With the NBA draft lottery complete and June’s draft approaching, there will soon be closure to the Giannis Antetokounmpo saga — at least we think there will be.

After holding on to the two-time MVP through the February trade deadline, the Milwaukee Bucks are open to taking trade calls and offers this offseason, league and team sources told ESPN’s Shams Charania.

“Before the draft is a natural time,” Bucks co-owner Jimmy Haslam said. “Because if Giannis does play somewhere else, we’ve got to have a lot of assets. That’s [general manager] Jon [Horst]’s job to do, and if he’s here, then you build the team differently.”

Wes Edens, the team’s controlling owner until April 2028, was blunt when discussing the future of Antetokounmpo. “One of two things will happen: Either he will be extended or he’ll be traded,” Edens said in March.

Antetokounmpo has two years left on his deal (the second one is a player option) and will be eligible to sign a four-year, $275 million contract Oct. 1. If he exercises his $62.8 million option for 2026-27, the deal will become three years, $213.6 million. If moved this offseason, Antetokounmpo will be eligible for the same extension with a new team, albeit not until six months after a trade. Any potential trade partner will need to weigh the risks of offering a hefty collection of assets with no guarantee on an extension.

Through all the chatter surrounding the “will they, won’t they” dynamic between Antetokounmpo and the Bucks, one thing is for certain: Milwaukee now realizes it can’t wait until October for him to make a decision.

“That’s not a Giannis issue,” Edens said. “That’s any player in their last year.”

If Milwaukee decides to move on from its superstar forward, which franchises have the assets to swing a deal? Let’s examine 10 potential suitors — ranging from lottery teams to title contenders — and their pathways to a trade.

Note: Any franchise without cap space would have to send Milwaukee at least $46.6 million in salary and remain below the first apron. (Salaries below reflect the 2026-27 season, and players with options cannot be traded until they are exercised.)

State of the Bucks: Is trading Giannis the only option?

Can GM Jon Horst piece together another championship-caliber roster and still retain Antetokounmpo? The Bucks have the 10th pick in June and, starting the night of the draft, are allowed to trade two additional first-round picks in 2031 and 2033.

Improving via free agency could prove more difficult. Milwaukee has nine free agents this summer, five with player options (Kevin Porter Jr., Gary Trent Jr., Gary Harris, Taurean Prince and Jericho Sims). The Bucks, who won the 2020-21 title with Antetokounmpo, are also projected to be over the cap, thanks in part to signing center Myles Turner last offseason and owing Damian Lillard $20.2 million per season through 2029-30 after waiving and stretching his contract.

Outside of using the Turner, Kyle Kuzma or Bobby Portis contracts in a trade, Milwaukee will have the $15.1 million non-tax midlevel, $5.5 million biannual and veteran minimum exceptions available to sign players.

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Two lottery teams to watch

After the Warriors missed the playoffs for the second time in three seasons, expect them to explore options on how to improve this offseason, including a blockbuster trade to pair Stephen Curry with Antetokounmpo. The Warriors have the 11th pick in the draft and can trade three additional first-round picks (2028, 2030 top-20 protected and 2032). They are also allowed to swap picks in the next seven years.

“We’re willing to do whatever it takes to improve this team, whether it’s young players, first-round picks,” Warriors GM Mike Dunleavy Jr. said in February. “We always have been, we always will be, as long as we’re in this win-now window.”

Golden State would be hard-pressed to cobble together enough matching salary and still have flexibility in adding to the roster. Because of the lack of sizable contracts beyond Curry and Jimmy Butler III, Draymond Green and his $27.7 million salary would be required to make any Giannis deal work. Curry, Butler and Green constitute 79% of the Warriors’ payroll next season, leaving six players (Moses Moody, Brandin Podziemski, Gui Santos, Al Horford, Will Richard and De’Anthony Melton) each earning less than $13 million. Green, Horford and Melton have player options and can’t be traded unless they opt-in to their contracts.

