in this year’s draft. Phoenix has three seconds available.
Free agents: Vasilije Micic (Team), Bol Bol, Mason Plumlee, Damion Lee, Monte Morris and Tyus Jones
Off the board: Bradley Beal (no trade clause)
Rookie scale contracts: Ryan Dunn ($2.7 million, RFA 2028)
Sizable contracts: Kevin Durant ($54.7 million, UFA 2026), Devin Booker ($53.1 million, UFA 2028), Grayson Allen ($16.9 million, Player 2027), Royce O’Neale ($10.1 million, UFA 2028)
Other contracts: Oso Ighodaro ($1.9 million, Team 2027), Cody Martin ($8.7 million, UFA 2027), Nick Richards ($5 million, UFA 2026)
Financially restricted
Apron rules have all but eliminated Boston and Cleveland from trading for Antetokounmpo.
Both teams are deep into the apron and are not allowed to combine salaries or take back additional salary.
The only scenario that would work would be the Celtics flipping Jayson Tatum for Antetokounmpo. Both players have the identical salary next season.
Boston Celtics
Boston, down 2-1 against the New York Knicks in the conference semifinals, are a second apron team for a second consecutive season. The first year of the Tatum and Derrick White contract extensions have Boston $23 million over the cap. The Celtics are not allowed to aggregate contracts and use more than 100% of the traded player exception.
Looking ahead to the draft, the Celtics have five of their own first-round picks in the next seven years. However, because their 2032 first is frozen and they owe Portland or Washington a first in 2028, the maximum firsts they can trade is one (2026 or 2027). Boston is allowed to trade the rights to the player selected in this year’s draft also. The Celtics can swap firsts in 2026, 2027, 2030 and 2031. Boston also has six seconds available.
Free agents: Al Horford, Luke Kornet, Torrey Craig, JD Davison (Team)
Off the board: Jayson Tatum ($54.1 million, UFA 2030)
Rookie scale contracts: Baylor Schierman ($2.6 million, RFA 2028)
Sizable contracts: Jaylen Brown ($53.1 million, UFA 2029), Jrue Holiday ($32.4 million, Player 2027), Kristaps Porzingis ($30.7 million, UFA 2026), Derrick White ($28.1 million, UFA 2029), Sam Hauser ($10 million, UFA 2029) and Payton Pritchard ($7.2 million, UFA 2028)
Other contracts: Xavier Tillman ($2.5 million, UFA 2026), Davison ($2.3 million, Team 2025), Jordan Walsh ($2.2 million, Team 2026), Neemias Queta ($2.3 million, Team 2026). Note: Walsh and Queta’s contracts are non-guaranteed.
The Cavaliers, down 3-1 to the Indiana Pacers in the conference semifinals, project to be over the second apron in 2025-26 — the Cavs are $12.9 million above the second apron threshold. As a result, Cleveland is not allowed to aggregate contracts and use more than 100% of the traded player exception.
The Cavaliers are in a unique position because their 2033 first will likely get frozen after the 2025-26 season concludes. Due to the second apron penalty, this season could be the last chance in which Cleveland could move its 2032 first-rounder. The Cavs’ 2031 or 2032 first (but not both) are the only picks allowed to be traded. They have six seconds available.
Free agents: Ty Jerome, Sam Merrill, Javonte Green, Tristan Thompson and Chuma Okeke (Team)
Rookie scale contracts: Jaylon Tyson ($3.5 million, RFA 2026)
Sizable contracts: Donovan Mitchell ($46.4 million, Player 2027), Darius Garland ($39.5 million, UFA 2028), Evan Mobley ($46.4 million, UFA 2030), De’Andre Hunter ($23.3 million, UFA 2027), Jarrett Allen ($20 million, UFA 2029), Max Strus ($15.9 million, UFA 2027), Isaac Okoro ($11 million, UFA 2027)
Other contracts: Dean Wade ($6.6 million, UFA 2026), Okeke ($2.5 million, Team 2026), Craig Porter Jr. ($2.2 million, Team 2026). Note: Wade’s contract is partially guaranteed, while Porter Jr. has no salary protection.
