Will the 2025 NBA offseason be known as the summer of ?
For the first time in his career, whether his best long-term fit is remaining with the or elsewhere, league sources confirmed to ESPN’s Shams Charania on Monday.
Antetokounmpo is under contract for the next three seasons, with 2027-28 as a player option. The 30-year-old two-time MVP will be eligible to sign a four-year, $293.4 million extension in the 2026 offseason — either with the Bucks or a potential new team.
What happens next is a waiting game — both in Milwaukee and around the league. And with just hours until a highly anticipated draft lottery (), this saga could take another twist after the ping pong balls decide which franchises will get the opportunity to select top prospects such as Cooper Flagg, Dylan Harper and Ace Bailey.
Antetokounmpo will meet with the Bucks in the next month, and the 29 teams will internally line up trade scenarios if the 2021 Finals MVP is made available. (The last time a team traded a former MVP in their prime was in January 2021, when the sent to the .)
An important reminder for teams chasing Giannis this summer: Any franchise without salary cap space would have to send Milwaukee at least $43.5 million in salary and remain below the first apron.
Which franchises have the draft capital, the contracts and the young stars to swing a deal with Milwaukee? To set the stage, we have broken up the league’s 30 teams into nine tiers, starting with the Bucks.
Note: Player salaries are reflective of the 2025-26 season.
The Bucks have been on the clock to put a championship roster around Antetokounmpo. This offseason is no different.
Since general manager Jon Horst was promoted in June 2017, Milwaukee has made 25 trades that have cost the team seven first-round picks, three years of pick swaps and 18 second-rounders. (The only players remaining from their 2021 championship team are Antetokounmpo and Lopez.) But those trades have played a role in why the Bucks trail only the as the winningest regular-season team since 2016-17. Improving the top-heavy roster could be even more difficult this summer.
The challenge comes with an inability to trade multiple first-round picks. Currently, the Bucks can move either their 2031 or 2032 pick. Antetokounmpo, and will earn a combined $130 million of the Bucks’ $164 million in payroll next season. Lillard will turn 35 in July and is owed $113 million over the next two seasons after recovering from the torn Achilles. Lopez, , , . and . all could become free agents this summer. (Portis and Porter Jr. have a player option.)
One positive: Milwaukee is no longer in financial purgatory. The Kuzma- swap with the at the trade deadline has given the Bucks freedom to add in free agency or via trade while not being pressed against the salary cap’s second apron. The Bucks will have the $14.1 million non-tax midlevel exception available.
Shams Charania reports that for the first time in Giannis Antetokounmpo’s career, he is open-minded about departing Milwaukee.
We won’t list Houston and San Antonio as the favorites just yet, considering Antetokounmpo has not asked to be traded and there is no list of preferred destinations.
However, in the case he does, Houston and San Antonio fit all the requirements; draft assets, young players, sizable contracts and a win-now roster even after trading for Antetokounmpo.
Houston is walking a financial tightrope when it comes to a potential Antetokounmpo deal. While the Rockets have $131 million in salary, they are a luxury tax and first apron team when taking into account ‘s team option, non-guaranteed contracts (, ) and the first-round pick from Phoenix. (VanVleet cannot be traded unless the team option is exercised).
The Rockets are in the rare position of being a playoff team with a top-10 pick in June’s draft. Besides the pick owed by Phoenix, Houston has nine future first-rounders — five that can be traded over the next seven years. The Rockets can also swap firsts with Brooklyn in 2027 and have a 2027 unprotected first-round pick from Phoenix and two of the more favorable first-rounders between Dallas, Phoenix and their own in 2029. Houston owes Oklahoma City its 2026 first-rounder if it falls outside of the top 4. Houston has seven second-round picks available.
Free agents: Fred VanVleet (team option), Aaron Holiday (team), , ,
Rookie scale contracts: . ($12.3 million, RFA 2026), ($10.6 million, RFA 2028), ($9.7 million, RFA 2027), ($5.7 million, RFA 2026) and Cam Whitemore ($3.5 million, RFA 2027)
Sizable contracts: Fred VanVleet ($44.9 million, Team 2026), ($33.9 million, Player 2029), ($33.3 million, Player 2027), ($22.1 million, UFA 2027)
Other contracts: Jock Landale ($8 million, UFA 2027), Aaron Holiday ($4.9 million, Team 2026) and ($2.3 million, Team 2027). Note: The Landale and Williams contracts are non-guaranteed. Holiday is not trade eligible unless the team option is exercised.
Year three of Wembanyama’s first-round rookie contract has put San Antonio in a position to take back salary and not face financial restrictions. Including both its first-round picks in June, San Antonio is $33 million below the tax and $37 million below the first apron.