Front office analysis: The Warriors check the boxes with the ability to trade four firsts. The question for Golden State is what would be left of the roster after an Antetokounmpo trade and whether it could compete for a championship.

Offseason breakdown:

• Free agents: Draymond Green (player), Kristaps Porzingis, De’Anthony Melton (player), Gary Payton II, Pat Spencer (restricted), Quinten Post (restricted), Al Horford (player), Seth Curry, Nate Williams (restricted), Charles Bassey

• Rookie scale contracts: Brandin Podziemski ($5.7M, RFA 2027)

• Sizable contracts: Stephen Curry ($62.6M, UFA 2027), Jimmy Butler III ($56.8M, UFA 2027), Draymond Green ($27.7M, player 2026), Moses Moody ($12.5M, UFA 2028), Al Horford ($6M, player 2026), Gui Santos ($5M, UFA player 2028).

• Other contracts: De’Anthony Melton ($3.5M, player 2026), Will Richard ($2.2M, team 2028)

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Losing the play-in should only accelerate Antetokounmpo trade talks. As Charania reported recently, the Bucks considered the Heat’s trade deadline offer centered on Tyler Herro, Kel’el Ware and multiple picks and swaps. Miami is allowed to trade the 13th pick starting the night of the draft along with first-rounders in 2031 and 2033. The Heat can also include swap rights from 2029 to 2033.

Though waiting until the 2027 offseason is risky, Miami is projected to have enough cap space that summer to sign Antetokounmpo outright while retaining those young players and picks.

After the Heat failed to reach the playoffs for the time since 2019, team president Pat Riley alluded to the possibility of major summer moves.

“We are just not good enough. We are not happy with it,” Riley said after the season. “This is the first time in those three years that we have an opportunity to do something with our roster, with our flexibility, with our players.”

Front office analysis: Losing in the play-in certainly creates a sense of urgency for the Heat. Can they pull off a trade while still having the financial flexibility to re-sign Norman Powell and add to their roster? To do so, Miami would need to avoid the second apron hard cap by sending out more salary than the incoming amount received in a trade.

Offseason breakdown

• Free agents: Norman Powell, Andrew Wiggins (player), Pelle Larsson (team), Keshad Johnson (restricted), Simone Fontecchio, Vladislav Goldin (restricted), Jahmir Young (team), Trevor Keels (restricted)

• Rookie scale contracts: Kel’el Ware ($4.7M, RFA 2028), Jaime Jaquez Jr. ($5.9M, RFA 2027), Kasparas Jakucionis ($3.8M, RFA 2029)

• Sizable contracts: Bam Adebayo ($49.5M, player 2028), Tyler Herro ($33M, UFA 2027), Andrew Wiggins ($30.2M, player 2026), Nikola Jovic ($16.2M, UFA 2030), Davion Mitchell ($12.4M, UFA 2027)

• Other contracts: Dru Smith ($2.6M, team 2027), Pelle Larsson ($2.3M, team 2026), Myron Gardner ($2.2M, RFA 2028), Jahmir Young ($2.5M, team 2026)

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Eight playoff teams to watch

President of basketball operations Brad Stevens made it clear that finding players who can get to the rim is an offseason priority. “I think we need to add to our team to do that,” Stevens said.

Boston ranked 27th in paint scoring this season, while no player in the league had more paint points per game than Antetokounmpo.

The Celtics have cleaned up their finances from a year ago and are allowed to take back more salary in a trade and also aggregate contracts, two major hurdles cleared for a potential Giannis offer. Boston is $21 million below the first apron with 14 players under contract.

As for draft picks, the Celtics have six first-rounders in the next seven years, three that can be traded (2027, 2031 and 2033). They could also trade the rights to the 27th pick in this year’s draft.

