Why Magic's chances at landing Giannis Antetokounmpo are slim

Prior decisions make a real run more difficult now

Jan 23, 2026; Milwaukee, Wisconsin, USA; Milwaukee Bucks forward Giannis Antetokounmpo (34) looks on during the first quarter against the Denver Nuggets at Fiserv Forum. Mandatory Credit: Jeff Hanisch-Imagn Images | Jeff Hanisch-Imagn Images

The rubber has met the road with Giannis Antetokounmpo and the Milwaukee Bucks, with ESPN NBA insider Shams Charania reporting that the Bucks are now listening to trade offers for the two-time MVP.

Two-time MVP Giannis Antetokounmpo is ready for a new home at the Feb. 5 NBA trade deadline or in the offseason as several rival teams make aggressive offers to the Milwaukee Bucks for him, and the franchise is starting to listen, league sources tell ESPN. pic.twitter.com/OejatbQjDy

— Shams Charania (@ShamsCharania) January 28, 2026

There's still no guarantee that Antetokounmpo, currently sidelined with a calf injury, gets dealt ahead of the Feb. 5 trade deadline. While the New York Knicks and Miami Heat are two of the most common suitors, could the Orlando Magic, somehow, get involved.

Well, according to former NBA executive and ESPN Front Office insider Bobby Marks, don't bank on it.

"Orlando went all-in last offseason, trading four first-round picks for Desmond Bane," Marks wrote. "While that deal left the Magic with just one tradable pick, they do have the sizable contracts in Bane, Franz Wagner, Jalen Suggs, Wendell Carter Jr. and Jonathan Isaac. Paolo Banchero signed a rookie max extension and cannot be dealt."

What would a Magic-Giannis Antetokounmpo deal look like?

Jan 10, 2025; Orlando, Florida, USA; Milwaukee Bucks forward Giannis Antetokounmpo (34) guards Orlando Magic forward Paolo Banchero (5) in the fourth quarter at Kia Center. Mandatory Credit: Nathan Ray Seebeck-Imagn Images | Nathan Ray Seebeck-Imagn Images

According to Charania, the Bucks' organization is not "in a rush to complete a move and is willing to navigate Antetokounmpo's future in the offseason if its believed price point of a blue-chip young talent and/or a surplus of draft picks isn't met."

Well, the Magic don't have a surplus of draft capital.

After giving up the farm for Desmond Bane, the Magic only have one tradable first -- in 2032 -- with swaps available in 2027 and 2031. However, two of the better assets they could dangle in a Giannis deal is Paolo Banchero and Franz Wagner, who both can be considered blue-chip prospects.

Banchero will begin the first year of a five-year, $241 million extension, while Wagner is in the first year of a five-year, $224 million extension. Orlando, entirely, is about to become really expensive. But these two young cogs give the Magic plenty of salary-matching power, as well as the ability to immediately give Milwaukee a young star to build around for the future.

You could also say the same about Bane, though he doesn't quite draw the same attraction as either Wagner or Banchero. Furthermore, if the Bucks wanted to re-route them elsewhere for more draft capital plus a cheaper building block, they could do that, too.

That's not to say there's a strong likelihood for the Magic to acquire the two-time MVP. They don't. One complication with Banchero is that he's under the poison pill -- making the logistics for any two- or three-team trade far more difficult. They also have signaled they're willing to part with either Banchero and Wagner, even though Antetokounmpo is one of the three-best players in the sport who would unquestionably lift the team into title contention (despite his shooting struggles).