The future of two-time NBA MVP Giannis Antetokounmpo with the Milwaukee Bucks remains a central topic of discussion as the June draft approaches. Despite holding onto their superstar through the February trade deadline, the Bucks are now open to considering trade offers this offseason, as confirmed by league and team sources. Bucks co-owner Jimmy Haslam indicated that the period before the draft is a natural time to explore options, emphasizing the need for significant assets if Antetokounmpo were to play elsewhere. Controlling owner Wes Edens was explicit, stating in March that either Antetokounmpo will sign an extension or he will be traded.

Antetokounmpo currently has two years left on his contract, with the second being a player option, and will be eligible to sign a four-year, $275 million extension on October 1. If he opts into his $62.8 million option for the 2026-27 season, the extension would be three years, $213.6 million. Any team acquiring Antetokounmpo this offseason would also be eligible to offer him a similar extension, though not until six months post-trade, adding a layer of risk for potential trade partners needing to commit substantial assets without immediate extension guarantees. Milwaukee has acknowledged that they cannot wait until October for Antetokounmpo's decision, viewing this as a standard approach for players entering their final contract year.

The Milwaukee Bucks face the challenge of General Manager Jon Horst assembling another championship-caliber roster, potentially while retaining Antetokounmpo. The team holds the 10th pick in June's draft and can trade additional first-round picks in 2031 and 2033. Improving through free agency presents difficulties, with nine free agents this summer, five holding player options. The Bucks are projected to be over the cap due to recent signings and restructures, limiting their flexibility to the $15.1 million non-tax midlevel, $5.5 million biannual, and veteran minimum exceptions, alongside potential trades involving Myles Turner, Kyle Kuzma, or Bobby Portis.

Several NBA franchises, ranging from lottery teams to title contenders, are being eyed as potential suitors for Antetokounmpo. Any team without cap space would need to send at least $46.6 million in salary to Milwaukee and remain below the first apron.

Among **lottery teams**, the **Golden State Warriors** are exploring blockbuster moves after missing the playoffs. They possess the 11th pick, three additional first-round picks (2028, 2030 top-20 protected, 2032), and swap rights. GM Mike Dunleavy Jr. has expressed a willingness to trade young players and picks to improve. However, salary matching would be challenging, likely requiring Draymond Green's $27.7 million salary, which could significantly impact roster depth. The **Miami Heat**, following a play-in loss, are also eager for major roster changes. They previously considered an offer centered on Tyler Herro, Kel'el Ware, and multiple picks/swaps. Miami can trade the 13th pick, 2031 and 2033 first-rounders, and swap rights from 2029 to 2033. The Heat also have the potential cap space in the 2027 offseason to sign Antetokounmpo outright, retaining their young assets.

Numerous **playoff teams** are also in contention. The **Boston Celtics** prioritize adding rim-attacking talent, an area where Antetokounmpo excels. With cleaned-up finances and being $21 million below the first apron, they can aggregate contracts and take back more salary. Boston has six first-rounders in the next seven years, with three (2027, 2031, 2033) and the rights to the 27th pick in this year's draft being tradeable. A trade would almost certainly involve Jaylen Brown or Jayson Tatum, though the Celtics are unlikely to part with them without extension assurance. The **Cleveland Cavaliers** face significant financial hurdles, being above the second apron, limiting their ability to aggregate contracts. Their path would likely involve renegotiating James Harden's contract to drop below the second apron and potentially including a player like Evan Mobley, given their limited first-round picks (June pick, 2031 or 2032 first). The **Houston Rockets**, despite a disappointing end to their season, possess valuable draft assets from 2027 onwards, including swap rights with Brooklyn and an unprotected Phoenix pick. They have the financial flexibility to pursue a deal without completely gutting their young core, potentially offering a combination of Alperen Sengun, Reed Sheppard, Jabari Smith Jr., and Fred VanVleet (if he opts in), while likely seeking to exclude Amen Thompson.

The **Los Angeles Lakers** face difficulties due to a lack of draft assets and controllable young players, despite having nearly $50 million in cap space. They have the 25th pick in June, two additional first-round picks in 2031 and 2033, and swap rights in five seasons. A more realistic path for the Lakers might be to wait until the 2027 offseason to sign Antetokounmpo outright if he plays out his contract without an extension. The **Minnesota Timberwolves**, who previously pursued Antetokounmpo, have limited tradeable first-round picks (29th in June, 2033) but a strong core of win-now players like Jaden McDaniels, Rudy Gobert, Julius Randle, and Naz Reid. A trade would likely require including McDaniels and either Randle or Reid, posing a challenge for roster depth around an Antetokounmpo-Anthony Edwards pairing. The **New York Knicks**, following consecutive conference finals appearances, are another potential destination, especially given Antetokounmpo's reported willingness to play there outside of Milwaukee. A deal would likely necessitate parting with key players such as OG Anunoby, Mikal Bridges, or Josh Hart, or a direct swap for Karl-Anthony Towns. The Knicks have their own first in June and a 2033 first, along with swap rights in future years.

The **Portland Trail Blazers** hold significant leverage due to their control over Milwaukee's draft future (swap rights in 2028, 2029, 2030 from the Damian Lillard trade) and an unprotected 2028 first-round pick from Orlando. New owner Tom Dundon's aggressive approach to competing, coupled with young players like Shaedon Sharpe, Toumani Camara, Scoot Henderson, and Donovan Clingan, positions them uniquely. The challenge for Portland would be deciding if going all-in for potentially one season with Antetokounmpo and Lillard is worth the risk without an extension. Finally, the **Toronto Raptors**, having returned to the playoffs, are evaluating whether their current roster has championship upside. They can trade five first-round picks, including the 19th this year, but may struggle to offer appealing players without including Scottie Barnes or Collin Murray-Boyles. The Raptors' front office will weigh the reward against the risk, especially if Antetokounmpo does not commit long-term, drawing parallels to their Kawhi Leonard trade.