Milwaukee Bucks trade franchise icon Giannis Antetokounmpo to Miami Heat ahead of NBA draft

The trade package

Milwaukee is sending Antetokounmpo and forward Bobby Portis to Miami in return for guard Tyler Herro, center Kel'el Ware, forward Jaime Jaquez Jr., guard Kasparas Jakucionis, a 2026 first-round pick (No. 13), first-round picks in 2031 and 2033, a first-round pick swap in 2030 and a 2033 second-rounder, according to sources who spoke to the Associated Press and other outlets. The deal was reportedly agreed late Monday night, hours before Tuesday's draft, and is subject to league approval.

“I just think before the (June 23) draft is a natural time. If Giannis does play somewhere else, we oughta get a lot of assets, and that's Jon Horst's job to do it.”

End of an era in Milwaukee

Antetokounmpo spent 13 seasons with the Bucks after being selected 15th in the 2013 draft. He led the franchise to the 2021 championship, scoring 50 points in the title-clinching Game 6, and earned Finals MVP honors. A two-time regular-season MVP (2019, 2020) and ten-time All-Star, he leaves as the Bucks' all-time leader in points (21,531), rebounds (8,882), assists (4,484) and blocks (1,088). Last season the 31-year-old was limited to 36 games by a left knee hyperextension on March 15, and Milwaukee missed the playoffs for the first time since 2015-16, finishing 32-50.

“Naturally, we did talk about Giannis, the entire roster, developmental pathways for everyone you know, moving forward. From the coaching lens, I've got to start formulating that.”

Miami adds another star

Heat president Pat Riley had made clear his desire to upgrade the roster, saying in April, "We are not good enough, and we are not happy about it." Antetokounmpo, still one of the game's elite players when healthy, joins a lineage of star acquisitions in Miami that includes Shaquille O'Neal, LeBron James and Jimmy Butler. He is under contract for 2026-27 at $58.5 million with a $62.8 million player option for 2027-28.

“We are not good enough, and we are not happy about it.”

The return for Milwaukee

The Bucks receive a haul centered on Herro (19.5 points, 5.0 rebounds career), Ware (11.1 points, 9.0 rebounds last season), Jaquez (15.4 points, 5.0 rebounds, 4.7 assists, runner-up for Sixth Man of the Year) and Jakucionis (6.2 points as a rookie). All four had spent their entire careers with the Heat. The three unprotected first-round picks and the swap give Milwaukee significant draft capital as it retools under new coach Taylor Jenkins.

How the deal came together

League sources told the New York Times that Antetokounmpo's representatives had long made clear he would not sign the extension for which he was eligible on Oct. 1, effectively forcing the Bucks' hand. Talks accelerated after the February trade deadline, with Boston also pushing for the star forward. The Celtics' offer reportedly included five-time All-Star Jaylen Brown, but Miami's willingness to send four young players and a haul of picks ultimately won out.