What lies ahead for Giannis, the Bucks, and the NBA as a whole? We addressed eight inquiries.

Is Giannis Antetokounmpo potentially leaving Milwaukee?

On Wednesday, ESPN’s Shams Charania reported that the Bucks are in discussions with various teams regarding potential trades for the two-time NBA Most Valuable Player. This raises the possibility that Antetokounmpo, who is currently out due to a calf strain, may have played his last game for the franchise that selected him in 2013.

Following Milwaukee’s 139-122 defeat in Philadelphia on Tuesday, the Bucks find themselves tied with the Charlotte Hornets for 11th place in the Eastern Conference standings, trailing the Atlanta Hawks by three-and-a-half games for the 10th position, which grants access to the final play-in spot.

More significantly, this loss places Milwaukee in a tie for seventh in the NBA Draft Lottery standings. With a 3-12 record in games without Antetokounmpo this season, the Bucks have ample opportunity to improve their chances in what is anticipated to be a strong 2026 NBA Draft class.

The trade season has seen minimal activity thus far, with only one transaction—the trade that sent Trae Young to the Washington Wizards earlier this month—waiting for a significant event to potentially ignite further moves.

What implications does this hold for the Bucks, Antetokounmpo, and the broader NBA landscape? Our NBA insiders provide an in-depth analysis.

Quick links:
What 29 teams could offer for Giannis
Trade machine | Guide for all 30 teams
More trade deadline coverage

Why is Giannis considering a change now? What has shifted since his recent statements?

Antetokounmpo’s dissatisfaction has been escalating throughout the season.

He began the 2025-26 season optimistic about Milwaukee’s ability to construct a competitive team around him. However, as the Bucks have fallen in the Eastern Conference standings, Antetokounmpo has become increasingly vocal in his criticisms.

A week ago, he expressed disappointment with his teammates, stating they were “not playing hard, not playing to win, not playing together,” and noted that “the chemistry is off and guys are being selfish.” The Bucks suffered another defeat on Tuesday, their first game since Antetokounmpo’s latest calf strain, which has left them in 12th place in the East, with the play-in tournament now appearing out of reach.

For a team that has a 3-12 record without its star player this season, it has become increasingly evident that Milwaukee will struggle to salvage this year. — Jamal Collier

Have the Bucks previously discussed a trade?

During a brief period last summer, the Bucks and the New York Knicks explored the possibility of trading Antetokounmpo. Sources informed ESPN that New York did not believe Milwaukee was genuinely considering a trade at that time, and those within the Bucks felt that New York did not present a compelling enough offer to warrant further discussions.

The Bucks responded to the Knicks’ inquiry about Antetokounmpo when New York emerged as the only team he expressed interest in playing for outside of Milwaukee, according to sources cited by Charania over the summer. However, Milwaukee maintained that their superstar was not available during the first half of the ’25-26 season. League insiders have long believed that a more assertive stance from Antetokounmpo would be necessary to facilitate a trade.

Despite previously focusing on New York, Antetokounmpo has become more open regarding his future and is not expected to limit himself to a single destination. — Collier

What is the current buzz around the league?

For several weeks, the NBA has been in a state of anticipation regarding the Antetokounmpo situation for various reasons.

Injuries to Antetokounmpo, Anthony Davis, Jimmy Butler, and Ja Morant—along with Milwaukee’s understandable reluctance to trade their star player, the challenges of moving large contracts under the collective bargaining agreement, and the scarcity of available draft assets among most teams—have contributed to a stagnation in the trade market.

Rather than teams urgently seeking short-term solutions, potential buyers for a star are waiting to see how the Antetokounmpo situation unfolds. If he is not traded now, they may opt to wait until the offseason for further developments.

Despite the complexities, a trade involving Antetokounmpo is not only a move that teams would go to great lengths to execute, but it could also trigger a chain reaction—hence why discussions with sources across the league have consistently begun and ended with inquiries about Giannis.

If no changes occur before the deadline at 3 p.m. on February 5, these conversations will likely continue into the summer. — Tim Bontemps

How did Giannis and the Bucks reach this juncture?

By continually maximizing the potential of their roster. Bucks general manager Jon Horst deserves recognition for his aggressive approach over recent years, which included trades for Jrue Holiday and Damian Lillard, followed by waiving and stretching Lillard to acquire Myles Turner.

However, the cumulative effect of these moves has resulted in a Milwaukee roster that lacks depth and a nearly depleted asset pool for the upcoming seasons.

This is often the cost a team incurs when striving to meet the demands of a superstar like Antetokounmpo. Yet, it remains uncertain if another player of his caliber will come to Milwaukee again—after all, it took 50 years for the Bucks to win another title, and it required generations for Kareem Abdul-Jabbar’s legacy as the franchise’s best player to be surpassed by Antetokounmpo’s remarkable tenure.

