The Milwaukee Bucks may have a useful path to help the Denver Nuggets clean up their books this summer, and it starts with the $25.4 million trade exception tied to the Giannis Antetokounmpo trade.
That exception is large enough for Milwaukee to absorb Cameron Johnson’s contract, which gives Denver a possible escape hatch as it tries to stay clear of the second apron. The Nuggets are already squeezed financially and still haven’t re-signed Peyton Watson.
On top of that, the Oklahoma City Thunder have put a two-year, $12 million offer sheet in front of Spencer Jones. If Denver matches it, the team would go over the second apron, making salary relief a priority.
With free agency money mostly gone, trade exceptions may be Denver’s best route to creating space. Milwaukee’s Giannis-related exception is one of the few around the league that can take Johnson in without extra salary coming back.
From the Bucks’ side, the logic is pretty straightforward. They are not positioned as a real contender this season and look like a team sitting in the middle of the pack, with a young core that still doesn’t match up with the top teams in the Eastern Conference. That makes draft capital valuable, and if Denver wants to move Johnson’s money, a second-round pick could be part of the price.
Johnson is on an expiring deal, so Milwaukee would not be tied to long-term salary. And if the Bucks and Nuggets wanted to get something done before the regular season, Milwaukee could even hold Johnson as a potential trade chip later on.
Denver, though, probably wouldn’t want to wait that long. The whole point is to shed salary, and once the deadline arrives, most teams would need matching money in any Johnson deal. Milwaukee is one of the rare exceptions because the Antetokounmpo trade exception can fully absorb his contract.
Only four teams have that kind of flexibility: the Hornets, the Memphis Grizzlies, the Boston Celtics, and the Bucks. Of that group, Charlotte is mentioned as a possible trade candidate, Memphis likely has no interest in Johnson, and Boston is not really in the market to add money.
If Denver is willing to attach a second-round pick or two, Milwaukee should at least think hard about taking on Johnson’s contract. It would give the Nuggets a better shot at keeping either Watson or Jones, while the Bucks would get a veteran 3-and-D wing on an expiring deal.
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