Acquiring Antetokounmpo would almost certainly come at the cost of Jaylen Brown or Jayson Tatum and would continue Boston’s significant roster reshuffle that began in the 2025 offseason. Brown is extension-eligible starting July 26 and has three seasons remaining. His salary next season is $57.1 million. Tatum has four years left on his contract and makes the identical salary as Antetokounmpo.

Front office analysis: Would the Celtics spit up Tatum or Brown if there is no assurance Antetokounmpo will extend his deal during the regular season? The answer should be a hard no considering Brown and Tatum have at least three years remaining on their contracts.

Offseason breakdown

• Free agents: Nikola Vucevic, Neemias Queta (team), Amari Williams (team), Jordan Walsh (team), Ron Harper Jr. (team), Max Shulga (team), John Tonje (team), Dalano Banton (team)

• Rookie scale contracts: Hugo Gonzalez ($2.9M, RFA 2029)

• Sizable contracts: Jayson Tatum ($58.5M, player 2028), Jaylen Brown ($57.1M, UFA 2029), Derrick White ($30.4M, UFA 2029), Sam Hauser ($10.8M, UFA 2029), Payton Pritchard ($7.8M, UFA 2028)

• Other contracts: Luka Garza ($2.8M, UFA 2027), Jordan Walsh ($2.4M, team 2026), Amari Williams ($2.2M, team 2026), Max Shulga ($2.2M, team 2026), Ron Harper Jr. ($2.5M, team 2026), Dalano Banton ($2.8M, team 2026)

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The Cavaliers would need to get creative to land Antetokounmpo. Cleveland will enter the offseason $3.2 million above the second apron and is not allowed to aggregate contracts nor take back more salary in a trade. (For example, swapping Evan Mobley and two first-round picks for Antetokounmpo would not work. To add matching salary, Cleveland would need to shed enough money elsewhere to dip under the second apron after the trade.)

Along with its first-round pick in June, Cleveland can trade its 2031 or 2032 first-rounder.

The Cavaliers’ path to landing Giannis would begin with renegotiating James Harden’s salary for next season. Harden signed a two-year, $81.5 million contract last offseason with the LA Clippers, which has a player option that allows both sides to negotiate a longer contract at possibly less money if he were to become a free agent. A two-year, $64 million contract that starts at $32 million would get Cleveland under the second apron even after the roster is filled out.

Front office analysis: If Cleveland does not reach the conference finals, all options have to be on the table, including trading for Antetokounmpo. Because of their lack of first-round picks, the Cavaliers likely would need to include a player such as Mobley.

Offseason breakdown

• Free agents: Keon Ellis, James Harden (player), Thomas Bryant, Larry Nance Jr., Craig Porter Jr. (team), Dean Wade, Olivier Sarr (restricted)

• Rookie scale contracts: Jaylon Tyson ($3.7M, RFA 2028)

• Sizable contracts: Donovan Mitchell ($50.1M, player 2027), Evan Mobley ($50.1M, UFA 2030), James Harden ($42.3M, player 2026), Jarrett Allen ($28M, UFA 2029), Max Strus ($16.7M, UFA 2026), Dennis Schroder ($14.8M, UFA 2028), Sam Merrill ($9.2M, UFA 2029)

• Other contracts: Craig Porter Jr. ($2.4M, Team 2026), Tyrese Proctor ($2.2M, Team 2028), Nae’Qwan Tomlin ($2.4M, UFA 2027)

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Will a disappointing end to the season result in Houston making another win-now trade this summer?

“We’ll look at everything over the offseason, and all potential deals,” GM Rafael Stone said after the season. “But we think the players in our locker room can win a lot of games and be very competitive. We have players coming back from injury that will help us. And if we bring back the same group, I think continuity will help us.”

Houston does not have a first-round pick in this year’s draft but does have valuable assets starting in 2027, including swap rights with Brooklyn and an unprotected first-rounder from Phoenix. In 2029, Houston has two of the more favorable picks between its own and those of Dallas and Phoenix.

