MILWAUKEE, WISCONSIN - MARCH 16: Gary Trent Jr. #5 of the Milwaukee Bucks takes a three point shot ... More during the second half of a game against the Oklahoma City Thunder at Fiserv Forum on March 16, 2025 in Milwaukee, Wisconsin. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Stacy Revere/Getty Images)
Getty Images
The Milwaukee Bucks will have to pull off some salary cap gymnastics this offseason if they want to keep their title window open while staying under the first apron.
Let’s start with the basics. Milwaukee is already over the salary cap with just six players on guaranteed deals: Giannis Antetokounmpo, Damian Lillard, Bobby Portis, Pat Connaughton, Kyle Kuzma, and Tyler Smith. Those six alone combine for $156.1 million—already $1.5 million over the 2025-26 cap.
And that’s not even counting the non-guaranteed salaries of AJ Green, Andre Jackson Jr., and Chris Livingston, who together make up $6.7 million. It’s safe to assume Livingston will be waived before his guarantee date on July 15.
The real number the Bucks need to keep an eye on is the first apron, which sits at $196 million. As long as they stay under that, they’ll have access to a few key tools that can help them reshape the roster.
Here are four they can use this summer—just note, using any of them will hard cap the team under the first apron.
Non-Taxpayer Midlevel Exception ($14.1 Million)
-----------------------------------------------
This is the Bucks’ biggest and most flexible tool. They can use the full $14.1 million on one player or divide it among multiple signings. It can go toward re-signing one of their own free agents (who they don’t have bird rights for), like Gary Trent Jr. or Kevin Porter Jr., or to bring in new talent from outside.
Trent Jr. remains the top priority, but recent developments may complicate that path. Over the weekend, reports surfaced that Malik Beasley is under investigation for betting on NBA games—news that could pull a key name off the market and make Trent Jr. more in-demand.
Milwaukee has to read the market carefully and decide if retaining Trent Jr. at a higher price is worth it, or if they should pivot and use the exception elsewhere. Whatever the case, maximizing this money will be critical in building around Giannis.
Bi-Annual Exception ($5.1 Million)
----------------------------------
Smaller but still valuable, the Bi-Annual Exception works much like the midlevel exception—Milwaukee can use it on one of their own free agents (again, without bird rights) or bring in someone from the outside.
This could be a sneaky way to bring back Porter Jr., who just declined his $2.5 million player option. Doubling that with the Bi-Annual Exception might get the job done and give the Bucks some stability at point guard while Lillard rehabs his Achilles.
Veteran Minimum Contracts
-------------------------
These are always in play and often how the Bucks fill out their bench. Over the years, they’ve had some hits on minimum contracts and misses, but with limited money to spend, veteran minimum deals will again be essential.
Whether or not Milwaukee remains an attractive destination for ring-chasing vets is another story. They’ve bowed out in the first round three years in a row, and the shine of a guaranteed deep playoff run has faded. Still, with Giannis leading the charge, they’ll stay on most players’ radar.
Trade Exception ($7.2 Million)
------------------------------
The final tool in the Bucks’ belt is a $7.2 million trade exception created in the Khris Middleton-for-Kyle Kuzma swap. This allows them to absorb a contract of up to $7.2 million without having to send one out in return.
This won’t land them a star, but it’s a useful mechanism to grab a solid rotation piece from a team looking to shed salary.
What Comes Next?
----------------
With free agency tipping off on June 30, general manager Jon Horst and the Bucks' front office are on the clock. The Bucks need to rebuild their depth, plan around Lillard’s absence, and potentially replace Brook Lopez if he walks.
They don’t have a ton of wiggle room—but with these four tools, some sharp decisions, and a little creativity, they can still piece together a roster that keeps Giannis and company in the hunt.