Giannis Antetokounmpo traded to Miami Heat in blockbuster deal with Bucks
In one of the biggest moves of the NBA offseason, the Milwaukee Bucks have traded franchise icon Giannis Antetokounmpo and Bobby Portis to the Miami Heat for Tyler Herro, Kel’el Ware, Jaime Jaquez Jr., Kasparas Jakucionis, three first-round picks (including No. 13 from Tuesday’s draft), a 2030 pick swap and a 2033 second-round pick, sources told ESPN. The Heat will also send unprotected 2031 and 2033 first-rounders, the No. 13 pick, a 2030 pick swap and a 2033 second-rounder to Milwaukee as part of the completed agreement.
The one-on-one deal set to be executed on July 6 could still be expanded, but for now it gives Miami a generational star pairing: two-time MVP and 2021 Finals MVP Giannis alongside Bam Adebayo. Heat president Pat Riley lands another franchise-defining acquisition, joining the ranks of elite signings that have shaped Miami’s title runs. After news of the trade, Miami’s title odds shortened sharply at sportsbooks, reflecting its new status as a top contender in the Eastern Conference.
What Miami gets
- Giannis Antetokounmpo: The 13-season Bucks superstar is a 10-time All-Star, two-time MVP and former Defensive Player of the Year who led Milwaukee to the 2021 NBA title and Finals MVP honors. He has one guaranteed season remaining on his contract and will be eligible to negotiate a long-term extension beginning Jan. 6 (four years/$275M if he opts out; three years/$214M if he opts in), per ESPN’s Bobby Marks.
- Bobby Portis: A veteran frontcourt piece included in the deal.
What Milwaukee gets
- Tyler Herro: The 26-year-old All-Star averaged 19.5 points over seven seasons with Miami and grew up near Milwaukee. Herro missed significant time last season while recovering from left-foot surgery but remains a proven scoring guard.
- Jaime Jaquez Jr.: A versatile 25-year-old wing who averaged 15.4 points, 5.0 rebounds and 4.7 assists last season and finished second in Sixth Man of the Year voting.
- Kel’el Ware: A 22-year-old center with 11.0 points and 9.0 rebounds per game at times last season; his size gives Milwaukee frontcourt potential.
- Kasparas Jakucionis: The 20-year-old, No. 20 pick in last year’s draft, averaged 6.2 points in limited minutes.
- Draft capital: Three first-round picks (including No. 13), a future pick swap and a second-rounder to accelerate a rebuild and provide roster flexibility under new coach Taylor Jenkins.
Why the Bucks made the move
General manager Jon Horst framed the deal as a long-term, flexible strategy to rebuild around younger players and controllable contracts rather than a win-now veteran package. Milwaukee had engaged in serious talks with both the Heat and the Boston Celtics, who were among Antetokounmpo’s preferred destinations. The Bucks ultimately chose Miami’s offer for its mix of young talent and surplus draft assets.
Why Giannis wanted out
Sources told ESPN that Antetokounmpo and his agent, Alex Saratsis, had repeatedly informed Milwaukee since May 2025 that Giannis wanted a trade, unwilling to commit to another long-term extension with the Bucks. That stance combined with Milwaukee’s lack of recent playoff success (one playoff series win since 2021 and a 32-50 finish this season) led to the franchise’s decision to trade its long-time superstar. With Portis included and Thanasis Antetokounmpo a free agent, no players from Milwaukee’s 2021 title team remain.
What’s next
- Miami aims to pair Giannis with Bam Adebayo and build a championship-caliber roster under Pat Riley’s vision.
- Milwaukee will integrate Herro, Jaquez and the incoming young talent while using the draft picks to accelerate a rebuild.
- Antetokounmpo’s extension decision will be a major story line: his willingness to re-sign long-term in Miami will determine the Heat’s future cap plans and title window.
