Giannis Antetokounmpo
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Bucks could wait until off-season to trade Giannis Antetokounmpo
A proposed trade scenario has emerged that would send Giannis Antetokounmpo to the Miami Heat before the February 5 deadline.
ESPN’s Zach Kram and Bobby Marks outlined the deal that would send the two-time MVP to South Beach in exchange for Tyler Herro, Terry Rozier, Kel’el Ware, and multiple first-round picks.
The framework represents Miami’s best shot at landing Giannis, though it comes with significant complications. The Heat don’t have the most picks or the best young talent to offer the Milwaukee Bucks. But they have a bit of both, which could be enough if circumstances align properly.
Whether this specific deal happens is unlikely. But it illustrates what Miami would need to surrender to bring Antetokounmpo to South Beach.
The Heat’s Trade Framework
Tyler Herro
GettyTyler Herro is the star guard for the Miami Heat.
Miami would send out Herro, Rozier, Ware, a 2029 first-round pick, 2030 swap rights, and a 2031 first-round pick.
The Heat would receive Antetokounmpo in return.
Milwaukee would acquire a one-time All-Star in Herro, a veteran guard in Rozier, a promising 21-year-old center in Ware, and two unprotected first-round picks plus swap rights.
The construction assumes the NBA permits the use of Rozier’s expiring contract in a trade even as he faces federal charges related to illegal sports betting. ESPN reported in December that although there isn’t guidance from the NBA as to whether the Heat could move Rozier, the fact that he’s still on the roster suggests Miami believes it’s possible.
Why Miami Would Make This Deal
Pat Riley, Miami Heat
Photo by Michael Reaves/Getty ImagesPat Riley, Miami Heat.
The Heat would be pairing Giannis with Bam Adebayo and Norman Powell to create a formidable trio in the Eastern Conference. Powell is Miami’s leading scorer this season, averaging 23 points per game. That combination would instantly make Miami a legitimate championship contender.
Herro is the Heat’s second-leading scorer, averaging 21.9 points per game. Losing him creates an offensive void, but keeping Powell while adding Giannis would give Miami elite scoring punch alongside Adebayo’s defensive presence and playmaking. When you’re acquiring a two-time MVP in his prime, those concerns become secondary.
The bigger question is whether Miami retains enough talent around Giannis, Powell, and Adebayo to actually contend. The Heat could also trade Jaime Jaquez Jr., a Sixth Man of the Year contender this season, but they would need to balance their offer with keeping sufficient depth.
Erik Spoelstra would figure out how to maximize Giannis’ abilities within Miami’s system. The defensive versatility of pairing him with Adebayo would be remarkable. The offensive firepower he’d provide alongside Powell would terrorize Eastern Conference opponents.
What Milwaukee Would Receive
The Bucks will face competing offers from other contenders. The Golden State Warriors reportedly have four first-round picks available. The Minnesota Timberwolves would offer a more player-heavy package. Miami faces significant competition in the Giannis sweepstakes.
Marks noted that this trade likely gets done if Antetokounmpo’s camp signals the Heat as his preferred destination. The two unprotected first-round picks and Ware are valuable assets Milwaukee would control. If the Bucks can turn Herro into additional first-rounders through a separate deal, the overall return improves significantly.
Herro will be an unrestricted free agent after next season, giving Milwaukee flexibility. The Bucks could extend him to build around or flip him at the draft for additional picks. That optionality has value for a team navigating its rebuild.
Ware represents the best young asset in this package. The 21-year-old center is averaging 11.4 points and 9.3 rebounds this season while showing genuine two-way upside. He’s the kind of prospect rebuilding teams target.
The Giannis Preference Factor
Miami’s best chance of landing Antetokounmpo is if he specifically wants to go to South Beach and Milwaukee decides to honor that preference. Star players requesting specific destinations doesn’t always work out. Damian Lillard wanted Miami but ended up in Milwaukee instead.
But if Giannis makes it clear he’ll only sign a long-term extension with the Heat, it changes the calculus. Teams won’t gut their rosters for a player who might leave in free agency. That reality could force Milwaukee to accept Miami’s offer even if better packages exist elsewhere.
Giannis becomes eligible to sign a four-year, $275 million supermax extension on October 1. Without an extension, he could become an unrestricted free agent in 2027 by declining his $62.8 million player option that summer. Any team trading for him would want assurance he’s committed long-term before surrendering significant assets.
If Antetokounmpo tells Milwaukee he’ll only re-sign with Miami, the Bucks’ leverage evaporates.
The Rozier Complication for the Heat
Terry Rozier
GettyTerry Rozier, Miami Heat.
The trade construction relies on the NBA permitting Miami to trade Rozier despite his legal issues. That’s far from guaranteed. The league could block the transaction or require additional review before approving it.
Rozier is on an expiring contract worth $25.9 million this season. His salary is necessary to make the math work in this deal. If the NBA prohibits his inclusion, Miami would need to find alternative salary-matching pieces, which becomes significantly harder given their roster construction.
The Heat keeping Rozier on the roster suggests they believe trading him remains possible. But until the league provides clear guidance, any trade scenario involving him carries uncertainty.