Haywood Highsmith, Giannis Antetokounmpo, Lakers
Getty
Giannis Antetokounmpo of the Milwaukee Bucks is fouled by Haywood Highsmith formerly of the Miami Heat.
The Miami Heat pushed aggressively to land Giannis Antetokounmpo before the NBA trade deadline, but Milwaukee ultimately declined to move its franchise cornerstone, ending Miami’s midseason pursuit.
ESPN NBA insider Shams Charania reported Wednesday that the Milwaukee Bucks informed interested teams they would retain Antetokounmpo through the deadline.
“The Milwaukee Bucks have indicated to teams that they are keeping Giannis Antetokounmpo through the trade deadline and will start making other trades,” Charania wrote.
Milwaukee soon reinforced that position by pivoting to smaller transactions, signaling that any Giannis decision would be deferred to the offseason.
Heat Built Giannis Package Around Ke’lel Ware, Draft Capital
Kel'el Ware #7 of the Miami Heat
GettyKel’el Ware will remain with the Miami Heat for now.
Miami was among the teams that pressed hardest, assembling what league sources described as a serious multi-asset offer.
According to Barry Jackson of the Miami Herald, the Heat’s proposal centered on second-year center Ke’lel Ware, whom the organization views as its most intriguing young trade chip.
“The Heat’s offer, according to a source, is widely expected to include Ware, Tyler Herro, Terry Rozier’s expiring contract, and another young player or more,” Jackson reported, “along with first-round picks in 2030 and 2032 and possibly pick swaps in 2026, 2029, and 2031.”
Ware, a 7-footer with shooting range and rim-protection upside, represents Miami’s closest equivalent to a blue-chip developmental piece — precisely the type of player Milwaukee prioritized in Giannis discussions. Even so, the package did not persuade the Bucks to part with their two-time NBA MVP.
Heat Explored Andrew Wiggins’ Market to Strengthen Offer
In parallel, Miami explored secondary avenues to bolster its proposal.
Multiple reports indicated the Heat shopped Andrew Wiggins in hopes of flipping his contract into additional draft capital that could be routed to Milwaukee. No such deal materialized before the deadline, limiting Miami’s ability to escalate its offer further.
Behind the scenes, skepticism persisted regarding Milwaukee’s true willingness to complete a deadline blockbuster.
NBA insider Jake Fischer relayed blunt feedback from one executive involved in talks.
“They were never serious,” the executive said of the Bucks’ Giannis trade posture.
ClutchPoint’s Brett Siegel echoed that assessment, noting Milwaukee had quietly signaled over the final 48 hours that it planned to keep Antetokounmpo and reassess this summer.
Heat Pivoted to Buy-Low Talks on Ja Morant
With the Giannis door closing and fewer than two hours remaining before the trade deadline, Miami explored alternative star pathways.
Tomer Azarly of ClutchPoints reported the Heat circled back into a potential buy-low trade for Ja Morant, the two-time All-Star whose availability has been monitored quietly around the league. They even emerged as Morant’s preferred landing spot. However, talks had not advanced meaningfully as the deadline approached, and no deal appeared imminent.
Any Morant pursuit would represent a separate strategic lane — one built on timing and discounted value rather than an all-in asset unload — but Miami’s brief pivot underscored its continued appetite for a franchise-altering move.
Giannis Chase Shifts to Offseason With Wider Competition
For Miami, the failed deadline push does not close the door — but it complicates the path forward.
The Heat can trade up to four first-round picks in the offseason, positioning them to remain competitive if Antetokounmpo becomes available. However, the pool of potential bidders is expected to expand significantly, particularly among teams that fall short in the playoffs and gain access to additional draft capital.
That dynamic could dilute Miami’s leverage, even with Ware’s emergence and the organization’s willingness to push aggressively.
For now, the Heat exit the deadline in familiar territory: close enough to dream on a franchise-altering move, but ultimately left waiting as Milwaukee holds firm — and the Giannis sweepstakes shift to a far more crowded summer stage.