All eyes at the NBA trade deadline were on Giannis Antetokounmpo and the Milwaukee Bucks. For the first time ever, the Bucks appeared to be showing a willingness to hear out offers for the two-time MVP, which immediately shifted the landscape of this year's trade market.
The Minnesota Timberwolves, Golden State Warriors, and Miami Heat were the three most aggressive teams pursuing Antetokounmpo this trade cycle, yet many other teams made calls to Milwaukee to see if trading for Giannis was a real possibility.
All of these talks transpired with roughly two weeks until the trade deadline, which is why many felt the Bucks were not serious about their intentions to trade Antetokounmpo. Still, that did not stop the three teams eager to add Giannis before the Feb. 5 trade deadline.
As for why Giannis remains in Milwaukee right now, the answer is simple: Although the Bucks and GM Jon Horst received some compelling offers and intel from their competitors that certainly raised an eyebrow, at no point did they want to actually trade Giannis.
Why Giannis Antetokounmpo is still with Bucks
Giannis loves the city of Milwaukee, and he has never once explicitly requested a trade. That remains true to this day, as the Greek superstar has never once gone to Horst or any member of ownership to tell them that he no longer wants to be with the franchise, league sources confirmed to ClutchPoints.
So, why would the Bucks even entertain the thought of trading one of the best players in league history?
Whether it was Antetokounmpo's representation putting pressure on the organization through their client or someone else, it has been clear that Giannis has been frustrated with how things have gone through the years. The 31-year-old expects to be in the championship conversation every single season, especially in the prime of his career, yet that has not happened in Milwaukee.
Every player at some point in their career is always thinking about the future and different scenarios that could play out. For Giannis, this happened over the summer when he and his representation began evaluating all options, including those that would involve him departing the franchise he has spent his entire career with.
Even so, he remained with the Bucks through the trade deadline, and there is a chance Giannis could continue his career in Milwaukee, the only city he has been able to call home since coming to the United States from Greece as an 18-year-old in 2013.
“Brother, if you ask me deep down what I want today, I want to be a Milwaukee Buck for the rest of my career,” Antetokounmpo told Bucks reporter Eric Nehm of The Athletic in an exclusive interview before the deadline. “I want to win here, another championship. And if you can tell me that’s possible, let’s just hang up the phone.
“I want to be here, but I want to be here to win, not fighting for my life to make the playoffs.”
The message from Giannis can't be clearer, and he has continued to give his organization the benefit of the doubt. That is why the franchise is devoted to making things better, particularly because he has never demanded a trade like other stars around the NBA would have by now.
When the Bucks began listening to offers from teams for Giannis near the end of January, they did so with the intention of simply seeing what the market looked like, what teams would be interested, and gathering any bit of intel that could help them going into the summer, sources said. At no point did the Bucks seriously consider trading Antetokounmpo, which is why many teams that thought they were in “advanced discussions” for Giannis left the deadline feeling duped.
There were never any counteroffers made by the Bucks when teams presented their assets in discussions centered around Giannis. Instead, the word from some of the teams pursuing Antetokounmpo was that they had to put everything on the table of what they would be willing to give up.
The Bucks never explicitly told these teams aggressively pursuing Giannis what it would take to complete a trade before the deadline, sources said.
Even with some teams attempting to increase their offers by searching the marketplace for extra assets and draft picks, Milwaukee still never showed any interest and was simply listening, plotting, and gathering intel on their competitors. As a result, league sources said trade talks between the Bucks and others never intensified to the point where Giannis was actually close to being traded.
“All the reports out there say the Bucks were negotiating and going back and forth on a Giannis trade. That wasn't the case,” one source from a team directly involved in conversations with Milwaukee before the trade deadline told ClutchPoints. “You could tell they weren't serious at all and just wanted information. It is possible they were just getting a head start on trading Giannis in the summer, but they got all the information they needed right now to try to flip things around in the summer.”
The signals from those teams in direct talks with the Bucks regarding Giannis are simply that Horst and ownership were not ready to part with Giannis. He never explicitly told them to trade him, and based on Antetokounmpo's own words, he wants to remain the face of this franchise.
By gathering intel from teams around the NBA and figuring out their respective courses of action, the Bucks already have a head start on the offseason when it comes to finding ways to improve their roster around Giannis. Perhaps everything is a coincidence with the way it turned out, but the tone and mood from these teams that spoke with the Bucks is that this was a well-thought-out plot.
Even in the aftermath of Giannis remaining in Milwaukee, the organization and star player have treated such trade conversations as a joke. Both Antetokounmpo and the Bucks had a field day on social media once reports surfaced of him remaining in Milwaukee past the trade deadline.
