The Bucks without Giannis? Potential packages with the NBA trade deadline nearing

Before the Milwaukee Bucks’ 139-122 loss to the Philadelphia 76ers on Tuesday, head coach Doc Rivers admitted an uncomfortable truth about this season during his pregame media session.

“I can’t wait until the deadlines and stuff pass, because we’re rumor central,” Rivers told the assembled reporters in the bowels of Philadelphia’s Xfinity Mobile Arena. “It’s unbelievable. Some true, some not true. I don’t know what half of it is true, but it’s a distraction at times, for sure. So, I can’t wait to get through that.”

Less than 24 hours later, an ESPN report made it clear that Rivers and the Bucks are still a long way from escaping that reality, particularly with the trade deadline only seven days away. As The Athletic was able to confirm, the Bucks have started to listen to trade offers for two-time NBA MVP Giannis Antetokounmpo. And as The Athletic’s Sam Amick reported Thursday, it goes a step further than that because Bucks general manager Jon Horst is fully engaging with teams interested in trading for the best player in the Bucks franchise history.

Much to Rivers’ chagrin, the rumors will not stop anytime soon in Milwaukee. As they fly for the upcoming week, it is important to note that the Bucks do not need to move Antetokounmpo before this year’s Feb. 5 trade deadline. If the Bucks’ exploration of the marketplace reveals there is not a suitable offer on the table for a player named to an All-NBA team each of the last nine seasons, the Bucks can simply hang onto Antetokounmpo and look for a trade again in the offseason.

Waiting until after the NBA Draft Lottery might give the Bucks far greater clarity on each team’s draft position for a loaded 2026 NBA Draft. Waiting until the actual draft would allow teams to gain access to more future draft picks. For some interested parties, such as the New York Knicks and Miami Heat, that would have a massive impact on the number of future draft picks they would legally be able to include in a deal. Because of the rule regarding how many first-round picks a team can trade away, the Knicks have zero first-round picks they can offer, and the Heat have two at the trade deadline, but that would shift to two and four, respectively, in the offseason.

With all that in mind, The Athletic attempted to put together the most competitive trade packages possible from some of the teams that could be interested in acquiring Antetokounmpo before the trade deadline, to see if there are teams that could put together a deal for a player as talented as the Bucks’ all-time leading scorer.

Giannis to the Hawks

Bucks receive: Jalen Johnson and Zaccharie Risacher; New Orleans’ 2026 first-round pick

Atlanta Hawks receive: Antetokounmpo

In the initial aftermath of the revelation that the Bucks are actually listening to trade offers for Antetokounmpo, the Hawks quickly emerged as a team that would logically be interested in acquiring him. However, Amick reported Thursday morning that by the end of the day, Hawks officials were sending the message that they were not interested in speeding up their timeline and, instead, wanted to continue building their roster with a long-term view like the Oklahoma City Thunder or San Antonio Spurs.

The Hawks being uninterested in paying the necessary price to acquire Antetokounmpo would be a significant blow to the market for Horst and the Bucks, as the Hawks, like the Thunder and Spurs, would have the assets needed to create the type of trade package one might expect for a superstar the caliber of Antetokounmpo.

• While Atlanta (24-25) is in ninth place in the Eastern Conference standings, Johnson has emerged as an All-Star-level talent at 24 years old, averaging 22.9 points, 10.5 points and 7.9 rebounds per game in his fifth NBA season. He is the type of young talent any team would look to headline a trade package for a superstar.
• On top of that, the New Orleans Pelicans’ first-round pick, currently projected for the second-best lottery odds, is the type of draft asset many teams would look to acquire for a superstar.

Neither piece being a part of the trade market will hurt Milwaukee’s ability to maximize its return for Antetokounmpo.

Giannis to the Timberwolves (three-team deal)

Bucks receive: Julius Randle and Naz Reid; Portland’s 2030 first-round pick; rights to 2028 and 2032 first-round pick swaps with Minnesota; regain control of their own 2029 and 2030 first-round picks

Minnesota Timberwolves receive: Antetokounmpo and Jrue Holiday

Portland Trail Blazers receive: Jaden McDaniels and Mike Conley

The Timberwolves are among the four teams mentioned as the leading suitors for Antetokounmpo, and while they initially might not seem like the type of team that would have the draft capital needed to put together a convincing package for the Bucks, adding the Blazers to the deal might help them get in the mix.

In the trade that sent Damian Lillard to Milwaukee in 2023, the Bucks sent control of their first-round pick to Portland for three NBA drafts, from 2028 to 2030. In this trade, the Blazers would be sending back the Bucks’ 2029 first-round pick, extinguishing the pick swap they have with the Bucks in 2030, then sending their own first-round pick in 2030 to Milwaukee in order to add McDaniels, while swapping veteran point guards with the Timberwolves.

