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In: Jerami Grant, Deuce McBride, Robert Williams III, Guerschon Yabusele, Washington’s 2026 first-round pick (via New York), 2027 first-round pick (its own; via New Orleans), 2029 first-round pick (its own; via New Orleans), 2030 first-round pick (its own), New York’s 2030 second-round pick (via Portland), 2032 first-round swap (via New York), New York’s 2032 second-round pick
Out: Giannis Antetokounmpo
Let’s not pretend the Bucks pounce on this package in a vacuum. They wouldn’t. But Giannis’ future doesn’t exist in a vacuum. He has just one full year left on his contract before he can become a free agent (2027-28 player option) and clearly has an affinity for the Knicks. His leverage guides Milwaukee’s actions.
With that said, the Bucks are regaining control over three of their first-rounders. Everything else is immaterial. This deal frees them to tank rebuild their hearts out virtually unencumbered by detrimental draft obligations.
Emphasis must be placed on “virtually.” Milwaukee would still be down its 2028 first-rounder. Though Portland has swap rights on that selection, the Bucks horcruxed the other end of that swap by sending it to the Wizards when they shipped out Khris Middleton at last year’s deadline.
Compensating Washington to give up that end of the swap feels too daunting. Getting the rights back to 2027 is more valuable anyway. It ascribes more purpose to being bad next year. The Bucks can then stomach a one-year gap in 2028, at which point they’ll already have two lottery prospects under their belt from 2026 and 2027, before having the rights to their own selections in 2029, 2030 and beyond.
Milwaukee can see whether McBride or Williams—both acquired for second-round equity—have any subsequent value in other deals. This year’s Wizards pick won’t convey, but it should be something like No. 34 or No. 35. The unprotected swap from the Knicks is far out enough that the Bucks can envision exercising it.