The Milwaukee Bucks shocked everyone when the announcement was made on Tuesday that they would officially be waiving Damian Lillard. Making this move of course gave the team financial flexibility and allowed them to go and sign Myles Turner from the Indiana Pacers. But with the dust now settling, the full scope of what the Bucks gave up is becoming painfully clear. Waiving Lillard came with a brutal cost of $22.6 million in dead cap money, every year until 2030.
This is not some flexible number that Milwaukee can move around or attach to a trade. This is five full seasons of immovable dead salary stuck on their books. That money will count against the cap whether Lillard ever plays again or not, whether Milwaukee contends or rebuilds. It is a constant financial anchor, and one that will limit the team’s ability to spend in free agency, build out a deeper bench, or absorb contracts in trades.
It's also a bitter reminder of just how fast things can unravel in the NBA. Less than two years ago, Lillard arrived in Milwaukee to massive fanfare. He and Giannis Antetokounmpo were supposed to form one of the most dominant duos in basketball. On paper, they were a nightmare pick-and-roll tandem, capable of lifting the Bucks back to the NBA Finals. But injuries, inconsistency, and fit issues derailed that vision in relatively short order.
Milwaukee is stuck paying Lillard $22.6M/year until 2030
The addition of Myles Turner to replace Brook Lopez will help this team avoid falling further, but it does not completely undo the ripple effect of the Lillard saga. The Bucks now owe Lillard a large chunk of their annual cap space for the next half-decade, and they have no clear pathway to clearing it.
For a team that is already watching Giannis’ prime slowly tick away and that already has a depth issue, the timing could not be worse. The Eastern Conference is as wide open as it has been in years, but Milwaukee might be watching from the sidelines.
This was always the risk with a stretch-and-waive. The cap savings in the present come with a heavy tax in the future. In Milwaukee’s case, that future starts now, and it is not getting any easier from here.
If the front office thought the hardest part was waiving a future Hall of Famer, they may need to think again. The real challenge will be building a contending team around Giannis while carrying $22.6 million in dead money every year through 2030.