But still, key questions about the Bucks' immediate future remain, as Horst and his staff have a few months to devise their plan to immediately turn things around. Giannis wants to win, and a clear timeline, starting with the 2026 NBA Draft, now presents itself.
In addition to the potential of adding a high-level prospect in the draft, three key talents and contracts remain on this roster: Myles Turner, Kyle Kuzma, and Bobby Portis. All three will likely be involved in trade conversations the Bucks have to try and improve their roster, and this team will have access to draft picks in 2031, 2032, and 2033 to utilize in said talks.
And then, of course, the looming four-year, $275 million extension that can be offered to Antetokounmpo will tell all. If Giannis hints at the fact that he won't accept this offer no matter what, Milwaukee will have its answer right there on whether it's time to trade the superstar.
Even so, there is still a lot to sort through in this saga, and the biggest takeaway from the trade deadline is that both Giannis and the Bucks still appear to want to work things out.
Essentially, they wasted everyone's time at the deadline … except the Warriors, who saw this coming from the start.
Warriors' patient, yet busy, trade deadline approach
When Joe Lacob and the Warriors see an opportunity, they pounce on it. That is what happened in 2016 when the organization signed Kevin Durant, creating arguably the most dominant team we have ever seen in NBA history. That opportunity to land Durant is something this organization has never taken for granted, and it's why the Dubs have remained ultra-aggressive when it comes to pursuing superstar talents.
Winning is all that matters to Lacob, which is why Giannis has been his dream target ever since Durant departed Golden State in 2019. The Warriors had made several calls to the Bucks through the years to inquire about the possibility of a trade involving Giannis. Each time, the answer was a clear “no,” but the Dubs have never quit on their pursuit of Antetokounmpo.
Again, with the writing seemingly on the wall for Giannis' eventual departure in Milwaukee, the Warriors made calls about Giannis' availability both during the summer and around Thanksgiving time, league sources said. Once again, there were no discussions to be had, yet the possibility of him becoming available before the trade deadline looked stronger than ever.
With that in mind, the Warriors began searching the trade market and devising their plans for what would be an important trade cycle, especially with the Jonathan Kuminga drama hanging over their heads.
Although the idea of going all-in on Giannis remained, Golden State began searching the market for instant-impact wings, which led them to New Orleans Pelicans forward Trey Murphy III. Multiple conversations were had between the two teams, yet league sources said the Pelicans never once budged on Murphy, a player they believe can become a multi-time All-Star.
With the market for wings inflated due to the lack of talent available, the Warriors did not seek to overpay in the slightest. Along with Kuminga, a young talent the Pelicans did hold a level of interest in, the Dubs were prepared to offer an unprotected first-round pick in 2026, along with some sort of softly protected pick in 2028 for Murphy, sources said.
The Pelicans would not back down from their hefty asking price, and while interest in Kuminga did exist, they did not view him as a young talent to build with for the future. If New Orleans was going to trade Murphy to Golden State, sources said it would have taken at least three unprotected picks to make up for what the Pelicans deemed “undesirable assets.”
That was a price the Warriors would not pay, which led to other paths.
In early January, the Memphis Grizzlies became a key talking point in league circles. Aside from drama surrounding Ja Morant and his future, multiple teams began making calls to the Grizzlies inquiring about All-Star big man Jaren Jackson Jr. The Warriors were one of those teams Memphis held direct dialogue with, given their interest in possibly acquiring future draft picks from Golden State.
These two teams spoke multiple times after the calendar flipped to the new year, and the idea of trading for Jackson, a stretch big man who would instantly provide a spark defensively next to Draymond Green and Jimmy Butler, was very appealing.
However, the Grizzlies' steep asking price of at least three first-round picks was certainly a roadblock in talks between the two sides, as was Jan. 19, when Butler tore his right ACL. Almost immediately, discussions between the Grizzlies and Warriors were tabled, as this injury changed everything for how the remainder of the season would play out in San Francisco.
After a few days of coming up with a plan for the trade deadline, which was now roughly two weeks away, in the wake of Butler's injury, the Warriors and other teams began calling the Bucks once more about Giannis. For the first time, Milwaukee was receptive to these trade calls, and the Warriors, like other organizations, saw a clear opportunity to actually trade for Antetokounmpo.
All of the Warriors' assets outside of Curry were on the table in these discussions, including the ideas of flipping Jimmy Butler or even including Draymond Green in some sort of package, league sources said. Talks with the Grizzlies about Jackson were put to the side, as Golden State's dream of pursuing Giannis seemed like a possible reality for about 48 hours.
