Grading the Miami Heat assets for a Giannis Antetokounmpo trade

Pat Riley used to call this the "chip collecting business."

Over time, however, the Heat -- with an intent to try to compete every season, even the seemingly hopeless ones -- haven't accumulated quite as many chips as many other franchises. The organization, from the front office to the coaching staff, does not believe in tanking for higher picks, nor trading off useful players if there's anything, even a Play-in spot, at stake.

The result, as free agency has become less and less relevant, and thus requiring megatrades to acquire superstars, has been a "whale hunting" drought back to 2019 when Jimmy Butler arrived from Philadelphia.

But here we are again, as the Heat are still infatuated with Giannis Antetokounmpo, whose tenure in Milwaukee may finally be coming to an end, should he balk at signing an extension and the Bucks attempt to reset with a new era.

The Bucks reportedly seriously considered the Heat's offer prior to the February trade deadline, as Miami made everyone and everything available but Bam Adebayo. The Heat's available assets have changed a bit since, adding the 13th overall pick in the 2026 draft (which would be used to make a selection for Milwaukee) while subtracting some others (including Andrew Wiggins due to a player option and Norm Powell due to pending free agency).

So what value would the Bucks' remaining assets have to Milwaukee now, as the Bucks are likely to get offers from even more teams that they did before the deadline? At this point, not only Minnesota and Golden State are likely to be involved, but perhaps Houston and other teams that see Giannis as the piece they need to try to get past loaded young teams (with asset treasure chests) such as San Antonio and Oklahoma City, who are about to meet in the Western Conference Finals.

Will the Heat have enough -- even if Giannis tips the scales by saying that the Heat are one of the only teams with which he will sign an extension?

It says here that the Heat have a lot of good assets, but no elite one. For the sake of this exercise, let's evaluate based not only on the quality of the player or pick, but also the contract situation and the fit with a franchise in Milwaukee's position.

Some of the pieces are necessary -- Tyler Herro, for instance, is likely needed to make the contract exchange math work. Some are more discretionary, with the Heat having a lot of functional young players who may not have true star potential.

1. Tyler Herro: B-

There's been too much smut on his name, as Kendrick (Lamar, not Perkins) might say. Herro is an extremely skilled scorer, and that has value, even if his archetype has been somewhat phased out around the NBA. Yes, we know the issues -- regular season availability, playoff struggles and defensive limitations. But he's entering the last year of his contract, giving him a lot to prove, and giving the Bucks a season to evaluate his impact. Plus, he's a local kid. He's not lifting a team up the standings, certainly not himself, but as a transitional scorer, Milwaukee could do a lot worse. And he's just 26.

2. Kel'el Ware: B

This is the highest-upside talent that the Heat can offer. Kel'el Ware is not Wemby, but he does some Wemby things, when he's engaged. That's the issue, though. For all of Ware's skills -- which includes a vasty-improved three-point shot -- his tendency to drift frustrated Erik Spoelstra enough that Spoelstra played Bam Adebayo more with Simone Fontecchio than with Ware. If one of the NBA's best development organizations, led by one of its most respected coaches, had trouble revving Ware's motor, how will the Bucks handle that? It helps that Taylor Jenkins has replaced Doc Rivers, as it helps when anyone replaces Doc Rivers, but it's still something to consider.

3. Jaime Jaquez Jr.: B

Few players in the NBA bounced back like Jaime Jaquez Jr. last season. After a dreadful second year, Jaquez Jr. got back to getting downhill, and his consistent production earned him the second spot in Sixth Man of the Year voting. The three-point shot came around at the end as well. The only reason he's not graded higher here is that he's due for an extension, and at age 25 already, the Bucks might balk at that if they don't think they can utilize him as effectively as Miami did this season. He will likely never be a lead scorer as a starter; maybe Milwaukee could take him and flip him to a team that has a role ready like Miami created.

4. Kasparas Jakucionis and Davion Mitchell: B-

There was nothing disappointing about Kasparas Jakucionis's rookie season, after he slipped to 20th in the draft: in fact, his defense and shooting were way above the expected early level, when he got a chance to play. And this season, if still in Miami, he figures to get more opportunities on the ball, where his passing skill should shine. But he's still very much an unknown, at age 20, and this is a point guard heavy draft, with Milwaukee already owning the 10th pick. Davion Mitchell is more of a known quantity now, and his dogged energy has made him a perfect fit in Miami. Plus, he's on a friendly contract -- just $12 million in his final year. It's hard to see why Milwaukee would want both guards, when the Bucks already have Ryan Rollins, but they could flip Mitchell to a contender where he could fill a backup role.

5. The 13th overall pick: B+

Nate Ament — Kamil Krzaczynski-Imagn Images

Ah, the mystery box. They say that a draft pick loses value, like a car, as soon it's "driven off the lot." So the unknown always is enticing to NBA teams. In this case, the Heat would choose the player that the Bucks want, though the Bucks -- with their recent dubious draft history under GM Jon Horst -- might want to let Adam Simon and the Heat choose for them. If Milwaukee had this selection, plus its own (10th), that's two quality possibilities in a deep draft pool (see Nate Ament above) to restart, along with everything else the Heat is offering. And those picks could be packaged to move up, or to acquire another young veteran or a future choice.

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