No, the San Antonio Spurs Won't Trade for Giannis Antetokounmpo. Here's Why

Even dealing with injuries, the San Antonio Spurs take it slow. Mitch Johnson, disappointing fans in the process, sounded like a broken record in explanation.

"We'd rather be too slow than too fast," the Spurs' coach said, referring to De'Aaron Fox's offseason hamstring injury that sidelined him for the first eight games of the regular season.

Once Fox came back, he immediately began impacting San Antonio's offense next to Victor Wembanyama in the way the organization envisioned upon trading for him at last February's NBA Trade Deadline. It's been an easy transition for the veteran.

"Since I've been here, I've seen guys continue to get better," Fox said during practice Tuesday afternoon. "(We're) continuing to grow together."

Jan 22, 2026; Salt Lake City, Utah, USA; San Antonio Spurs forward Victor Wembanyama (1) and guard De'Aaron Fox (4) embrace after their win over the Utah Jazz at Delta Center. | Peter Creveling-Imagn Images

Adding Fox marked a change of pace for the Spurs, who, in the past, have been careful never to move faster than they feel prepared for. Ironically, their accelerating move ended up being for a guard who claims to be the fastest in the league.

That decision, however, was simply that: a change of pace. Since Fox's arrival, the Spurs have returned to their meticulous ways.

Both Wembanyama and rookie Dylan Harper worked through calf strains during the first quarter of the season, each one itching to hit the court again quicker than San Antonio's medical staff wanted to allow.

Harrison Barnes has, aside from one contest, stayed put in the starting lineup over burgeoning Harper despite a recent shooting slump. Jeremy Sochan, meanwhile, remains in esoteric practice with assistant coaches, working to again grace Johnson’s rotation.

To suggest that San Antonio abandon the development of either Harper or reigning Rookie of the Year Stephon Castle — or both — clear out its war chest of draft picks and chase a championship within the next two years before money catches up?

Sigh. Here’s why they won’t trade for Giannis Antetokounmpo.

Jan 31, 2025; San Antonio, Texas, USA; Milwaukee Bucks forward Giannis Antetokounmpo (34) walks off the court after a defeat against the San Antonio Spurs at Frost Bank Center. | Scott Wachter-Imagn Images

1. Future

Brian Wright and the other bigwigs who make up San Antonio's front office didn't know Harper would arrive on horseback when trading for Fox. They also didn't know Wembanyama was going to learn of a season-ending deep vein thrombosis diagnosis.

The Spurs' bottom-falling-out finish to their season from last March onward cleared the way for Harper's arrival and afforded Castle a proper runway to clinch his Rookie of the Year Award and mark back-to-back Spurs winners. From that point, it wasn't long before the vision of a dynamic guard trio became clear.

Despite obvious concerns regarding the fit of all three stars together, the Spurs have put together a worthy season only three years into Wembanyama's tenure. Together, Fox, Castle and Harper are averaging 47.1 points, 16.7 assists and 12.4 rebounds.

San Antonio's blueprint forward involves all three without the need for another major shakeup. And while there remain concerns — namely collective consistency and a turnover surplus — confidence runs high behind closed doors.

The main argument? They're young. They haven't won anything yet. Antetokounmpo has.

Why break something apart that's worked well thus far?

"Those guys have ... had the willingness and enthusiasm to play with each other," Johnson said. "I've felt zero negative. To learn how to play with each other when there's dynamic talent, you have to figure out how to play to strengths. I think they've done that."

2. Precedent

Beyond losing one, or both, of Castle and Harper, which San Antonio is unlikely to do, trading for Antetokounmpo could pivot in another direction.

If money were to be of concern for the Spurs — which it is — attempting to roster all three of Fox, Antetokounmpo and Wembanyama would become incredibly expensive incredibly fast. Throwing Fox into the mix clears up said issue, but invites another.

Fox made clear last February he wanted to join forces with Wembanyama in San Antonio. No other team existed on his radar, marking a seldom seen occurrence in which a star has demanded to be traded to the Spurs exclusively.

The NBA is a business; Fox of all veterans understands that side of the association. But for San Antonio to welcome him and promptly ship him away for the new, shiny toy (Antetokounmpo is obviously the cream of the crop) sets a poor precedent.

As Wembanyama continues to develop, the roster around him will do so, as well. Fox may not be as permanent a fixture as Castle or Harper could be, but he's the undisputed second option on a team sitting at No. 2 in the Western Conference.

The Spurs won't shutter their confidence in him. Even if an Antetokounmpo-Wembanyama duo would become one of the most dominant tandems in NBA history.

3. Money

Perhaps the biggest piece of the puzzle is the logistics of any trade for Antetokounmpo.

While the above section warrants an obvious criticism — either the Spurs wouldn't trade Fox or wouldn't care about setting a "poor" precedent — there remain several obstacles to jump. And San Antonio has it relatively easy.

Should Antetokounmpo truly demand a trade, which he's yet to do in the 13 seasons he's spent in Milwaukee, he'd hold the leverage. With two seasons on his contract remaining, the Bucks would be forced to find a suitor who knows they can front the minimum.

What would that look like? See below:

In the scenario that Antetokounmpo demands out, the Spurs would insist upon keeping one of Castle or Harper. To match contracts, they'd have to include both Harrison Barnes and Kelly Olynyk, and with the little bit of leverage Milwaukee itself would have, Jeremy Sochan and Jordan McLaughlin could be thrown into the mix.

But Giannis won't even admit now he wants to leave.

"If you ask me deep down what I want today, I want to be a Milwaukee Buck for the rest of my career,” the forward told The Athletic on Wednesday. “I want to win here, another championship. And if you can tell me that’s possible, let’s just hang up the phone."

Several other teams could reach the price of an Antetokounmpo deal, which will more than likely be sky-high. Chicago has been overhauling its roster in an apparent attempt to appease a star, while Minnesota could make a deal centered around win-now players.

Elsewhere, Memphis has stockpiled a dangerous amount of first-round picks, and even Oklahoma City could pose a threat if a bidding war ensues, which is why the Spurs' seven first-round picks are helpful. But throwing in three or four players and as many first-round picks (plus several more seconds) is an uncharacteristic move.

In the scenario that the Spurs deal Harper, Barnes, Olynyk and McLaughlin to Milwaukee, they'd enter the tax threshold, beginning a four-year clock that involves paying more as more years of being in the tax are accrued. And by keeping Fox, Wembanyama and Antetokounmpo around, it'd be a nearly unavoidable fate.

The three contracts alone — especially with Wembanyama’s extension kicking in — would press up against the salary cap. Paying the other of Castle or Harper would only compound the issue. San Antonio can afford to trade for Antetokounmpo.

Whether by keeping Fox or dealing him, it would ensure several years of contention and, dare I say guarantee a championship. But it would gut the roster, empty the war chest and shorten the timeline the Spurs have been following since Wembanyama's arrival.

San Antonio simply won't do it. And it won't be hurt by that decision.