The only way Green would be traded at the deadline is if the Warriors were to land Giannis, league sources confirmed. As the Warriors held discussions with the Bucks for about two straight days, a couple of Western Conference teams called the Warriors to inquire about Green, who was obviously filled in on talks Golden State held with Milwaukee.
At no point did the Dubs entertain either of these calls since it quickly became clear a Giannis trade wasn't going to happen.
Unlike other teams that were trying to get a sense of what the Bucks wanted and did not initially put all of their assets on the table, the Warriors made an aggressive pitch involving four unprotected first-round picks, sources said. This immediately raised eyebrows in Milwaukee, as many in the Bucks' front office were described as “captivated” with the concept of adding unprotected draft picks from the Warriors past 2030, sources said.
There was real interest from the Bucks in the Warriors' draft-pick-heavy package, with league sources saying they liked Golden State's picks more than any other team's draft assets. Still, the Warriors knew right away during their initial discussions that Giannis would be a long shot, especially since talks with the Bucks were described as “one-sided.”
It was Golden State doing all the talking and trying to come up with a package to land Giannis. Milwaukee was simply listening, acting receptive to all offers, even though Giannis wasn't going anywhere.
Although pursuing Giannis was their dream and the clear Plan A at the trade deadline, the Warriors quickly came to the realization that this would not be their immediate reality. The weekend before the deadline, the Dubs restarted discussions centered on Jackson with the Grizzlies, knowing that the Bucks weren't going to accept anything they offered. Still, the Warriors held out hope and left their offer on the table before Milwaukee ultimately turned it down.
Jackson became the Warriors' Plan B before the trade deadline, but their pursuit came with clear concerns and caveats.
As good of a player as Jackson is on both sides of the court, Golden State did not view him as anything more than a secondary star. Not to mention, his long-term, high-paying contract was viewed as more of a risk than a potential reward with Butler being out for the season.
If Butler were healthy entering the trade deadline, the Warriors would have had more reason to be aggressive and sacrifice future assets for Jackson, a player who could easily raise this team's championship aspirations next to Curry, Butler, and Green. However, Butler's injury and other teams' pursuit of Jackson only raised his price right before the deadline.
While the Warriors would have done a deal involving draft picks before 2029, the Grizzlies obviously wanted the reverse. At no point was Golden State willing to go that far into the future with draft picks for Jackson, sources said.
With the Dubs unwilling to meet the Grizzlies' price of three draft picks, Memphis explored other opportunities and ultimately traded Jackson to the Utah Jazz in a package that involved three future firsts and young talent like Walter Clayton Jr. and Taylor Hendricks.
The Warriors' final offer for Jackson was some variation of two clear draft picks, some sort of swap, Kuminga, Buddy Hield, and another contract for salary purposes, sources said. Despite the Grizzlies expressing interest in Moses Moody, the Warriors were unwilling to move him for Jackson. Trading Moody and several future draft assets that would tie up their future was not something Golden State viewed as a positive outcome.
Both Plan A and Plan B were off the table for the Warriors, which made Plan C an easy choice.
How Kristaps Porzingis became Warriors' clear trade option
With their first two big plans out the door and the trade market as a whole being shallow due to the Bucks' talks regarding Giannis, there were not many options left for the Warriors at this point.
That is why Golden State circled back to brief conversations that were held with the Atlanta Hawks around the same time in early January, when they first discussed the idea of trading for Jackson with the Grizzlies. Kristaps Porzingis was someone the Warriors had held interest in over the last few seasons and held trade dialogue about when he was dealt from the Washington Wizards to the Boston Celtics in 2023.
Last offseason, the Warriors held brief conversations with the Celtics about Porzingis before he was ultimately traded to the Hawks. Porzingis has long been on the Warriors' radar due to his length, rim-protecting abilities, and 3-point shooting skills on offense as a 7-footer.
As a result of the Hawks signaling that they were open to trading Porzingis before the deadline, in addition to the great relationship Hawks GM Onsi Saleh has with the Warriors and GM Mike Dunleavy Jr., these two teams began discussing a Porzingis-centric trade before the Giannis extravaganza began.
These discussions with the Hawks were always viewed as the Warriors' Plan C, and they knew this option would still be there the day before the deadline.
So, when talks for Giannis and Jackson fell through, the Warriors and Hawks began serious talks at the start of trade deadline week centered around Porzingis. It did not take long for a deal to come about, as Golden State traded Kuminga and Hield to the Hawks for Porzingis, a deal involving no draft picks.