Extensions for Kevin Durant and Jabari Smith Jr. will leave Houston a projected $15 million below the tax and $24 million under the first apron.

Despite trading for Durant last offseason, Houston still has the draft picks, players and financial flexibility to pull off an Antetokounmpo deal. Although another blockbuster wouldn’t completely gut the Rockets’ young core, one of the roster’s biggest advantages would take a massive hit.

Removing Durant and Amen Thompson from trade conversations would leave Houston with a combination of Alperen Sengun, Reed Sheppard, Smith and Fred VanVleet to include in a trade. (VanVleet will be trade-eligible only if he opts in to his contract for 2026-27).

Front office analysis: An Antetokounmpo trade is something Houston would need to consider but only if Thompson is not included. That might lead to Milwaukee debating whether a Sengun and Myles Turner combination could work or if a third team would be needed for shipping either player.

Offseason breakdown

• Free agents: Fred VanVleet (player), Tari Eason (restricted), Jeff Green, Aaron Holiday, Josh Okogie, Jae’Sean Tate, Isaiah Crawford (restricted), JD Davison (team)

• Rookie scale contracts: Reed Sheppard ($11.1M, RFA 2028), Amen Thompson ($12.3M, RFA 2027)

• Sizable contracts: Kevin Durant ($43.9M, player 2027), Alperen Sengun ($35.6M, player 2029), Fred VanVleet ($25M, player 2026), Jabari Smith Jr. ($23.6M, UFA 2031), Steven Adams ($13M, UFA 2028), Dorian Finney-Smith ($13.3M, UFA 2029), Clint Capela ($7M, UFA 2028)

• Other contracts: JD Davison ($2.5M, team 2026)

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We won’t eliminate the Lakers from an Antetokounmpo trade, but pulling off a deal would be difficult for multiple reasons. Though the Lakers have nearly $50 million in cap space to absorb most of Antetokounmpo’s salary, they lack the draft assets and young players on controllable contracts.

Besides the 25th pick in June, Los Angeles has two additional first-round picks in 2031 and 2033 to include in trades. It can also swap firsts in five seasons (2028, 2030, 2031, 2032, 2033). Meanwhile, Dalton Knecht is the only Laker on a first-round rookie contract.

One realistic path for Los Angeles seems to be waiting until the 2027 offseason. But that would require Antetokounmpo to play hardball with Milwaukee and interested teams, announcing he will not sign an extension and playing out the season on an expiring contract. The Lakers would then have the available cap space to sign him outright next summer.

Front office analysis: Considering that Antetokounmpo and Luka Doncic would be on the Lakers’ roster for the foreseeable future, it is hard to see the value of future firsts and pick swaps for Milwaukee.

Offseason breakdown

• Free agents: LeBron James, Deandre Ayton (player), Rui Hachimura, Jaxson Hayes, Maxi Kleber, Austin Reaves (player), Marcus Smart (player), Luke Kennard, Chris Manon (restricted), Nick Smith Jr. (team), Drew Timme (restricted)

• Rookie scale contracts: Dalton Knecht ($4.2M, team 2027)

• Sizable contracts: Luka Doncic ($49.5M, player 2028), Austin Reaves ($14.9M, player 2027) Jarred Vanderbilt ($12.4M, player 2027), Deandre Ayton ($8.1M, player 2026), Jake LaRavia ($6M, UFA 2027), Marcus Smart ($5.4M, player 2026)

• Other contracts: Nick Smith Jr. ($2.4M, team 2026), Bronny James ($2.3M, team 2027), Adou Thiero ($2.1M, team 2027)

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The Timberwolves pursued an Antetokounmpo trade ahead of the February deadline and will likely do the same this offseason.