The Spurs still have equity in draft picks despite trading four first-round picks to acquire at the deadline. They have two lottery picks in June and an additional three future tradeable firsts. San Antonio has the Hawks’ unprotected first in 2027 and two of their own starting in 2029. They also have the right to swap first-rounds with Atlanta in 2026, with Boston (top-1 protected) in 2028, with Dallas or Minnesota (if 2-30) in 2030 and with Sacramento in 2031. The Timberwolves, meanwhile, will send their 2031 unprotected first to San Antonio.
Free agents: , , , ,
Off the board:
Rookie scale contracts: ($9.6 million, RFA 2028), ($7.1 million, RFA 2026), ($4.7 million, RFA 2027), ($4.9 million, RFA 2026)
Sizable contracts: De’Aaron Fox ($37.1 million, UFA 2026), ($17.5 million, UFA 2029), ($17.5 million, UFA 2027) and ($19 million, UFA 2026)
Other contracts: ($3 million, Team 2026)
The Nets and Jazz have a combined 22 first-round picks available in an Antetokounmpo trade. The problem comes down to whether Brooklyn and Utah still have the assets and players to build around the superstar big man.
The Nets are in the driver’s seat this summer because of their cap flexibility. Including the free agent holds of , and their four first-round picks, Brooklyn projects to have $45 million in cap space.
Brooklyn has 15 future first-round picks, including 13 that are tradeable. The Knicks owe Brooklyn three future firsts (2027, 2029, 2031) and swap rights in 2028 (or Phoenix). If the 76ers retain their first-round pick this season, they will send Brooklyn a top-8 protected first in 2028. The pick is top-8 protected in 2027 if the first in 2025 is sent to Oklahoma City. In addition, the Nets have the less favorable 2029 first of Dallas, Phoenix and Houston. The Rockets also have the right to swap firsts in 2027. The Nets also have 15 second-round picks available to trade.
Free agents: , , , , Cam Thomas, Day’Ron Sharpe, (Team), (Team), (Team), (Team)
Rookie scale contracts: ($3.4 million, RFA 2027), ($3.2 million, RFA 2027)
Sizable contracts: ($25.4 million, UFA 2028), ($21.1 million, UFA 2027)
Other contracts: (2.2 million, Team 2026), Johnson ($2.3 million, Team 2025), Wilson ($2.2 million, Team 2025), Martin ($2.2 million, Team 2025), Timme ($2 million, Team 2025)
With two first-round picks in June and 15 players under contract, expect Utah to act like a team over the cap this summer. Including both firsts and $15 million in non-guaranteed contracts (a total of $15 million), Utah is right at the salary cap.
The Jazz own 13 first-round picks, including a combined five unprotected first-rounders (two in 2027 and 2029) from Cleveland and Minnesota (the Wolves will also send a top-five protected first in 2029.) They have eight tradeable firsts, including two in this year’s draft. The Suns will also send Utah an unprotected 2031 first. The Jazz have a top-five protected 2027 first from the Lakers and can swap a first with Minnesota or Cleveland in 2026 (if in the top eight) and with Cleveland in 2028. The Jazz owe Oklahoma CIty a top-8 protected first in 2026. Utah has nine second-round picks available to trade.
Free agents: (Player)
Rookie scale contracts: ($6.1 million, RFA 2027), ($5.7 million, RFA 2028), ($4.9 million, RFA 2026), ($4.3 million, RFA 2027), ($2.7 million, RFA 2027), ($2.7 million, RFA 2028)
Sizable contracts: ($46.4 million, UFA 2029), Collins ($26.6 million, Player 2025), ($19.2 million, UFA 2026), ($14.3 million, UFA 2026), ($8 million, UFA 2026). Note: Collins cannot be traded unless he opts-in to this contract, while Martin’s contract is non-guaranteed.
Other contracts: ($3.7 million, UFA 2028), ($6.1 million, Team 2027), ($2.8 million, UFA 2028), ($2.4 million, UFA 2027). Note: The Mykhailiuk, Juzang and Springer contracts are non-guaranteed next season.
Stephen A. Smith says he isn’t surprised by Giannis Antetokounmpo’s decision and believes the Bucks aren’t going anywhere as a team.
There is uncertainty as it relates to these next six teams.
While the Thunder check the four boxes to acquire a superstar like Antetokounmpo, future finances could be a deterrent. Oklahoma City could commit nearly $800 million in extensions this offseason to , and .
For the 76ers, fortunes could change if they grab a top-2 spot in this year’s draft. However, because of the size of Antetokounmpo’s salary, acquiring or is a likely non-starter in Milwaukee.
The financial windfall of likely being named to All-NBA impacts the Pistons’ spending this offseason. Because Cunningham’s salary will get adjusted from $38.6 million to $46.4 million next season, Detroit projects to enter the offseason with $19 million in cap space but could elect to act as a team over the cap if they bring back free agents . and . In that scenario, Detroit would have the $14.1 million non-tax midlevel exception and $5.1 million biannual exception available. The Pistons have all their first-round picks in the next seven seasons, are allowed to trade four and can swap in each season.
