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Bucks' $25.5 million decision will have major implications on next season

Milwaukee has to decide how to use a sizeable trade exception.
Milwaukee Bucks guard Kevin Porter Jr. (7) reacts after scoring a basket during the fourth quarter against the Cleveland Cavaliers at Fiserv Forum on February 25, 2026.
Milwaukee Bucks guard Kevin Porter Jr. (7) reacts after scoring a basket during the fourth quarter against the Cleveland Cavaliers at Fiserv Forum on February 25, 2026. | IMAGN IMAGES via Reuters Connect

Acquired in the Giannis Antetokounmpo deal, the Milwaukee Bucks have a massive trade exception worth $25.5 million. The ability to trade for a player at that figure is incredibly valuable, but the main question is how they plan to use it. Do the Bucks want to add a win-now piece or would they rather play the long game and use it to take on unwanted salaries for picks? It's a worthy conversation.

Bucks staring down decision after Watson deal

For what has felt like an eternity, the obvious route with this exception was to use it to acquire Peyton Watson in a sign-and-trade with the Denver Nuggets. Well, with Watson landing in Cleveland on a new deal, that is no longer an option for the Milwaukee Bucks. Now, they must consider how they will put it to good use, if at all.

There are still win-now pieces out there. Though Watson was the most desirable, Jonathan Kuminga and Bennedict Mathurin, two players the Bucks have indeed been linked to, would be notable pieces to bring in. In this youth-focused timeline, it would make plenty of sense for the Bucks to use assets they have to stack as much young talent as possible.

Then there is the other side of the coin, where the Bucks could hold off on any moves and wait for a team to come calling about a salary dump. Say the Hornets want to rid themselves of Grayson Allen and the $18.1 million he is owed this year and the $19.4 million player option he holds next year. If they coughed up assets, Milwaukee could welcome him in with that exception.

It all depends on where Milwaukee wants to go after striking out on Peyton Watson.

Milwaukee Bucks' choice is likely clear

It won't be surprising if the Milwaukee Bucks pounce and add an impact piece now. Their interest in Kuminga and Mathurin shows a desire to get the wheels turning on adding pieces and not waiting it out. With the Cavaliers and Clippers, who were both involved in the Watson deal, likely done with their big splashes, the Bucks may face little to no competition in making their next move.

Of course, it will all come down to cost as well. It would've made some sense to pay Watson the $22 million annual figure he got from Cleveland, but Kuminga and Mathurin are different cases. If either player is holding out for that, it would make sense for the Bucks to pass. The teams looking to trade them in that part of the deal may also demand key future assets, which Milwaukee should hold close.

There is still plenty of offseason left, but Milwaukee's biggest mystery is crystal clear.

Stay tuned for more Milwaukee Bucks analysis.

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