After back-and-forth discussions -- including a meeting in Antetokounmpo's native Greece in late July [2025] after which the New York Knicks became the only team he'd play for other than Milwaukee -- and the Bucks refusing to move him, Antetokounmpo agreed to give the new roster a chance to grow.
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With the trade deadline [Feb. 5, 2026] just under two weeks away, more than a dozen teams reached out to the Bucks. The Timberwolves, Miami Heat and Golden State Warriors were among the leading suitors for Antetokounmpo. League sources said executives from each of those teams believed that Horst was genuine in his conversations about moving Antetokounmpo in a proposal that met the Bucks' criteria of a young blue-chip talent and/or a surplus of draft picks.For some teams, however, Horst and the Bucks took days responding to messages and calls, leaving those execs to believe that Milwaukee was not ready to pull off a franchise-altering move. For others, the Bucks' asks proved to be too high: Milwaukee wanted Evan Mobley from the Cleveland Cavaliers and VJ Edgecombe from the Philadelphia 76ers, in addition to other assets from both teams, as ESPN's Ramona Shelburne reported March 20.
Antetokounmpo's desires in all of the trade talks mattered, too. He has the 2026-27 season guaranteed in his contract before a player option in 2027. He becomes eligible for a four-year, $275 million contract extension Oct. 1 if he is not traded, or six months after being traded with a new team.
"One of two things will happen: Either he will be extended, or he'll be traded," Edens told Shelburne.
But no team would give up the necessary players and draft picks without knowing Antetokounmpo has a long-term plan to stay.
As deadline day grew close, Minnesota and Golden State began to sense that Milwaukee was keeping Antetokounmpo, and both moved on to completing other deals. Team sources said the Bucks seriously considered the Heat's offer, which centered on Tyler Herro, Kel'el Ware, other players and multiple draft picks and pick swaps. Milwaukee contemplated moving forward with Miami on Feb. 4. Ownership, however, believed the best move would be to hold on to Antetokounmpo and receive better offers in the summer. The Bucks informed the Heat on the morning of Feb. 5 that they would not accept a deal.
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Sources close to the Bucks said Horst and Antetokounmpo have had friction in their longstanding relationship since the trade deadline.
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The Bucks will be open to trade talks regarding Antetokounmpo, and the highest levels of the organization have come to terms with the inevitability of a likely deal coming to fruition this offseason, sources told ESPN.
"This is as toxic of a team situation as any in the league," one source close to the team said. "They waited until the very end on Giannis, and now everyone knows."
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There is a slight contradiction in Shams' reporting: "No team", including Miami, would trade without knowing if Antetokounmpo would agree to a long-term contract with them. No team wanted to be in Ontario State's position of renting Kawhi Leonard for a season, even for a championship, and then losing him. So that is one side.
The other side is that Miami was the last org. standing on Feb. 4 and Beer had to "seriously consider" the Herro/Ware/picks offer. But ownership (Jimmy Haslam) decided to pass on the "Heat" offer until this summer.
This contradiction can be read two ways. One, Beer wanted more from Miami than Herro/Ware but had to seriously consider the offer because Ice and Peaceniks dropped out.
Two, the Miami offer did meet Beer's criteria but Beer ownership still punted on the last day.
What is missing in Shams's piece are Miami's position on rent-a-star, and whether Antetokounmpo wanted--or will want to--come to Miami. His only reported destination of preference other than Beer has been Mamdani City.
It is the undersigned's belief that Miami would not want to rent Antetokounmpo, that Antetokounmpo does not want to come to Miami, and that no one asked Antetokounmpo or his agent if he would sign long-term with Miami.
Therefore, I believe that if it is inevitable that Antetokounmpo is traded this summer, it will not be to Miami.