Free agents: Hardaway Jr., , Dennis Schroder, ,
Rookie scale contracts: ($10.1 million, RFA 2026), ($8.8 million, RFA 2027), Ron Holland II ($8.7 million, RFA 2028), ($6.5 million, RFA 2026), ($2.9 million, RFA 2027
Sizable contracts: Cunningham ($46.4 million, UFA 2030), ($26.6 million, UFA 2026), ($15 million, Team 2027), ($8.3 million, UFA 2026)
Other contracts: ($2 million, Team 2027)
The trade sending to Washington has given Memphis options this offseason. Including ‘s free agent hold, the Grizzlies have $147 million in salary and are $7 million below the salary cap. They could use the available room to renegotiate the . contract in 2025-26 and then extend for an additional four seasons.
The Grizzlies have their own first-round in the next seven years. They also have the more favorable swap of their own and least favorable swap of Orlando and Phoenix in 2026. In 2030, the Grizzlies have the right to swap their own first with the less favorable between Phoenix and Washington. Memphis has seven second-rounders available.
Free agents: , , Santi Aldama,
Rookie scale contracts: ($6 million, RFA 2028)
Sizable contracts: ($39.5 million, UFA 2028), ($36.7 million, UFA 2029), Jaren Jackson ($23.4 million, UFA 2026), ($12.5 million, UFA 2027), ($6.2 million, UFA 2027)
Other contracts: . ($2.3 million, Team 2026), . ($2.3 million, Team 2027), ($2.3 million, Team 2027), ($2.2 million, Team 2026), ($2 million, Team 2027)
The Pelicans are a wild card team because they control the Bucks’ first-round pick in the next two seasons. Including their lottery pick and 12 players under contract, the Pelicans are $2.5 million below the tax and $8.4 million under the first apron. And besides having their own first-round pick in the next seven years — four can be traded — New Orleans has the right to swap with Milwaukee in 2026.
The most favorable of their own first and Milwaukee’s in 2027 will go to Atlanta, but New Orleans will retain it if the pick falls in the top five. They also have a 2026 top-four protected first-rounder from Indiana. In total, the Pelicans have six tradeable first-rounders, including their lottery pick in June, with four second-rounders available.
Free agents: (Team), (Team), ,
Rookie scale contracts: ($4.7 million, Team 2026), ($3.4 million, RFA 2028)
Sizable contracts: ($39.5 million, UFA 2028), ($30.8 million, Player 2027), ($30.7 million, UFA 2026), ($25 million, UFA 2029), ($13.9 million, UFA 2027), ($13.4 million, UFA 2026), ($4.5 million, Player 2026). Note: Williamson’s contract is partially guaranteed.
Other contracts: ($2 million, Team 2026), Antonio Reaves ($2 million, Team 2026), Payton ($3.2 million, Team 2025), Boston ($2.3 million, Team 2025). Note: The Reaves contract is non-guaranteed. Payton and Boston cannot be traded unless their team option is exercised.
The Thunder have a one-year reprieve before extensions for Williams and Holmgren begin in 2026 and Gilgeous-Alexander the following year. For now, Oklahoma City has 15 players under contract entering the offseason and once again are projected below the luxury tax; not including their draft picks, the Thunder are $10.1 million below. OKC has its first-round picks in the next seven years and the possibility of an additional six first-rounders. Including both firsts in June, Oklahoma City can trade 13 of them.
In 2026, the Thunder have a top-8 protected first from Utah and top-six protected first from Philadelphia. OKC can also swap first-rounders with the Clippers and Rockets (if 11-30). The least favorable of their own, Rockets (if 5-30) and Clippers will go to Philadelphia in 2026. The 76ers first is top-4 protected first in 2027 if not conveyed in 2025 or 2026, and the Thunder can also swap first-rounders with the Clippers in 2027 and Mavericks in 2028. Oklahoma City will receive a top-five protected first from Denver in 2027, 2028 or 2029. If the first is conveyed in 2027, Oklahoma City will receive a 2029 top-5 protected first from the Nuggets. The pick is top-five protected in 2030 if not conveyed in 2027. The Thunder have 18 second-round picks available to use in a trade.
Free agents: (Team), (Team)
Off the board: Shai Gilgeous-Alexander ($38.3 million, UFA 2027)
Rookie scale contracts: Chet Holmgren ($13.7 million, RFA 2026), ($6.7 million, RFA 2026), Jalen Williams ($6.6 million, RFA 2026), ($5.8 million, RFA 2027), ($5.2 million, RFA 2028), ($2.8 million, RFA 2028)
Sizable contracts: ($28.5 million, Team 2026), ($18.1 million, UFA 2029), Lu Dort ($17.7 million, Team 2026), ($12.4 million, Team 2027), ($9.7 million, Team 2028), ($7.2 million, Team 2026)
Other contracts: Jaylin Williams ($2.2 million, Team 2025), Mitchell ($3 million, Team 2025). Note: Williams and Mitchell cannot be traded unless the team option is exercised.