The Timberwolves do not have any first-round picks they can trade, but they can give the Bucks the right to swap picks with them in 2028 and 2032. Those swaps don’t have much value, but they are still something the Bucks can take to make the package stronger.

Outside of regaining control of two years of draft picks, the Bucks also would be adding Randle, who is averaging 22.2 points, 7.0 rebounds and 5.4 assists in his 12th NBA season, and Reid, who has been one of the league’s most consistent contributors off the bench over the last three seasons. Both players have been real contributors to the Timberwolves, who have gone to the Western Conference finals the last two seasons.

Giannis to the Rockets

Bucks receive: Alperen Şengün, Dorian Finney-Smith and Reed Sheppard; Brooklyn’s 2027 first-round pick

Houston Rockets receive: Antetokounmpo

Houston has remained steadfast in its belief in the team it has assembled, which currently sits fourth in the West with a 28-17 record. That is admirable, considering how patient and disciplined the Rockets have been in rebuilding their roster after trading James Harden in 2021. Kevin Durant is 37 years old and still playing at an incredibly high level this season. The Rockets may need to strike now, and Antetokounmpo could help them, while allowing them to maintain their identity.

Per Cleaning the Glass, the Rockets are fifth in both offensive and defensive rating, but head coach Ime Udoka obsesses over being able to play physical defense with a roster full of versatile defenders who can use their size to suffocate opponents. Antetokounmpo could fit into their defensive game plan perfectly, in addition to giving them a more consistent scorer on the offensive end.

Şengün earned his first All-Star selection last season at 22 years old and seems poised to make it two years in a row, averaging 21.5 points, 9.0 rebounds and 6.4 assists per game on one of the best teams in the West. In only his fifth NBA season, the 23-year-old big man has shown the ability to serve as an offensive playmaking hub for his team, and he would have a chance to shine in Milwaukee in Antetokounmpo’s absence.

Looking at the younger players on Houston’s roster, Sheppard was the No. 3 pick in the 2024 NBA Draft and is an incredibly talented offensive player. While his size and weaknesses on defense have sometimes bothered Udoka, he has the talent to grow into a larger role offensively and could blossom in a new setting.

Taking over the Rockets’ pick swap with the Nets would be a nice draft asset for Milwaukee, and Finney-Smith could either be a player the Bucks could trade to a contender for future draft capital at this year’s deadline or a versatile 3-and-D forward for the Bucks moving forward.

Giannis to the Warriors

Bucks receive: Jimmy Butler, Jonathan Kuminga, Moses Moody and Brandon Podziemski; Golden State’s 2028 first-round pick; Golden State’s 2030 first-round pick (if 1 through 20); Golden State’s 2032 first-round pick; rights to swap Golden State’s 2031 pick

Golden State Warriors receive: Antetokounmpo, Kyle Kuzma

Like the Timberwolves, the Warriors are listed among the four leading suitors for Antetokounmpo. Their trade package would be a bit more straightforward than the one constructed for Minnesota, but maybe not more attractive.

Ultimately, beauty is in the eye of the beholder, and it will be on Horst to decide what he finds most appealing in a trade package and whether or not any team can meet the threshold necessary to acquire Antetokounmpo, who would be a perfect superstar to help Steph Curry finish out his career and then take over as Golden State’s new face once Curry retires.

Butler tore his ACL on Jan. 19, meaning the 36-year-old forward will miss the rest of this season and likely work his way back near the start of the 2026-27 season. While he might have the biggest name in the deal outside of Antetokounmpo, he is largely in the proposed trade package above to help match up salaries. This trade would be all about the young players and the picks.

Kuminga (23 years old), Moody (23) and Podziemski (22) are the Warriors’ three most intriguing young players. Moody is a solid role player with good size on the wing, and he has earned Steve Kerr’s trust in his fifth NBA season. Podziemski has shown off his scoring and playmaking acumen at times and may be capable of more in a different setting. Kuminga has struggled to hold down a place in Kerr’s rotation over the years, but there are some who believe he can be a star outside of Kerr’s system.

The Warriors have nearly full control of their first-round picks for the next seven years, but Horst will have to gauge which of those picks he wants the most. From a pure value standpoint, it would be best to bet on the picks farthest out in the future to capitalize on Curry’s eventual retirement and Antetokounmpo’s play declining once he gets into his 15th NBA season and beyond, but those picks are so far out that Horst might not even be the general manager who gets to use them. In the end, a Warriors package would require quite a bit of best-case-scenario projecting.