A third straight first round exit, Damian Lillard's torn Achilles and the evident disaster of the Kyle Kuzma trade concocted a discouraging end to the Milwaukee Bucks' season.
With a depleted stock of draft picks and a dearth of trade assets, they have limited options to make a splash this offseason. As much as fans dread the day, the front office may be nearing the crossroads where trading Giannis Antetokounmpo is the organization's most viable path forward.
Here are possible hauls from five potential suitors, ranked by the best NBA talent - not necessarily the best total package - coming back to the Milwaukee Bucks.
1. Houston Rockets
Alperen Sengun, Jabari Smith, Aaron Holiday, 2025, 2027, 2030 first-round picks
With a move like this, the Bucks would be committing to a future centered around Sengun. The 2025 All-Star is owed $35.5 million next season and is under contract for five more years. In exchange for Giannis, everything is a consolation prize, but the Rockets center is not all that shabby a building block. Both scorer and facilitator, in 2024-25, he averaged a 19-point double-double plus 4.9 assists.
In addition, the Milwaukee Bucks would get badly needed draft capital to grow the roster around him or use on other trades. Any trade involving Giannis, including this one, would likely involve three or more first-rounders in total.
Smith, who saw his playing time tail off down the stretch this season, is a reliable rebounder at the four who can also shoot from outside (12.2 points, seven rebounds this season). Holiday is included to make the money work, but Milwaukee could use another point guard, anyway.
Two of the draft picks, in 2025 and 2027, are Houston's via the Suns, increasing their value as the dumpster fire continues in Phoenix. Acquiring a long-term All-Star centerpiece, aside from draft capital and a starting-caliber power forward, is what pins this package atop the list.
2. Houston Rockets (Again)
Fred VanVleet, Amen Thompson, Cam Whitmore, 2025, 2027 and 2030 first-rounders, 2026 second-rounder
It is a testament to the sheer volume of Houston's assets that they boast the Bucks' top two return hauls. Even as a rookie, Thompson showcased Defensive Player of the Year potential. In the first round against Golden State, he was tasked with guarding Steph Curry. Getting back a player like him would give the Milwaukee Bucks a future starter.
Whitmore's stock, on the other hand, took a hit this season following a promising debut. Still just 20 years old, however, he is already a serviceable player (9.4 points in 16 minutes per game) with ample room to grow.
By far the best offensive player of the three, VanVleet would fill in for Milwaukee at point guard as Damian Lillard recovers from surgery. For the trade to work, Houston would need to exercise his $44.8 million team option prior to moving him. Not shackled to a hefty salary, the Bucks would then have the choice to re-sign VanVleet or let him walk in free agency next season.
This deal would allow the Bucks to begin stockpiling cap space as part of a retooling, developmental phase. Alternatively, they could use the freed payroll to pursue a star in 2026-27 and remain competitive during the reset. Compared to the first deal, Thompson and Whitmore are the better supplementary pieces, but because VanVleet is essentially a one-year rental, Houston throws in a 2026 second-round selection via OKC, Dallas or Philadelphia.
3. Golden State Warriors
Jimmy Butler, Brandin Podziemski, 2027, 2029 and 2031 firsts plus 2025 (via Miami), 2030 seconds
With the possible exception of Sengun, Butler remains, strictly speaking, the singularly most talented player on the list. In a down season plagued by his trade saga in Miami, he still averaged 17.5 points, 5.4 rebounds and 5.4 assists on 50 percent shooting. Even at 35, he is a tough defender and can elevate his game in the postseason.
Being 35, though, with two years and $111 million left on his contract, is part of the problem. He gets to the rim and free-throw line, but he is not a long-range shooter. If the Bucks are unable to unload Kuzma, pairing him with Butler will affect spacing without the benefit of the superpowers Giannis brings to compensate for his shooting deficiencies.
The main reason to make this deal, from Milwaukee's point of view, would be to acquire a star, at least a second-tier one, to help the team stay afloat and provide some entertainment value next season and in 2026-27, paired with Lillard for a full season.
Podziemski has taken another step as a sophomore, averaging 11.7 points and making 37 percent of his threes on increased volume. He rebounds, is a decent facilitator off the bench or as a starting two, and can play pesky defense (1.1 steals per game). Guard help is something the Bucks could use next season, especially if they don't re-sign both Gary Trent Jr. and Kevin Porter Jr. in free agency.