The cost to keep this roster intact is set to get expensive. With year one and ‘ extensions set to begin, the Magic are not only over the luxury tax by $19 million over but are $11 above the first apron and $1 million million below the second. The projection includes both firsts-round picks in June’s draft.
The Magic have six tradeable first-rounders in the next eight years. They have the more favorable 2026 first-round swap of their own and less favorable Phoenix or Washington (if 1-8). Orlando has 15 second-rounders available.
Free agents: (Team), (Team), (Team), (Team)
Rookie scale contracts: ($15.3 million, RFA 2026), ($7.9 million, RFA 2027), ($5.5 million, RFA 2027), ($3.8 million, RFA 2028)
Sizable contracts: Franz Wagner ($38.7 million, UFA 2030), Jalen Suggs ($35 million, UFA 2030), ($22.6 million, Player 2026), ($15 million, UFA 2029), ($13.1 million, Team 2026), . ($10.9 million, Team 2028), ($8.3 million, UFA 2027), Wagner ($11 million, Team 2025), Harris ($7.5 million, Team 2025). Note: Moritz Wagner and Gary Harris cannot be traded unless their team options are exercised.
Other contracts: Joseph ($3.5 million, Team 2025), Houstan ($2.2 million, Team 2026). Note: Joseph and Houstan cannot be traded unless their team options are exercised.
The draft lottery and the player options of , . and play a role in what flexibility Philadelphia has this summer. If Philadelphia retains their first-rounder and all three players opt-in prior to June 29, they are $3.7 million below the luxury tax and $11.1 million below the first apron.
The 76ers have an additional three first-rounders available to use in a trade. Philadelphia is allowed to trade their own first-rounder in 2025, 2030 and 2032 and have an unprotected first-rounder from the Clippers in 2028. Philly can also swap first-rounders (top-4 protected) with the Clippers in 2029. They have eight seconds available to use in trades.
Free agents: Kelly Oubre Jr. (Player), Andre Drummond (Player), Eric Gordon (Player), (Team), (Team), (Team), , ,
Rookie scale contracts: Jared McCain ($4.2 million, RFA 2028)
Sizable contracts: Joel Embiid ($55.2 million, Player 2028), Paul George ($51.7 million, Player 2027), ($37.9 million, UFA 2029)
Other contracts: ($2 million, Team 2027), ($2.2 million, Team 2026). Note: Council IV’s contract is non-guaranteed.
There is a common theme for the four teams listed below.
All four finished in the lottery, and while each has the draft equity and young players to chase Antetokounmpo, none have a roster that can contend for a playoff spot.
Charlotte is right at the $154.6 million salary cap this offseason but have the draft assets to appease Milwaukee if Antetokounmpo becomes available. Including a top-three pick in June, Charlotte owns all their first-rounders through 2032 and three additional firsts from prior trades. In 2026, they have the less favorable first of Phoenix, Washington (if 1-8), Orlando and Memphis. Charlotte will receive a 2027 top-14 protected first and unprotected in 2028 if not conveyed in the prior year. The Hornets will also receive a 2027 top-2 protected first from the Mavericks. Charlotte is allowed to trade up to seven first-round picks and has 11 future second-round picks.
Free agents: , and .
Rookie scale contracts: ($11.9 million, RFA 2027), ($7.9 million, RFA 2028), ($6.3 million, RFA 2026), Nick Smith ($2.7 million, RFA 2026)
Sizable contracts: ($37.9 million, UFA 2029), ($25 million, UFA 2027), ($19.4 million, UFA 2026), ($13.7 million, UFA 2027), ($13.7 million, UFA 2027)
Other contracts: ($7.8 million, UFA 2026), ($2.7 million, UFA 2027) and ($2.3 million, UFA 2027). Note: All three contracts are nor or partially protected.
With 13 players under contract for next offseason, Portland is over the salary cap but well below the luxury tax to add during free agency or via trade. With their upcoming lottery pick, the Blazers are $11 million below the tax and $17 million below the first apron.
The Blazers owe Chicago a top-14 protected first-round pick, with the protection extending to 2028. They have the most and least favorable first of their own, Boston and Milwaukee in 2029 and have the right to swap first-rounders with Milwaukee in 2028 and 2030. The swap rights in 2028 are extinguished if the Blazers send Chicago their first that year.
Including this season (they can trade their first-rounder the night of the draft), Portland has four first-round picks and six second-rounders available to trade.
