Giannis Antetokounmpo Trade Grades: How Heat, Bucks Fared in Massive Six-Player Deal

The deal is done. Giannis Antetokounmpo is heading to the Heat in a league-altering deal that returns a bevy of picks and intriguing young players to the Bucks.

It’s the end of the Giannis era in Milwaukee, which included two MVP awards, an NBA title and a Finals MVP in 2021. In return for their longtime superstar, the Bucks will receive Tyler Herro, Jaime Jaquez Jr., Kel’el Ware, Kasparas Jakučionis, three first-round picks, a pick swap and a second-rounder. Bobby Portis will head to Miami with Antetokounmpo as part of the deal, which was reported by ESPN’s Shams Charania late Monday night.

The Heat were long rumored a finalist in the Antetokounmpo sweepstakes along with the Celtics, who reportedly offered Jaylen Brown and two first-round picks, according to Charania and ESPN. Milwaukee went for Miami’s offer, however, centered around intriguing, cost-controlled young players and additional draft capital, which includes the 13th pick in Tuesday night’s draft.

A trade of this magnitude changes the trajectory for both franchises and instantly becomes the biggest domino that will fall during the NBA’s offseason. Here’s a look at how both the Heat and the Bucks fared in the deal with a letter grade for each side.

Miami Heat

Giannis Antetokounmpo and Bam Adebayo are the NBA’s newest superstar duo | Sam Navarro-Imagn Images

We’ll start with Miami, which makes its latest superstar acquisition. Heat president Pat Riley isn’t afraid to make a big deal and he’s done it again by making a true splash, pairing Antetokounmpo alongside star big man Bam Adebayo. Any deal that netted Antetokounmpo wasn’t going to be cheap. No trade for a player of his magnitude is. But it’s a price you have to pay to go star hunting and Miami was finally able to put a package together to make the Bucks bite.

The Heat part with their past two first-round picks in Ware and Jakučionis, plus a true bucket-getter in Herro. Jaquez is coming off a breakout season and finished second in Sixth Man of the Year voting. All that’s before the bevy of picks, which the Bucks covet in this deal. In addition to this year’s pick, Miami sends out its first-round picks in 2031 and ‘33, plus a pick swap in ‘30 and a future second-rounder.

That’s the price you have to pay for a two-time MVP that’s still in his prime, showing no signs of slowing down. It was an ugly end to a losing season in Milwaukee where Antetokounmpo played in just 36 games, the least amount of appearances over his 13-year career. He had extended absences due to calf strains, but when he was on the floor, he was still his usual self. He averaged 27.6 points, 9.8 rebounds and 5.4 assists per game. Milwaukee had a 17–19 record with Antetokounmpo on the floor and a 15–31 record without him.

Now, he slides alongside Adebayo on a Heat team that instantly turns into a top contender in the Eastern Conference. Davion Mitchell and Nikola Jović are still in the fold while Norman Powell is a free agent Miami will be interested in retaining on an affordable deal and Andrew Wiggins has a $30 million player option for 2026–27. With the new star duo, the rest of the offseason is about filling out the roster around Antetokounmpo and Adebayo. Portis will help in that effort and there will be no shortage of free agents lining up to play in Miami alongside the two stars.

Bottom line, whenever an opportunity arises to bring in a player like Antetokounmpo, you do what you have to do to get a deal done. Riley did that even after the Heat were in the running at the trade deadline when the Bucks held onto Antetokounmpo. He didn’t relent, though, and the Heat are immediately back to their status as a championship contender after missing the playoffs this past season.

Heat trade grade: A+

Milwaukee Bucks

Kel’el Ware is off to Milwaukee as part of the Antetokounmpo trade | David Richard-Imagn Images

The Bucks had two drastically different offers to debate. One was centered on draft picks and young players, while the other would return an MVP candidate and All-NBA player that could help the franchise stay afloat without its longtime superstar.

Bucks general manager Jon Horst landed on the former; Miami’s package of Ware, Herro, Jaquez, Jakučionis and ample draft capital. The other end of the spectrum was Boston’s offer, which was said to include Brown and two first-round picks. It’s a debate of roster building, and more often than not, a full rebuild is the way to go. Ware had a great second season in Miami where he averaged 11.1 points and 9.0 rebounds per game. He’s a great three-point shooter for a big man, a hot commodity across the NBA. He’s on the rise as a premier young talent that now lands in Milwaukee.

The same can be said about Jakučionis, who has plenty of development left ahead. If all goes well, he could turn into Milwaukee’s guard of the future as a potential nice pairing with Ware. Jaquez is a high-level NBA player right now who will help this next iteration of the Bucks. He averaged a career-high 15.4 points, 5.0 rebounds and 4.7 assists per game last year with Miami as one of the best bench players in the NBA. He’ll have an increased role in Milwaukee, which he should thrive in.

As the trade won’t be officially executed until July 6, the Bucks and the Heat have time to keep the framework open to add other teams. That could open the possibility of moving Herro elsewhere as he’s on a $33 million expiring contract next season. If Herro is moved, the Bucks could extract further assets for him to improve the return package for Antetokounmpo. But, if he stays with Milwaukee, he gives the roster a strong scorer and shot creator that will help a young team find its footing.

The prized assets in the trade for Milwaukee, though, are the three first-round picks. The Bucks will select at No. 13 in addition to their own No. 10 pick in Tuesday’s draft. That’s an immediate opportunity to bring in two additional pieces that could become franchise cornerstones if the picks are a hit. Plus, the two future first-rounders are coveted picks if things go wrong in Miami. Antetokounmpo will be in his mid-30s by the time the next first-round pick from the Heat is made by the Bucks. Miami could be in a completely different spot by then, which could make those future picks high in the draft.

You have to debate the return against what Brown would have brought the Bucks immediately. He’s likely the best player Milwaukee could have returned for Antetokounmpo and he’s coming off a career season where he led the Celtics to the second seed in the East without Jayson Tatum for most of the year. Brown averaged 28.7 points per game and earned second team All-NBA honors. His presence would’ve made the immediate road less rocky for the Bucks, but it’s unknown whether he would’ve made the roster a contender—or whether he would opt to stick around for the long haul.

The Bucks made the right choice in extracting as much value possible for their longtime franchise player. The other path could’ve made Milwaukee a middling team in the NBA, which is a purgatory any team struggles to get out of. Antetokounmpo’s run with the franchise was headed in this direction for a long time, but the Bucks still got a nice return despite minimal leverage.

Bucks grade: B+

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