Suns, Bucks Swap Key Role Players in Smart NBA Deadline Move

The Suns have made their move to duck the luxury tax.

Jan 29, 2026; Washington, District of Columbia, USA; Milwaukee Bucks guard Cole Anthony (50) takes a shot during the first half against the Washington Wizards at Capital One Arena. Mandatory Credit: Daniel Kucin Jr.-Imagn Images | Daniel Kucin Jr.-Imagn Images

PHOENIX -- The Phoenix Suns have made a trade to duck the luxury tax ahead of today's 1:00 p.m. MST trade deadline.

ESPN's Shams Charania posted on X:

"The Milwaukee Bucks have agreed to trade Cole Anthony and Amir Coffey to the Phoenix Suns for Nick Richards and Nigel Hayes-Davis, sources tell ESPN."

UPDATE: According to Charania, this is is now a three-team deal including the Chicago Bulls with Ousmane Dieng going to Milwaukee and Richards heading to Chicago.

The Bucks and Suns have expanded this to a three-team deal to include the Chicago Bulls: Ousmane Dieng to Milwaukee and Nick Richards to Chicago, sources said. https://t.co/aD5AgbZ9Df

— Shams Charania (@ShamsCharania) February 5, 2026

The Suns needed to shed just over $200,000 to get under the luxury tax and now do so with this trade.

Richards ($5 million) and Hayes-Davis ($2.05 million) combined to make more than $7 million, while Anthony ($2.67 million) and Coffey ($2.87 million) are slated to make around $1.5 million less together.

ESPN's Bobby Marks noted on X:

"All 4 players in the Milwaukee/Phoenix trade are on expiring contracts. Phoenix is $2.2M below the tax and has room to sign a 15th player."

The trade puts Phoenix under the luxury tax for the first time since 2021-22.

In the past 3 season, Phoenix paid a combined $265M in tax penalties. https://t.co/8n9qMdKBBR

— Bobby Marks (@BobbyMarks42) February 5, 2026

This 15th player will likely be Suns two-way guard Jamaree Bouyea, who can now be converted to a standard contract, according to Arizona Sports' John Gambadoro.

More On The Trade

The highlight of this trade is the luxury tax savings for the Suns and the fact they didn't have to trade away a draft pick or cash to do so.

Richards and Hayes-Davis had both fallen out of Phoenix's rotation this year with the emergence of Oso Ighodaro.

Richards was Phoenix's starting center for the back half of last season after being acquired from the Charlotte Hornets last January, and Hayes-Davis never panned out after the Suns took a flier on him after he had a great career in the Euroleague.

The Suns are loaded with guards this season, and it will likely be tough for the 6-foot-2 Anthony to get playing time, but he is a solid depth option averaging 6.7 points and 3.5 assists in 15.1 minutes per game across 35 contests for the Bucks this season.

Milwaukee signed Anthony in the offseason after the Memphis Grizzlies bought him out following acquiring him as part of the Desmond Bane trade.

Anthony was the 15th pick of the 2020 NBA draft and spent his first four seasons with the Orlando Magic, where he averaged 12.5 points, 4.3 rebounds and 3.8 assists in 320 games.

The 28-year-old Coffey struggled to get acclimated with the Bucks in his first season in Milwaukee, averaging just 2.4 points in 8.8 minutes per game (30 games) while shooting 28% from three.

However, the 6-foot-7 Coffey, who was with the Los Angeles Clippers for his first six years in the league, is a career 38.1% 3-point shooter and will add some wing depth for Phoenix.

This will likely be the only trade Phoenix makes before the deadline, and this version of the team could very well could be the group the Suns, who sit at 31-20 on the year, finish the season out with.