Minnesota has just two tradeable first-round picks (in June at No. 29, and 2033) but a strong group of win-now players including Jaden McDaniels, Rudy Gobert, Julius Randle and Naz Reid. Donte DiVincenzo is on an expiring $12.6 million contract but is out indefinitely with a torn Achilles suffered in the first round of the playoffs. The Wolves have former first-round picks Terrence Shannon Jr. and Joan Beringer on rookie contracts.

To have the flexibility to re-sign Ayo Dosunmu and avoid the second apron hard cap, Minnesota would need to send out at least $58.5 million in salary. Minnesota is $14 million below the first apron and $27 million under the second.

Front office analysis: An Antetokounmpo-Anthony Edwards pairing would be strong, but what would be left of the Wolves’ roster? Because Minnesota has just two tradeable firsts (including the 29th pick in June’s draft), McDaniels and either Randle or Reid would likely need to be included. It would then be up to team president Tim Connelly to build the roster with minimum contracts while also retaining Dosunmu.

Offseason breakdown

• Free agents: Mike Conley, Ayo Dosunmu, Bones Hyland, Jaylen Clark (restricted), Joe Ingles, Julian Phillips (team), Kyle Anderson, Enrique Freeman (restricted)

• Rookie scale contracts: Joan Beringer ($4.4M, RFA 2029), Terrence Shannon Jr. ($2.8M, RFA 2028)

• Sizable contracts: Anthony Edwards ($48.9M, UFA 2029), Rudy Gobert ($35M, player 2027), Julius Randle ($33.3M, player 2027), Jaden McDaniels ($26.2M, UFA 2029), Naz Reid ($23.3M, player 2029), Donte DiVincenzo ($12.6M, UFA 2027)

• Other contracts: Julian Phillips ($2.4M, team 2026)

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Would a second straight conference finals appearance and possible spot in the NBA Finals put a freeze on Antetokounmpo trade talks? As reported last October, New York was the only team Antetokounmpo was willing to play for outside of Milwaukee.

Trading for Antetokounmpo and remaining below the second apron likely would require New York to send a combination of OG Anunoby, Mikal Bridges and Josh Hart. The Knicks could also swap Karl-Anthony Towns straight up but that option is likely less appealing for Milwaukee.

The Bridges trade from Brooklyn has left New York with its own first in June along with a first in 2033. They also have the right to swap firsts in 2030, 2032 and 2033.

Front office analysis: There will certainly be a temptation to chase Giannis again, especially if the Knicks lose in consecutive conference finals. But with few first-round picks to trade, New York all but certainly would need to part ways with half its starting lineup. As for Milwaukee, do Mikal Bridges or OG Anunoby present that win-now player, or would another deal — or a third team — be necessary to pick up additional draft capital and young players?

Offseason breakdown

• Free agents: Mitchell Robinson, Jose Alvarado (player), Jordan Clarkson, Landry Shamet, Mohamed Diawara (restricted), Ariel Hukporti (restricted), Trey Jemison III (restricted), Dillon Jones, Kevin McCullar Jr. (restricted)

• Rookie scale contracts: Pacome Dadiet ($3M, RFA 2028)

• Sizable contracts: Karl-Anthony Towns ($57.1M, player 2027), OG Anunoby ($42.5M, player 2028), Jalen Brunson ($37.7M, player 2028), Mikal Bridges ($33.5M, player 2028), Josh Hart ($20.9M, team 2027), Jose Alvarado ($4.5M, player 2026), Miles McBride ($4M, UFA 2027)

• Other contracts: Tyler Kolek ($2.3M, team 2027)

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The Trail Blazers have two wild cards in potential Antetokounmpo talks.

First, Portland controls Milwaukee’s draft future. From the Lillard trade, the Trail Blazers have swap rights in 2028, 2029 (most and least favorable first of their own, Boston’s and Milwaukee’s) and in 2030. Portland can also float an unprotected 2028 first-round pick from the Orlando Magic.

Second, new owner Tom Dundon wants to compete now.