Free agents: , (Player), (Team),
Rookie scale contracts: ($10.7 million, UFA 2027), ($10.7 million, RFA 2027), ($7.2 million, RFA 2028), ($3.1 million, RFA 2027)
Sizable contracts: ($35.6 million, UFA 2026), ($32 million, Player 2027), ($27.7 million, UFA 2026), ($14.4 million, UFA 2028), Robert Williams ($13.3 million, UFA 2026), Thybulle ($11.5 million, Player 2025). Note: Thybulle cannot be traded unless his option is exercised.
Other contracts: ($2.2 million, RFA 2026) and ($2.2 million, Team 2026). Notes: Both contracts are non-guaranteed.
Toronto enters the offseason with limited flexibility outside of their first-round pick. Including a likely top-10 selection, Toronto is over the tax and $1.3 million over the first apron. The Raptors have their own first-round pick in every draft through 2032 and are allowed to trade up to five first-round picks, including their lottery pick in June. Toronto has seven future second-round picks available.
Free agents: and
Rookie scale contracts: ($6.4 million, RFA 2026), ($5 million, RFA 2026), ($3.6 million, RFA 2028)
Sizable contracts: ($38.7 million, UFA 2030), ($38.1 million, UFA 2028), ($32.5 million, UFA 2028), ($27.7 million, UFA 2027), ($19.5 million, Player 2026)
Other contracts: ($1.9 million, Team 2026), ($1.5 million, Team 2026), AJ Lawson ($2.3 million, UFA 2026), ($2.2 million, UFA 2026), ($2 million, UFA 2027). Note: Lawson, Castleton and Battle’s contracts are non-guaranteed.
Washington is $14 million below the tax and has the flexibility of $20 million in non-guaranteed contracts. The Wizards have 25 draft picks through 2032, including 10 first-rounders. Two of which — their own and Memphis’ — are in this year’s draft.
Washington also has the least favorable 2026 first-rounder between Oklahoma City, Houston (if 5-30) and and the second-most favorable 2029 first-rounder between Boston, Milwaukee and Portland. The Warriors will send a top-20 protected first to Washington in 2030. Washington has the right to swap first-rounders with Phoenix in 2026, 2028 and 2030 but owe New York a first-round pick that is top-8 protected in 2026.
Free agents: Khris Middleton (Player) and
Rookie scale contracts: ($11.8 million, RFA 2028), ($7.3 million, RFA 2027), Carlton Carrington ($4.7 million, RFA 2028), ($3.1 million, RFA 2028), ($3 million, RFA 2028)
Sizable contracts: Middleton ($33.3 million, Team 2025), ($31.8 million, UFA 2027), Marcus Smart ($21.6 million, UFA 2026), ($14 million, UFA 2029), ($13.3 million, UFA 2026), ($6.2 million, UFA 2027). Note: Holmes’ contract is non-guaranteed, while Middleton cannot be traded. unless he opts-in to his contract.
Other contracts: ($2.5 million, UFA 2026), ($2.3 million, UFA 2028), ($2.2 million, Team 2026)
Each of the four teams listed below have at a minimum three tradeable firsts.
That is the good news. The bad? Any contracts included in a trade likely don’t match Milwaukee’s timeline. (For example, Golden State would need to reroute to a third team and gain additional draft assets to make a Giannis deal work.)
For a second straight season, expect the Mavericks to hover around the tax line and first apron threshold. Including ‘s $43 million player option and the Mavs’ 2025 first-round pick, Dallas is $8 million over the luxury tax and $4 million over the first apron. They are not allowed to use more than 100% of the traded player exception if they remain above the first apron.
The Mavericks have three tradable first-rounders and two seconds. Including their lottery pick in June, Dallas can trade the Lakers’ 2029 unprotected first and their own in 2031. The Mavs also have the ability to swap firsts in 2026, 2031 and 2032 with one second-rounder available.
Free agents: Kyrie Irving (Player), (Player), ,
Rookie scale contracts: ($5.3 million, RFA 2027), Oliver-Max Prosper ($3 million, RFA 2027)
Sizable contracts: ($54.1 million, Irving ($43 million, Player 2025), ($16.7 million, UFA 2027), PJ Washington ($14.2 million, UFA 2026), ($14.7 million, UFA 2026), ($9.6 million, Player 2027), ($9 million, UFA 2027), ($7.7 million, Player 2027), ($6 million, Team 2027), Powell ($4 million, Player 2025). Note: Irving and Powell cannot be traded unless their player option is exercised.
Other contracts: ($2.3 million, UFA 2026). Note: Williams’ contract is non-guaranteed.
The Jimmy Butler trade has positioned Miami below the second apron next season. Including the partially guaranteed contracts of , and Golden State’s first-round pick in June’s draft, the Heat are $11 million below the first apron and $23 million below the second.
