James Harden, Anthony Davis and Trae Young have all switched hands in midseason trades this year, but the biggest chip of all now appears to be staying put.
The Milwaukee Bucks are indicating to teams that Antetokounmpo won't be traded ahead of Thursday's deadline, ESPN's Shams Charania reports, seemingly putting an end to the rumors that swirled constantly as trade season heated up.
While Antetokounmpo hasn't made a formal trade request, he has said publicly that he wants to win and reportedly has an expressed a willingness to start fresh elsewhere. The Bucks, meanwhile, made themselves open to offers for the two-time MVP, but no deal materialized.
Here's what you need to know about the Bucks' decision and what it could mean for the offseason.
LIVE: Tracking 2026 NBA trade deadline news and rumors
Why Bucks aren't trading Giannis Antetokounmpo
As the Antetokounmpo sweepstakes continued leading up to the trade deadline, the number of realistic suitors for the two-time MVP appeared to dwindle, according to reports. While every team would benefit from having Antetokounmpo on their roster, only a few could make it work financially, at least without crafting a complex three- or four-team trade.
The Golden State Warriors, New York Knicks, Minnesota Timberwolves, and Miami Heat were all reported by ESPN as serious suitors for Antetokounmpo. The Warriors fell out of the running after trading Jonathan Kuminga to the Atlanta Hawks for Kristaps Porzingis, while the Knicks lacked what the Bucks wanted most: significant draft assets or talented young players.
That seemingly left the Timberwolves and Heat, who both had financial paths to a deal. Rather than entertain a bidding war between just two teams, the Bucks likely see the possibility of other teams gaining more flexibility in the summer, when salary commitments ease and roster constraints loosen. The Warriors and Knicks, for example, could better position themselves for a deal in the summer, and involving more teams in the bidding could drive up Milwaukee’s return.
Whether the Bucks were ever truly open to the idea of trading Antetokounmpo prior to the deadline isn't clear. "They were never serious," Jake Fischer reported, citing an anonymous executive.
There is also the question of how much Antetokounmpo truly wants a trade. Antetokounmpo never formally requested a trade, Amazon Prime Video's Chris Haynes reported, though the 10-time All-Star has repeatedly expressed his desire to win, something the Bucks are not doing at the moment.
By holding onto Antetokounmpo, the Bucks kick two cans down the road. On one hand, they likely feel they will have more suitors in the offseason if they do trade their star. On the other hand, they extend their window to make a last-ditch effort to convince Antetokounmpo to stay, with the potential for some NBA Draft Lottery luck as well.
MORE: Live trades grades for every NBA deadline deal
Giannis Antetokounmpo contract
Antetokounmpo is playing out the first year of a three-year, $175.4 million contract extension and carries a cap hit of $54.1 million this season.
Because the third year of the deal is a $62.8 million player option, Antetokounmpo can become a free agent as early as the summer of 2027. That means he is effectively entering the offseason as an expiring contract.
If he isn't traded in the offseason, Antetokounmpo can become eligible for a four-year, $275 million max contract extension on Oct. 1. An offseason trade would delay that date, as a player has to be with his team for at least six months to be extension-eligible.
MORE: Grading the James Harden-Darius Garland blockbuster
Giannis Antetokounmpo landing spots 2026
Warriors
The Warriors are set to have more financial flexibility in the offseason, as the newly-acquired Porzingis is on an expiring contract, and they have plenty of control over their draft assets in the years ahead. That should put Golden State right back on the table as a prime Antetokunmpo suitor in the offseason.
In a sense, an Antetokounmpo trade to Golden State would allow the Warriors to prepare for the post-Stephen Curry era much the way the Lakers prepared for the post-LeBron James era by acquiring Luka Doncic. Antetokounmpo is on the wrong side of 30, unlike Doncic, but he would at least give the Warriors a chance to build around a star for a few more years,
Timberwolves
Reports indicated the Timberwolves were serious about trading for Antetokounmpo right down to the very end. If that's the case, there isn't any reason why a deal can't be revisited in the offseason.
Minnesota's willingness to part with Jaden McDaniels is a question, but anything short of an NBA Finals appearance would only make the franchise more desperate to win a championship and less convinced their current core can do it. In that scenario, Antetokounmpo would likely be the target.
Knicks
The Bucks delaying the Antetokounmpo sweepstakes to the offseason would at least give the Knicks a chance to get their ducks in a row and line up some assets to make a compelling offer. On the other hand, a larger bidding war doesn't bode particularly well for a team that just doesn't have as many draft assets or talented young players as other contenders.
The best-case scenario for the Knicks might be if Antetokounmpo makes it clear to the Bucks that he wants to be in New York, which could force the two sides to get creative and work in a third or fourth team.
Heat
The Heat have made sense as an Antetokounmpo suitor for a long time, and they have young players who could potentially entice the Bucks. Miami might have preferred the Bucks dealing Antetokounmpo at the deadline when there were fewer realistic suitors, but the match between the two-time MVP and an organization as stable as the Heat is strong.
Trail Blazers
The Trail Blazers were reported as a potential contender for Antetokounmpo if only because they have the assets the Bucks are looking for and new owner Tom Dundon is believed to be willing to make a splash. Considering Antetokounmpo has no problem playing in a small market, Portland shouldn't be counted out. The Blazers have Antetokounmpo's old friend Damian Lillard returning next season, and they have enough young pieces to craft an intriguing roster around the pair even if some have to be traded to Milwaukee to make such a move possible.
Hawks
The Hawks have spent the deadline wheeling-and-dealing, trading Trae Young, Kristaps Porzingis and more, but their path to contention in the East still seems narrow without another star that fits better than Young did. Antetokounmpo would fit just about anywhere, and he would make Atlanta a serious team in the East 13 years after they planned to draft him.