“Our plan is to work hard, make good decisions,” Dundon said earlier this month. “I’m probably more aggressive than most. If it doesn’t exist, then you’ve got to go about finding the pieces to continue to get better and then decide if you can get good enough to win a championship or you have to take a step back. [GM] Joe [Cronin] and I have talked about this a lot. There’s no one way this is going to go.”

Besides draft assets, Portland also has young players Shaedon Sharpe, Toumani Camara, Scoot Henderson and Donovan Clingan. Sharpe and Camara signed four-year extensions last offseason, while Henderson is rookie-extension eligible this summer.

Front office analysis: Would regaining their own first-rounders be enough of a return for the Bucks, considering they likely would also need to take on Jerami Grant’s salary? Portland, meanwhile, would need decide if it’s worth going all-in to reunite Antetokounmpo with Lillard — for potentially just one season should Antetokounmpo not extend.

Offseason breakdown

• Free agents: Matisse Thybulle, Blake Wesley, Robert Williams III, Caleb Love (restricted)

• Rookie scale contracts: Scoot Henderson ($13.6M, RFA 2027), Donovan Clingan ($7.5M, RFA 2028), Kris Murray ($5.3M, RFA 2027), Yang Hansen ($4.6M, RFA 2209)

• Sizable contracts: Jrue Holiday ($34.8M, player 2027), (Jerami Grant $34.2M, player 2027), Shaedon Sharpe ($20.1M, UFA 2030), Toumani Camara ($18.1M, UFA 2030), Damian Lillard ($13.4M, player 2027), Deni Avdija ($13.1M), UFA 2028)

• Other contracts: Vit Krejci ($2.7M, team 2027), Sidy Cissoko ($2.5M, UFA 2027)

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Does winning 16 more games than last season and reaching the playoffs for the first time since 2022 have Toronto take a win-now approach?

“I think it was a step in the right direction,” GM Bobby Webster said after the season. “It doesn’t mean the next step or the next steps aren’t going to be even harder.”

The hard part comes with Toronto evaluating whether the current roster has the upside to be more than a first-round playoff team or whether a bigger splash is necessary.

The Raptors can trade five first-round picks, including the 19th in this year’s draft, but will they have appealing players if Scottie Barnes and rookie Collin Murray-Boyles are not included in talks?

Toronto must also monitor its finances. Including the first-round pick in June, the Raptors are $4 million below the luxury tax and $5.2 million under the first apron.

Front office analysis: Leading up to the draft, parallels will certainly be drawn to when Toronto traded for the expiring contract of Kawhi Leonard en route to the 2018-19 championship. But this Raptors roster is not constructed to win a title, even if Antetokounmpo is paired with Barnes. As is the case with Portland, the reward might not outweigh the risk, especially if Antetokounmpo does not commit long term.

Offseason breakdown

• Free agents: Sandro Mamukelashvili (player), Trayce Jackson-Davis (team), Garrett Temple, Jamal Shead (team), Jonathan Mogbo (team), Chucky Hepburn (restricted), A.J. Lawson, Alijah Martin (restricted), Tyreke Key (restricted)

• Rookie scale contracts: Gradey Dick ($7.1M, RFA 2027), Collin Murray-Boyles ($6.6M, RFA 2028), Ja’Kobe Walter ($3.8M, RFA 2028)

• Sizable contracts: Scottie Barnes ($41.8M, UFA 2029), Brandon Ingram ($40M, player 2027), Immanuel Quickley ($32.5M, UFA 2028), RJ Barrett ($29.6M, UFA 2027), Jakob Poeltl ($19.5M, UFA 2029)

• Other contracts: Sandro Mamukelashvili ($2.8M, Player 2026), Trayce Jackson-Davis ($2.4M, team 2026), Jonathan Mogbo ($2.3M, team 2026), Jamal Shead ($2.3M, team 2026), Jamison Battle ($2.3M, RFA 2027)