Miami has their own first-round pick in 2026, 2028, 2029, 2030, 2031 and 2032. Because teams are not allowed to trade firsts in back-to-back seasons, Miami can send out 2030, 2032 and the Warriors’ pick in June. The Heat have two second-rounders available to trade.
Free agents: , , (Team)
Rookie scale contracts: ($4.4 million, RFA 2026), ($4.4 million, RFA 2028), . ($3.9 million, RFA 2027)
Sizable contracts: ($37.1 million, UFA 2029), ($31 million, UFA 2027), ($28.2 million, Player 2026), Terry Rozier ($26.6 million, UFA 2026), Duncan Robinson ($19.9 million, UFA 2026), ($9.2 million, UFA 2027), ($5.6 million, UFA 2026), ($4.1 million, UFA 2026). Note: Rozier and Robinson’s contracts are partially guaranteed.
Other contracts: ($1.9 million, Team 2026), Johnson ($1.9 million, Team 2025). Note: Larsson’s contract is partially guaranteed, while Johnson cannot be traded unless the team option is exercised.
The addition of Butler has Golden State $17.5 million below the luxury tax before free agency begins. In the scenario where Golden State re-signs , the Warriors would become a luxury tax team that would likely exceed the first apron. They are $25.5 million and $37.3 million below both aprons.
Even after surrendering their 2025 first-rounder in the Butler trade, Golden State still has four available to use in a trade: 2026, 2028, 2028 (if 1-20) and 2030. The Warriors are also allowed to swap firsts in every season and have two second-rounders available.
Free agents: Jonathan Kuminga, , , , Kevin Knox, (Team), and (Team)
Off the board: ($59.6 million, UFA 2027)
Rookie scale contracts: ($3.7 million, RFA 2027)
Sizable contracts: Jimmy Butler ($59.6 million, UFA 2027), Draymond Green ($25.9 million, Player 2026), ($11.6 million, UFA 2028), ($9.2 million, Player 2027),
Other contracts: ($2.2 million, Team 2026), Santos ($2.2 million, Team 2025), Post ($1.9 million, Team 2025). Note: Santos and Post cannot be traded unless the team option is exercised.
The Clippers have the flexibility to give Harden a salary increase, use most of their non-tax midlevel exception and still remain below the luxury tax and aprons. Including Harden’s $36.3 million player option, LA is $17.3 million below the tax and $25.3 million beneath the first apron.
Including in June’s draft, the Clippers have three first-rounders (2030 and 2032) available to put in a trade. They are allowed to swap firsts in 2030, 2031 and 2032 with five second-rounders available to trade.
Free agents: James Harden (Player), (Player), , and
Rookie scale contracts: ($2.7 million, RFA 2027)
Sizable contracts: ($50 million, UFA 2027), Harden ($36.3 million, Player 2025), ($20.5 million, UFA 2026), ($18.1 million, UFA 2028), ($16 million, Team 2026), . ($10 million, UFA 2027), ($5.2 million, UFA 2027), Batum ($4.9 million, Player 2026)
Other contracts: ($4.8 million, UFA 2026), ($2.2 million, Team 2027) and ($2 million, Player 2027). Note: Eubanks and Miller’s contracts are non-guaranteed.
Bucks forward Bobby Portis made an astute observation as it relates to any team trading for Antetokounmpo.
“Just looking business-wise: You trade for him, obviously, he’s going to make, what, $58-$60 million,” Portis said last week on FanDuel TV’s Run It Back. “You’ve got to trade your whole team, right?”
For example, the Pacers’ strength, as displayed this postseason, has continued to be their depth. Trading for Antetokounmpo would all but eliminate that unless stars or are included. There is also the risk of Antetkounmpo leaving in the 2027 offseason when he potentially becomes a free agent.
Atlanta enters the offseason right at the salary cap. They have enough flexibility below the luxury tax and first apron to be aggressive taking back salary in a trade.
The Hawks have no control over their first-round pick until 2028 but still possess draft equity in future seasons. Including the two first-rounders in June, Atlanta has nine through 2032, five that are tradeable. Atlanta has six second-rounders.
Free agents: , , ., , Dominic Barlow (Team)
Rookie scale contracts: ($13.2 million, RFA 2028), ($7.7 million, RFA 2026), ($4.5 million, RFA 2027)
Sizable contracts: ($46 million, Player 2026), ($30 million, UFA 2030), ($15.5 million, UFA 2028), ($15 million, UFA 2028), ($8.2 million, UFA 2026)
Other contracts: ($2.3 million, Team 2027), ($2.2 million, Team 2026), Barlow ($2.3 million, Team 2025). Note: Krejic and Gueye’s contracts are not fully guaranteed, while Barlow cannot be traded unless the team option is exercised.
The Bulls are in a position to take back salary in a trade. Not including a new contract for , Chicago is $46 million below the luxury tax.