Nevertheless, there is a possibility that the Bucks could attempt to rebuild, with Antetokounmpo still on the roster. Milwaukee is set to receive the lesser of its own pick and New Orleans’ pick in the upcoming NBA Draft, which could realistically land in the top five.

The Bucks would then have some expendable salary and a few future draft picks to pursue talent for the roster, potentially convincing Antetokounmpo to remain long-term.

However, past decisions eventually have consequences. For Milwaukee, a team currently outside the play-in picture in the East, this means engaging in difficult discussions about the future—assuming Antetokounmpo is unwilling to recommit to the franchise. — Bontemps

play1:54Why Stephen A. isn’t surprised by Giannis being ready for a new team

Stephen A. Smith responds to Shams Charania’s report indicating that Giannis Antetokounmpo is prepared to be traded from the Bucks.

Which teams might possess the assets for a Giannis trade?

The answer to this question hinges on Milwaukee’s objectives.

Based solely on first-round picks, Oklahoma City, Brooklyn, Charlotte, Memphis, Sacramento, Utah, and Washington have the most to offer.

These seven teams control 50% of the tradable first-round picks over the next seven years. However, this does not imply that the Thunder will dismantle their championship roster to pursue Antetokounmpo. The Nets have the draft capital and contracts to match, but Antetokounmpo would be joining a less competitive roster than the one he would leave in Milwaukee.

As noted in the recent Giannis trade guide, there are 11 teams, including Atlanta, Detroit, Golden State, Houston, Miami, Minnesota, New York, Portland, San Antonio, and Toronto, that possess a combination of draft picks and players that could entice the Bucks into a deal.

The Trail Blazers could serve as an intriguing match or potential third team since they hold Milwaukee’s first-round picks from 2028 to 2030.

A possible trade involving Golden State for Antetokounmpo would represent perhaps the last opportunity to secure a championship with Stephen Curry on the Warriors. However, executing such a trade would likely require Golden State to part with the injured Jimmy Butler and most, if not all, of their available first-round picks, of which they can trade up to four.

Another consideration is that teams interested in Antetokounmpo must gauge his willingness to extend his contract in the offseason. He is eligible to sign a four-year, $275 million extension starting on October 1. — Bobby Marks

• NBA trade deadline: What should the Bucks do with Giannis?

What type of trade package should Milwaukee pursue in an Antetokounmpo trade?

There should be three primary objectives: to acquire younger players, rebuild their draft assets, and obtain win-now contributors.

The Bucks rank as the fifth-oldest team in the NBA and have constructed their roster primarily through trades and low-cost signings. Aside from Antetokounmpo and Andre Jackson Jr., there are no players on the roster who were drafted by Milwaukee.

Trading a franchise player should indicate that the Bucks are prepared to enter a rebuilding phase focused on the draft. However, unless Milwaukee regains its first-round picks from New Orleans and Portland over the next four years, the aim should be to acquire players on manageable contracts who can contribute in the future.

The Pelicans possess the Bucks’ 2027 first-round pick, while the Blazers have the right to swap first-round picks in 2028 and 2030. They also hold the most and least favorable 2029 first-round picks, from Boston and Milwaukee, respectively.

The recent trades aimed at enhancing the roster around Antetokounmpo have also left Milwaukee without a first-round pick in 2027 and 2029. They traded their last remaining second-round pick to Charlotte this summer in the Pat Connaughton salary dump. — Marks

What does Giannis seek in a potential new team?

Antetokounmpo has been explicit about his aspirations for the latter part of his career. While still in his prime, the 31-year-old desires a team that can provide him with an opportunity to compete for a second championship.

“I just want more,” Antetokounmpo stated at the beginning of the season. “I want to win another championship. I want to win another medal for the national team. Legacy is very important for me. … You have to play to win. I don’t play to just be around and get paid.”

This makes acquiring Antetokounmpo challenging for any team willing to offer a substantial return. A trade suitor must ensure that their remaining roster can instill confidence in Antetokounmpo that they can contend. He could still enter free agency as early as the summer of 2027. — Collier

If Giannis is traded before the deadline, what lies ahead for the Bucks?

The Bucks are already in a better position for the 2026 draft lottery than they were for the postseason.

Milwaukee will receive the lesser of the picks between themselves and New Orleans, which could still place the team in contention for a top-10 draft position. Aside from Antetokounmpo, the team lacks other appealing assets that would attract interest around the league in a potential fire sale.

Looking beyond this season, the Bucks do not control their draft picks until 2031, which may complicate any discussions regarding an Antetokounmpo trade.

Due to their limited draft assets, the Bucks may not fully benefit from a complete rebuild, which could necessitate a more gradual retooling, at least in the short term. — Collier