Podziemski's two-year, $3.5 million contract is also extremely team-friendly. The pick package is not optimal, given the lack of young incoming talent around them, but it's the best Golden State can do. Pushing back the first rounders gives the picks a chance of decent value as Curry and Giannis age.
4. Brooklyn Nets
Cam Johnson, Nic Claxton, 2025, 2026, 2028, 2031 firsts
This trade addresses a key Milwaukee Bucks' need - rostering an athletic starting center - while filling Giannis' minutes with a plus scorer, floor spacer and defender in Johnson. With Claxton under contract for three seasons and Johnson for two, this falls somewhere between the philosophy of the first two packages.
On the one hand, it doesn't give the team a player to build around. On the other hand, it does not leave the roster bare due to expiring contracts like VanVleet's. While Johnson's volume is poised to come down on a contender, his 18.8 points per game this season came efficiently (Johnson shot 47 percent from the field and 39 percent on threes).
Although Claxton's points (10.3), rebounds (7.4) and blocks (1.4) all fell below his numbers the past two seasons, that fact also suggests he can supply more than his more pedestrian 2024-25 stats.
Moreover, both Johnson and Claxton are under control through 2026-27, which projects to be Lillard's first full season after returning from his Achilles tear. Their skill sets could mesh quite nicely. A rim-running, shot-blocking big man, Claxton, in particular, would likely work well with Lillard.
If the pairing didn't work, the Bucks would have outs, too. Given Johnson's desirability at this trade deadline, they could also flip him themselves to acquire additional assets for the future. Those assets they got in the trade would be among the best of the five offers, including the sixth pick in this year's draft. The 2031 pick would come via New York.
5. San Antonio Spurs
Stephon Castle, Keldon Johnson, Harrison Barnes, 2025, 2025 (via Atlanta), 2027, 2031 firsts
Spurs fans are excited about Castle running the point in the future alongside De'Aaron Fox as a hybrid one-two guard. This season, the 20-year-old rookie averaged 14.7 points and 4.1 dimes and his numbers took off in the final two months. From March on, Castle bumped his scoring average to 19.3, and in April (8 games), he contributed 18.9 points, 6.9 boards and 7.5 assists.
A required sacrifice to acquire Antetokounmpo, Castle would be a nice return for the Milwaukee Bucks because they currently lack an opening-night point guard. If he continues to grow, Castle could fill that role for years to come.
Right now, though, he isn't anywhere near elite, and while Johnson and Barnes are fine contributors, the Spurs' package lacks the current All-Star or near All-Star talent of a Sengun or Butler deal. There is also the question of fit, as the Bucks would then have a collection of similarly sized forwards - Johnson, Barnes and Kuzma - with fairly similar skillsets. Johnson and Barnes are better shooters than Kuzma; Kuzma is more athletic. Other than that, they are a fairly redundant group of players.
Without involving a third team, including both Barnes and Johnson would be necessary to match salaries unless the Spurs substituted shooting guard Devin Vassell for one of them. That move does not make much sense for either team. San Antonio would already be losing Castle, has finanically committed to Vassell for the future, and the Bucks would not benefit from absorbing the remaining four seasons of his five-year $135 million contract. Barnes (one year left) and Johnson (two years) would better align with the direction of a Giannis-less Bucks roster.
Like Brooklyn, the Spurs have assets to spare, including the eighth and 14th picks in the 2025 draft. The 2027 first would also be from Atlanta. The 2031 selection holds swap rights to Sacramento's first round pick that year. From a picks perspective, San Antonio's offer probably holds the most value. In the short term, however, the above concerns make theirs the least appealing player haul of the five, dropping it to the bottom of the list.
Ideally, general manager Jon Horst will do everything under the sun to improve the roster around Antetokounmpo before pivoting to a trade. Franchise players are not easy to come by, and the Bucks have enjoyed remarkable success, despite their recent playoff shortcomings, during the Giannis era. The Greek Freak himself has repeatedly indicated his desire to stay in Milwaukee. Let's hope Bucks fans will not have to consider the merits of any package, those above or otherwise, in the near future.