With the NBA trade deadline now in the rearview mirror and Giannis Antetokounmpo still wearing a Bucks jersey, the league's trade landscape just took a sharp turn toward the offseason. One team that could feel the ripple effects in a big way? The Orlando Magic - a squad suddenly caught in a holding pattern that might not hold for long.
On a recent episode of The Bill Simmons Podcast, NBA analyst Zach Lowe circled back to a team he’s kept an eye on all season: Orlando. Sitting just above .500 at 26-24, the Magic are in that murky middle - not quite contenders, not quite bottoming out. And with some recent struggles, Lowe didn’t hold back in describing the current vibe around the team.
“The funk level is at DEFCON Two,” he said, pointing out the team’s recent slide and the absence of Franz Wagner, who Lowe believes is Orlando’s best player. Wagner’s return could help stabilize things, but Lowe raised a bigger question: What happens if the Magic don’t turn it around?
According to Lowe, the Magic could be one of the teams most affected by Milwaukee’s decision to hold onto Antetokounmpo - not because they were in the running for him now, but because the delay shifts the entire timeline. “Their team could look very different next year - coach, roster, everything,” Lowe said. And that’s where things get interesting.
Lowe revisited one of his favorite hypothetical trades: Paolo Banchero - plus additional assets - in a blockbuster deal for Giannis. It’s a move that’s been floated before, but the landscape has changed.
Orlando no longer has the asset war chest it once did. Last year’s aggressive move to land Desmond Bane cost them four first-round picks, a steep price that bolstered the current roster but limited future flexibility.
That Bane trade signaled a franchise trying to win now. But with Giannis staying put for the moment, the Magic’s big swing may have come a year too early to line up with a potential superstar shakeup. And as Lowe noted, “the bloom is off the rose for Paolo” - not necessarily a knock on Banchero’s talent, but more a reflection of how his trade value may have plateaued in the eyes of execs around the league.
Still, Banchero remains the face of the franchise - and for good reason. The 23-year-old forward is putting up 21.6 points, 8.6 rebounds, and 4.8 assists per game while shooting 46.3% from the field.
His three-point shooting (29.7%) is still a work in progress, but he’s logging over 34 minutes a night and continues to be the engine behind Orlando’s offense. His performance in Thursday’s 118-98 win over the Nets helped push the Magic to seventh in the East, a sign that despite the inconsistencies, this team still has fight.
Financially, Banchero is locked in. He’s in the first year of a five-year, $239 million rookie max extension that could climb to $287 million with All-NBA honors.
That deal includes a player option in 2030-31, making him one of the most significant long-term investments in the league. For now, the Magic are betting big on his development.
Meanwhile, Giannis continues to do Giannis things in Milwaukee. The two-time MVP is averaging 28 points, 10 boards, and 5.6 assists per game while shooting career highs of 64.5% from the field and 39.5% from deep. He’s doing all this in just under 30 minutes per game - a testament to his efficiency - but the Bucks are still floundering at 20-29, sitting 12th in the East.
Giannis is under contract for $54.1 million this season, part of a three-year, $175.3 million deal that includes a player option in 2027-28. That structure, combined with his age and elite production, makes any potential trade this summer a high-wire act - complicated, but not out of the question.
Lowe made it clear: the Banchero-for-Giannis framework isn’t new. But with Milwaukee holding off on any seismic moves until the offseason, the Magic could be one of the teams most impacted by that decision. If the Bucks decide to explore offers for their franchise cornerstone this summer, Orlando’s name could once again surface in those conversations.
For now, the Magic are walking a tightrope. They’ve shown flashes of being a playoff-caliber team, but the path forward is anything but certain. Whether they double down on their current core or pivot toward a more dramatic overhaul could hinge on how the Giannis saga unfolds - and how much longer Orlando is willing to wait for the next big opportunity.