Bucks Trade Giannis Antetokounmpo to Heat in 2026 Offseason
The Milwaukee Bucks traded franchise cornerstone Giannis Antetokounmpo to the Miami Heat in a blockbuster offseason deal, acquiring a package of players
The Milwaukee Bucks traded Giannis Antetokounmpo and Bobby Portis to the Miami Heat on July 6, 2026, in exchange for a substantial player and draft pick package. The franchise also re-signed guard Gary Trent Jr. to a four-year, $64 million contract, a deal that reportedly prompted a league investigation.
According to Hoops Rumors, the relationship between Antetokounmpo and the Bucks frayed in the final months of the 2025-26 season. The superstar forward was reportedly unhappy with co-owner Wes Edens stating the club intended to either extend or trade him. He also clashed with the organization over the handling of a knee injury, though the NBA ultimately cleared the team of any wrongdoing. With Antetokounmpo entering the final year of his contract, he reportedly told the team it was in both sides' best interests to part ways.
The Blockbuster Trade
In the deal with Miami, the Bucks sent Antetokounmpo and Portis south. In return, Milwaukee received Tyler Herro, Kel'el Ware, Jaime Jaquez Jr., Kasparas Jakucionis, the draft rights to Nate Ament (the No. 13 pick), Miami's unprotected first-round picks in 2031 and 2033, a 2033 second-round pick, and the right to swap first-round picks in 2030.
The Bucks were active in other transactions. They acquired Caris LeVert and two second-round picks from the Detroit Pistons in a six-team trade, sending Taurean Prince and Gary Harris to Detroit. In a separate three-team deal, they acquired the draft rights to Malique Lewis (the No. 60 pick) for $1.25 million in cash.
Roster Additions and Departures
Milwaukee's offseason involved significant player movement beyond the headline trade. The team re-signed several of its own free agents and added new faces through the draft and other signings.
| Player | Contract Details | Notes |
|---|---|---|
| Gary Trent Jr. | 4 years, $64,000,000 | Re-signed; fully guaranteed |
| Ousmane Dieng | 3 years, $17,250,000 | Re-signed; third-year team option |
| Brayden Burries | 4 years, $29,213,493 | No. 10 overall pick; first two years guaranteed |
| Nate Ament | 4 years, $25,980,074 | No. 13 overall pick; first two years guaranteed |
| Bogoljub Markovic | 4 years, $9,264,648 | 2025 second-round pick; second year partially guaranteed |
Other signings included Pete Nance on a two-year, minimum-salary deal and John Butler Jr. on a one-year, minimum-salary training camp contract. The Bucks also carried over Cormac Ryan on a two-way contract and added Kam Jones on another two-way deal.
Key departures included Antetokounmpo's brothers, Thanasis and Alex, who are returning to play in Greece. Andre Jackson Jr. also left, agreeing to an Exhibit 10 deal with the Toronto Raptors. The Bucks parted ways with head coach Doc Rivers, hiring former Memphis Grizzlies coach and ex-Bucks assistant Taylor Jenkins.
Salary Cap and Future Moves
The Bucks are operating over the salary cap but below the first tax apron, with a team salary of approximately $190.3 million for tax purposes. They are hard-capped at the first apron and currently sit $13.9 million below that limit and $10.1 million below the luxury tax line.
Milwaukee retains significant financial tools for further roster adjustments. The team has its full non-taxpayer mid-level exception worth $15 million and a full bi-annual exception worth $5.5 million available. It also holds two traded player exceptions, with the largest, created in the Antetokounmpo deal, valued at $25.5 million.
With a crowded standard roster, the Bucks may need to make a consolidation trade or cut a player owed guaranteed money before the season starts. Jericho Sims or Caris LeVert could be the odd man out if no further moves are made. Extension decisions also loom for Tyler Herro, who is eligible throughout the 2026-27 league year, and Jaime Jaquez Jr., whose extension window closes on October 19. Herro, a Milwaukee native and 2025 All-Star, has said publicly he is "not really worried" about a new deal.
The team's direction remains in flux following the departure of its all-time leader in numerous statistical categories. Antetokounmpo, the 15th overall pick in 2013, won back-to-back MVP awards in 2019 and 2020 and led the Bucks to the 2021 NBA championship. The team failed to recapture that success in subsequent years, suffering a second-round exit in 2022 and three consecutive first-round exits leading into this offseason.
