Giannis Antetokounmpo Trade Rumors: Why the Heat Might Be the Team to Watch
As long as Giannis Antetokounmpo is wearing a Bucks jersey, the trade buzz isn’t going anywhere. That’s just the reality when you’re talking about a two-time MVP who can tilt the balance of power in the league overnight. But until he makes it clear he wants out, Milwaukee isn’t budging.
Even with the team sitting at 11-16, having dropped 11 of their last 14 games - including a brutal 127-82 loss to the Brooklyn Nets - the Bucks are still trying to sell the idea that they’re buyers, not sellers. That’s despite $23 million in dead cap and a roster that’s looking more patchwork than powerhouse.
They’ve already made their big financial bet, sinking over $100 million into Myles Turner while essentially moving on from an injured Damian Lillard. That’s not the kind of move you make if you’re planning to rebuild. But it’s also not a move that’s helping them win right now.
So here we are - a high-stakes game of chicken. The Bucks are holding onto Giannis, hoping things turn around. Meanwhile, teams around the league are circling, waiting for a crack in Milwaukee’s stance.
Somewhat surprisingly, a few potential suitors - like the Rockets, Thunder, and Spurs - are reportedly taking themselves out of the running before the race even starts. That narrows the field. And if there’s one team you can count on to be in the mix when a superstar becomes available, it’s the Miami Heat.
The Heat Are Always in the Room
You don’t need a reminder of Pat Riley’s track record when it comes to star-chasing. If there’s a marquee name on the board, Miami’s going to at least make a call. And according to NBA insider Jake Fischer, the Heat might actually be better positioned than most to make a real run at Giannis - if it ever comes to that.
“I’m not sure I agree when I hear rival teams denounce Miami’s best possible trade package as not being good enough to ultimately land Antetokounmpo,” Fischer wrote. “In terms of in-season suitors, I’m struggling to pinpoint another team capable of presenting a deal that would clearly trump the Heat’s richest pitch.”
That’s a bold statement, especially considering the limited draft capital Miami has at its disposal. But the Heat do have some intriguing pieces, and in a shallow market, they might just be enough.
What Could a Heat Trade for Giannis Look Like?
Let’s be clear: if the Heat put Bam Adebayo on the table, that’s their best possible offer - full stop. Not only is Bam a perennial All-Star, but he shares an agency with Giannis, which could make the transition smoother on both sides.
But realistically, Miami’s most likely trade package would center around Tyler Herro, Kel’el Ware, and possibly Andrew Wiggins. That trio combines for $63.7 million in salary - a workable match for Giannis’ $54.1 million cap hit, though it would add nearly $10 million to Milwaukee’s books this season.
There are other ways to make the math work. Norman Powell, for example, is an expiring contract and could be swapped in for Wiggins. Miami also has young prospects like Jaime Jaquez Jr. and Kasparas Jakucionis to sweeten the pot.
From a draft standpoint, the Heat don’t have much to offer - just two first-round picks (2030 and 2032), plus swaps in 2026, 2029, and 2031. They’re completely out of second-rounders.
It’s not a treasure chest, but it’s something. And in a market where other big-name teams might be hesitant to go all-in, it might be enough.
Is Miami’s Offer the Best Out There?
If the Rockets, Thunder, and Spurs truly stay out of the sweepstakes, the Heat’s offer could be one of the strongest on the table - at least among teams that are both willing and able to make a move.
That said, there are still a couple of teams that could outbid Miami if they decide to get serious. The Hawks, for example, could build a deal around Jalen Johnson and throw in the Pelicans’ 2026 first-round pick - a potential gold mine. The Pistons could do something similar with Jalen Duren.
Those are the types of assets that might top anything Miami can offer - unless, again, they’re willing to part with Bam. But that’s a steep price, even for Giannis.
Will the Heat Go All-In?
That’s the million-dollar question. Miami has never been shy about chasing stars, but they also tend to play their cards close to the vest. They rarely lead with their best offer, preferring to negotiate from a position of strength.
Still, if Giannis does become available - and that’s a big “if” - you can bet the Heat will be in the mix. Whether they’ll have the winning hand is another story.
For now, the Bucks are holding firm. But the longer the losses pile up, and the more the roster looks like it’s built on shaky ground, the harder it’ll be to keep Giannis happy. And if that day comes, Miami will be ready - just like they always are.