Saleh had always held a strong relationship with Kuminga, dating back to his time as the Warriors' Vice President of Basketball Strategy before he ultimately joined the Hawks in 2024. The Hawks were prepared to deal Porzingis before the deadline, and sources said this was viewed as a buy-low spot for Atlanta to get a look at Kuminga, who is still just 23 years old and only has one year left on his contract.
From the Warriors' perspective, Porzingis is the exact type of player they have been targeting in their frontcourt through the years. Porzingis was viewed as the perfect fit for the Dubs, and the organization truly views this as a no-risk, potentially high-reward trade.
Since there weren't any players that made sense for them to sacrifice future assets for at the deadline after Giannis talks fell through and Butler tore his ACL, the Warriors went with the safe option of trading Kuminga for value. No matter what, the Warriors were always prepared to trade Kuminga and not let his drama hang over the franchise any longer than it already had, sources told ClutchPoints.
Adding Porzingis, a guy who fills all of Golden State's needs outside of the wing right now, gives them a chance to potentially do something come playoff time. Not to mention, the word surrounding Porzingis is that he has always wanted to play for the Warriors and has been aware of their interest in him over the years. Perhaps this leads to the big man being willing to accept a team-friendly deal to stay if he fits in well and gets his health under control.
Essentially, the Warriors flipped a player who was not playing and did not want to be there for a former All-Star who has championship experience and wanted to play for them. Also, Porzingis' expiring $30.7 million contract creates flexibility and allows the Warriors to keep their options open entering the offseason.
Although fans of the team would have obviously liked to see a bigger move, the reality of the situation in the Bay Area is that Butler's injury derailed all hopes of contending for a championship. Maybe it could still happen, as we've seen crazier things happen in the NBA before, but this trade for Porzingis still leaves the Warriors in a terrific position to explore their options and potential paths to pursuing another star in the summer.
“We've got the goods to make deals,” Dunleavy said in his press conference with reporters on Saturday. “I think the only way we wouldn’t be in the mix is if we gave up assets, young players. All the things you would need to get a great player, we still have all that. I think that’s one of the reasons the KP trade is really good for us, similar to Jimmy last year.
“We don’t feel like we gave up a ton. And so we still have kind of the firepower to move forward and do more deals, and that’s what we like about that.”
As a result of holding onto their assets, the Warriors can now be aggressive again when the time comes for the offseason. Does this mean another pursuit of Giannis? Perhaps, but what happens if other stars like Karl-Anthony Towns or Kawhi Leonard become available? Maybe the Cleveland Cavaliers look to move Jarrett Allen, or maybe even Bam Adebayo asks for a trade from the Miami Heat.
After all, Adebayo is a player the Warriors have been interested in over the last year, as we've reported at ClutchPoints, and he still holds a strong relationship with Butler. Adebayo is certainly a player Warriors fans should keep in the back of their mind, especially with Lacob also owning the Golden State Valkyries in the WNBA and wanting to be aggressive in pursuing a superstar talent soon.
A'ja Wilson, a four-time WNBA MVP, will be a key free agent target for Lacob and the Valkyries, sources said. Why would this matter for the Warriors? Well, Wilson and Adebayo have been together for years. These two becoming the faces of both Golden State franchises is certainly something to monitor.
These are all different scenarios that would only help the Warriors, and even more options exist with Murphy remaining on the Pelicans and more unknowns set to appear between now and the start of the new league year in July.
As for what the immediate future of the Warriors looks like, everything is contingent on what happens in the playoffs and with Porzingis' health.
Steve Kerr's future has been a talking point across the NBA, yet all signs point to him continuing on with Steph and Draymond. The Warriors will work out the details of a short-term deal if that is what Kerr would like.
All of the talk about the franchise not wanting him back is simply false, and there is nothing to suggest that Kerr's coaching staff or the Warriors have been preparing for this to be his last season. The Dubs would like Kerr to continue coaching as long as he wants, and sources said the idea has always been for Kerr and Curry to retire together.
Whether Green will stick around long enough to ride off into the sunset with them is the big question, as he's likely the first to retire of the three based on his previous comments about how long he envisions being in the NBA. But this is all hypothetical, and Green is still under contract for at least one more season with his $27.7 million player option for the 2026-27 season.
After that, the ball will be in Green's court as to how long he wants to play, especially since his next deal with the Warriors would need to be for significantly less money. If he wants to remain with Golden State, he will need to understand this.
The Warriors were certainly one of the more engaged and active teams at the NBA trade deadline. Just because Plan A and Plan B did not work out the way they had hoped, Plan C is still something the Warriors wanted to do, and it could turn out to be a blessing in disguise. Only time will tell if Golden State can make one last championship push before Kerr, Curry, and Green retire.
