"Either he will be extended, or he'll be traded." — Bucks controlling owner Wes Edens, on Giannis Antetokounmpo's future.
The Milwaukee Bucks have traded two-time NBA MVP Giannis Antetokounmpo and forward Bobby Portis to the Miami Heat in a multi-player and draft pick deal. The trade, reported by ESPN's Shams Charania, was agreed upon late Monday night and is expected to be finalized on July 6, pending league approval. The deal concludes over a year of trade speculation and follows a 2025-26 season in which the Bucks finished with a 32-50 record and missed the playoffs.
Trade Details
The Milwaukee Bucks receive:
- Guard Tyler Herro
- Forward Jaime Jaquez Jr.
- Center Kel'el Ware
- Guard Kasparas Jakučionis
- The No. 13 pick in the 2026 NBA Draft
- An unprotected first-round pick in 2031
- An unprotected first-round pick in 2033
- A 2030 first-round pick swap
- A 2033 second-round pick
The Miami Heat receive:
- Forward Giannis Antetokounmpo
- Forward Bobby Portis
Player Profiles
Giannis Antetokounmpo, 31, is a ten-time All-Star, nine-time All-NBA selection, and two-time MVP. During the 2025-26 season, he averaged 27.6 points, 9.8 rebounds, and 5.4 assists in 36 games before being sidelined by injuries. He was drafted by the Bucks in 2013 and led the franchise to its first NBA championship in 50 years in 2021.
Bobby Portis averaged 12.3 points and 7.5 rebounds in 68 games during the 2024-25 season, shooting 38% from three-point range.
Tyler Herro, 26, averaged 22.0 points, 5.5 rebounds, and 5.1 assists in 72 games for the Heat during the 2024-25 season. He is on an expiring $33 million contract.
Jaime Jaquez Jr., 25, averaged 9.5 points, 4.0 rebounds, and 2.5 assists in 65 games for Miami in the 2024-25 season.
Kel'el Ware, a second-year center, averaged 8.2 points and 6.3 rebounds in 58 games for the Heat during the 2024-25 season.
Kasparas Jakučionis was selected 15th overall by the Miami Heat in the 2025 NBA Draft.
Background to the Trade
Deteriorating Season and Relationship
The Milwaukee Bucks finished the 2025-26 NBA regular season with a 32-50 record, missing the Eastern Conference Play-In Tournament by 11 games and failing to qualify for the playoffs for the first time in 10 years. The team started the season with a 12-19 record and was 17-24 at the halfway point.
Head coach Doc Rivers departed from his position after the season's final game with one year remaining on his contract. The organization is discussing a potential future role for Rivers within the franchise.
Antetokounmpo missed 15 games at the end of the season due to a left knee hyperextension and earlier missed time with a right calf strain. A disagreement occurred between Antetokounmpo and the franchise regarding his medical clearance to play. Antetokounmpo stated he was healthy, while the Bucks maintained he was not medically cleared. The National Basketball Players Association issued a statement on the matter, and the league began an investigation.
Contract Situation
Antetokounmpo had one season remaining on his contract and was eligible to sign a four-year, $275 million extension starting October 1. According to league sources, his representatives indicated he would not sign the extension.
Bucks controlling owner Wes Edens stated in an interview that regarding Antetokounmpo's contract, "one of two things will happen: Either he will be extended, or he'll be traded." Co-owner Jimmy Haslam stated in May that the team aimed to resolve Antetokounmpo's status before the NBA draft and acknowledged the possibility of a trade.
Trade Negotiations
The Bucks had been exploring trade scenarios since at least February 2025. Multiple teams inquired about Antetokounmpo at the February trade deadline, including the Los Angeles Lakers, Minnesota Timberwolves, Cleveland Cavaliers, Boston Celtics, and New York Knicks.
The Boston Celtics offered a package centered on Jaylen Brown, who averaged 28.7 points per game and earned second-team All-NBA honors. The Bucks had concerns about Brown's willingness to stay long-term, according to league sources.
Milwaukee reportedly preferred Miami's offer, which was influenced by competition from the Celtics, leading to the inclusion of Jakučionis instead of Davion Mitchell.
Miami Heat Context
The Heat will now feature a frontcourt of Antetokounmpo and Bam Adebayo. A projected starting lineup includes Antetokounmpo, Adebayo, Andrew Wiggins, Norman Powell, and Davion Mitchell.
Antetokounmpo is eligible to sign a maximum extension with the Heat starting January 6, 2027.
The Heat are hard-capped at the first apron, which may limit their ability to retain guard Norman Powell in free agency. The team has identified Tim Hardaway Jr. and Mike Conley as priority free-agent targets, according to The Stein Line.
Boston Celtics Context
The Boston Celtics, who had been considered a potential destination for Antetokounmpo, did not acquire him. Following the failed trade, the Celtics are reportedly engaged in trade discussions involving Jaylen Brown with multiple teams, according to ESPN. The Celtics are also reportedly shifting their focus to Cleveland Cavaliers big man Evan Mobley.
According to ESPN's Brian Windhorst, Brown is reportedly accepting of the situation and views it as an opportunity to lead his own team.
Milwaukee Bucks Offseason Outlook
The Bucks will need to hire a new head coach. General Manager Jon Horst will lead roster decisions through the draft and free agency. The team holds a lottery pick in the 2026 NBA Draft and will have tradeable first-round picks in 2031 and 2033. The team is projected to have access to the full nontaxpayer midlevel exception and the biannual exception in free agency.
The Bucks will enter the 2026 NBA Draft positioned to have picks No. 10 and No. 13 if the Antetokounmpo trade is finalized.