The Bulls have their own first-round pick in the next seven seasons and are owed the Trail Blazers’ first-round pick that is top-14 protected over the next four seasons. Chicago also has six second-round picks available to trade.
Free agents: (Player), , and Josh Giddey
Rookie scale contracts: ($5.5 million, RFA 2028) and ($5.4 million, RFA 2026)
Sizable contracts: ($21.5 million, UFA 2026), ($18 million, Player 2028), ($18.1 million, UFA 2026), ($18 million, UFA 2026), ($12.9 million, UFA 2026), ($10 million, Team 2026), ($9 million, UFA 2027), ($7.5 million, UFA 2026), Carter ($6.8 million, Player 2025). Note: Carter cannot be traded unless he opts-in to his contract
Other contracts: ($2.2 million, Team 2026)
The Pacers could be a luxury tax team for the first time since 2005-06 if they retain center . Not including their first-round pick, Indiana is $23 million below the luxury tax and $30.4 million below the first apron.
The Pacers have their own first-rounder in six out of the next seven years. However, because they owe New Orleans a top-4 protected first-rounder in 2026 (it is also top-4 protected the following year), the maximum firsts available to trade is three (2028, 2030 and 2032). Indiana can trade the rights to the player selected in this year’s draft and have nine second-rounders available.
Free agents: Myles Turner, , , and (Team)
Rookie scale contracts: Benedict Mathurin ($9.2 million, RFA 2026), ($6.7 million, RFA 2027), ($2.8 million, RFA 2027)
Sizable contracts: Tyrese Haliburton ($45.6 million, UFA 2029), Pascal Siakam ($45.6 million, UFA 2028), ($18.1 million, UFA 2028), ($14 million, UFA 2028), ($11 million, UFA 2027), TJ McConnell ($10.2 million, UFA 2029)
Other contracts: ($1.9 million, Team 2027) and Bradley ($2.9 million, Team 2025)
The Kings have two max players – and – under contract but have flexibility to take back money in a trade or use their $14.1 million exception in free agency. Sacramento, which has $163 million in salary committed to only eight players, is $24 million below the luxury tax and is in no danger of being in the first apron once their roster is filled out.
The Kings are allowed to trade a maximum of four first-rounders (2026, 2028, 2030 and 2032) in the next seven years and can swap first-rounders in each season. Sacramento has four second-rounders available.
Free agents: , , , , , (Team), (Team) and (Team)
Rookie scale contracts: ($11.1 million, RFA 2026) and ($4.9 million, RFA 2028)
Sizable contracts: Zach LaVine ($47.5 million, Player 2026), Domantas Sabonis ($43.6 million, UFA 2028), ($24.6 million, UFA 2027), ($18.8 million, Player 2027) and ($10.4 million, UFA 2027)
Other contracts: Davis ($2.5 million, Team 2025), Ellis ($2.3 million, Team 2025) and Jones ($1.9 million, Team 2025). Note: The three players cannot be traded unless their options are exercised.
The Nuggets, Lakers, Timberwolves, Knicks and Suns have a combined six first-round picks available to trade over the next seven years. Considering Milwaukee’s focus in any Giannis trade should be to accumulate draft assets, the four teams are likely not contenders when it comes to landing Antetokounmpo — unless an All-NBA player is traded to a third team for multiple draft picks.
For a second straight season, Denver is projected to be over the first apron. As a result, they cannot use more than 100% of the traded player exception but are allowed to aggregate contracts if the post-transactional salary leaves them below the second apron. Denver is $4.7 million over the first apron and $7.1 million below the second apron.
The Nuggets have only their 2031 or 2032 first-round pick available to use in a trade or to swap.
Free agents: (Player), (Player), and
Off the board: ($55.2 million, Player 2027)
Rookie scale contracts: ($4.9 million, RFA 2026), ($4.4 million, RFA 2026), ($3.2 million, RFA 2028) and ($2.7 million, RFA 2027)
Sizable contracts: ($46.4 million, UFA 2029), . ($38.3 million, UFA 2027), ($22.8 million, Player 2028) and Zeke Naji ($8.2 million, Player 2027)
Other contracts: ($2.2 million, Team 2026), ($2.2 million, Team 2026)
For a second straight offseason, ‘ potential free agency plays a role in what the Lakers can add to their roster. James has a $52.6 million player option for next season. If he opts-in or signs a new contract with a comparable starting salary, the Lakers will be $1.3 million over the luxury tax. Because the Lakers are well below the second apron, they have flexibility to aggregate contracts in a trade. L.A. has more than $60 million in expiring contracts.
As far as draft assets, the trade to acquire left the Lakers with only their 2031 or 2032 first-round pick available to trade. The Lakers are allowed to swap firsts in 2026, 2028, 2030, 2031 and 2032 and have two second-rounders available.
