Miami Heat head coach Erik Spoelstra reacts as his team plays against the Orlando Magic in the second half of their NBA game at Kaseya Center on Jan. 28, 2026, in Miami. Photo by Matias J. Ocner mocner@miamiherald.com
The Miami Heat entered the week of the trade deadline hoping to make a franchise-altering move for Milwaukee Bucks two-time NBA MVP and nine-time All-NBA forward Giannis Antetokounmpo. Instead, the Heat did nothing.
With the Bucks opting to keep Antetokounmpo past Thursday’s 3 p.m. league-wide trade deadline, the Heat didn’t make a move on deadline day.
Amid a flurry of deals around the Eastern Conference, the Heat is the only East team that didn’t make a trade ahead of Thursday’s deadline.
The Heat (27-25) moves forward with a roster that is 13-18 in its last 31 games following a strong 14-7 start to the season. After needing to qualify for the playoffs through the NBA’s play-in tournament (which features the seventh-through-10th-place teams competing for the final two playoff seeds in each conference) in each of the last three seasons, the Heat is again in play-in tournament territory this season as the seventh place team in the East.
The Heat, Minnesota Timberwolves and Golden State Warriors are the teams that most aggressively pursued Antetokounmpo ahead of Thursday’s deadline.
The Warriors were the first team to drop out of the Giannis sweepstakes, pivoting to trade Jonathan Kuminga and Buddy Hield to the Atlanta Hawks for Kristaps Porzingis on Wednesday night.
The Timberwolves then ended their pursuit of Antetokounmpo, moving on to trade Rob Dillingham, Leonard Miller and four second-round picks to the Chicago Bulls to acquire Ayo Dosunmu on Thursday morning.
According to a league source, the Heat was informed late Wednesday night that the Bucks likely wouldn’t be trading Antetokounmpo prior to Thursday’s deadline.
Other than captain and three-time All-Star center Bam Adebayo, according to a league source, the Heat made the rest of its roster available in trade negotiations for Antetokounmpo and was willing to do what it took to get a deal done. The Heat’s offer received consideration, but the Bucks ultimately decided to keep Antetokounmpo at least for the remainder of this season.
The Heat also registered some level of interest in Memphis Grizzlies two-time All-Star guard Ja Morant, but never aggressively pursued Morant ahead of Thursday’s deadline, according to a league source.
But Thursday’s news doesn’t necessarily mean that the Heat is done trying to land Antetokounmpo. The Bucks could revisit an Antetokounmpo trade this upcoming offseason, when the Heat and other teams will be able to offer more first-round picks in such a deal.
For example, the Heat could offer three first-round picks to the Bucks for Antetokounmpo this offseason because it could draft a player for the Bucks in June and then also include its 2030 and 2032 picks.
In this scenario, the Heat would only have four first-round picks it could include in a deal for Antetokounmpo this offseason if it lifts the lottery protections on the 2027 first-round selection it owes the Charlotte Hornets, but the Hornets would also have to agree to that change. This would allow the Heat to make a pick for the Bucks in this year’s draft, and then also include its 2029, 2031 and 2033 first-round selections in a potential trade for Antetokounmpo this summer.
Even after not making a trade ahead of Thursday’s deadline, the Heat could still add to its roster this season.
One way is for the Heat to shop the buyout market. Players need to be waived by March 1 to be eligible to take part in the playoffs this season.
The Heat, currently with open spot on its 15-man standard roster, are eligible to sign any player who becomes available on the buyout market this season since it’s below the punitive first apron threshold. While teams that have crossed the first apron can’t sign players who are waived during the regular season and have a pre-waiver salary exceeding this season’s full midlevel exception ($14.1 million), teams that have not surpassed the first apron like the Heat are eligible to sign any player who becomes available this season.
The Heat could also open a second spot on its 15-man standard roster by releasing guard Terry Rozier, who has been away from the team for all but one game this regular season in the wake of his Oct. 23 arrest stemming from a federal investigation into illegal gambling. Rozier has been charged with conspiracy to commit wire fraud and conspiracy to commit money laundering, pleading not guilty at his arraignment in December.
With the Heat currently operating at $1.6 million below the NBA’s luxury tax line, it will have to wait until Feb. 12 to have enough room to add two players on veteran-minimum salaries (if it waives Rozier to open that second spot) while still remaining below the luxury tax threshold.
The Heat could also promote standout two-way contract forward Myron Gardner to a standard contract to fill a roster spot, which would in turn open a two-way contract slot for Miami to sign another young prospect. Miami currently has Gardner, center Vlad Goldin and guard Jahmir Young signed to two-way deals, which allow for players to be on their NBA team’s active list for as many as 50 regular-season games with other game action having to come in the G League.
Gardner, a 24-year-old undrafted rookie, has logged double-digit minutes in nine of the Heat’s last 17 games amid the team’s injury issues. He totaled a career-high 14 points on 5-of-8 shooting from the field and 2-of-3 shooting on threes to go with six rebounds and two steals in 21 minutes in the second start of his NBA career in Tuesday’s home loss to the Atlanta Hawks.
Another option to fill a roster spot is for the Heat to sign an outside prospect on a conditional multi-year contract to add to its developmental pipeline.
The Heat could also fill a roster spot by signing an available player to a 10-day contract for a short-term evaluation period. NBA teams are allowed to sign a player to two 10-day contracts during a season before they are forced to sign that player for the rest of the season or allow him to become a free agent.
The Heat continues its schedule on Friday against the Celtics in Boston (7:30 p.m., FanDuel Sports Network Sun) to begin a two-game trip.