Free agents: LeBron James (Player), (Player), (Team), , ,
Off the board: James (no trade clause)
Rookie scale contracts: ($4 million, RFA 2028)
Sizable contracts: Luka Doncic ($46 million, Player 2026), ($18.3 million, UFA 2026), Finney-Smith ($15.4 million, Player 2025), ($13.9 million, Player 2026), ($11.5 million, UFA 2026), ($11 million, UFA 2026) and (411.6 million, UFA 2028)
Other contracts: ($3 million, UFA 2027), Jordan Goodwin ($2.3 million, Team 2025), ($1.9 million, Team 2027). Note: Goodwin cannot be traded unless the team option is exercised, while Milton’s contract is non-guaranteed.
After spending the 2024-25 season as a second-apron team, Minnesota could have financial flexibility next season. While the Timberwolves are likely still going to be a tax paying team (they are right at the threshold), the Timberwolves project to fall under the second apron. Including and ‘s player options along with the first-rounder from Detroit, the Timberwolves are $8.5 million below the apron.
The Timberwolves are left with the 2025 first from Detroit as their lone available draft asset to trade. They do have five seconds available, including the first pick in this year’s second round from Utah.
Free agents: Julius Randle (Player), Naz Reid (Player), , , (Team) and (Team)
Rookie scale contracts: ($6.6 million, RFA 2028), . ($2.7 million, RFA 2028)
Sizable contracts: ($45.5 million, UFA 2029), ($35 million, Player 2027), Randle ($30.9 million, Player 2025), ($24.9 million, UFA 2029), Reid ($15 million, Player 2025), ($11.9 million, UFA 2026) and ($10.7 million, UFA 2026). Note: Randle and Reid cannot be traded unless they opt-in to their contract.
Other contracts: Jaylen Clark ($2.2 million, UFA 2026), Garza ($2.3 million, Team 2025), ($2.2 million, Team 2026) and Minott ($2.2 million, Team 2025). Note: Garza and Minott cannot be traded because of their team option
With 88% of their payroll tied up among five players (, , , and ), the Knicks, who are leading the Celtics 2-1 in the conference semifinals, are limited in how they add to their roster this offseason. New York is $8.4 million over the luxury tax and right at the first apron with 10 players under contract.
When it comes to the draft, the top-8 protected first from Washington in 2026 is the lone tradeable first New York has available. The Knicks are allowed to swap firsts in 2026, 2030 and 2032, and they have eight seconds available.
Free agents: PJ Tucker (Team), (Team), , , ,
Off the board: Jalen Brunson ($34.9 million, Player 2028)
Rookie scale contracts: ($2.8 million, RFA 2028)
Sizable contracts: Karl-Anthony Towns ($53.1 million, Player 2027), OG Anunoby ($39.6 million, Player 2028), Mikal Bridges ($24.9 million, UFA 2026), Josh Hard ($19.5 million, Team 2027), ($12.9 million, UFA 2026), Deuce McBride ($4.3 million, UFA 2027)
Other contracts: ($2.1 million, Team 2027), Tucker ($3.5 million, Team 2025), Hukporti ($1.95 million, Team 2025). Note: Tucker and Hukporti cannot be traded unless their team option are exercised.
Phoenix enters next season as a luxury tax team for a fourth straight year and it will be a projected $25 million over the second apron. The Suns could create significant savings (close to $100 million) and get closer to the second-apron threshold if they decline their $8.1 million team option for and waive ‘s $8.7 million salary. As it stands, Phoenix is not allowed to aggregate contracts or use more than 100% of the traded player exception.
Past trades and second-apron restrictions have positioned Phoenix with limited draft capital. Although the Suns have four future firsts in the next seven seasons, they’re allowed to trade either a 2028 (less favorable first of their own, New York, Washington) or 2029 first (least favorable of Cleveland, Minnesota [if picks Nos. 6 through 30] and Utah). Their 2032 first-round pick is frozen because they exceeded the second apron this season. The Suns are allowed to trade the draft rights for the player selected with the Utah pick in this year’s draft. Phoenix has three seconds available.
Free agents: Vasilije Micic (Team), , , , and
Off the board: (no trade clause)
Rookie scale contracts: ($2.7 million, RFA 2028)
Sizable contracts: ($54.7 million, UFA 2026), ($53.1 million, UFA 2028), ($16.9 million, Player 2027), ($10.1 million, UFA 2028)
Other contracts: ($1.9 million, Team 2027), Cody Martin ($8.7 million, UFA 2027), ($5 million, UFA 2026)
Apron rules have all but eliminated Boston and Cleveland from trading for Antetokounmpo.
Both teams are deep into the apron and are not allowed to combine salaries or take back additional salary.
The only scenario that would work would be the Celtics flipping for Antetokounmpo. Both players have the identical salary next season.
Boston, down 2-1 against the New York Knicks in the conference semifinals, are a second apron team for a second consecutive season. The first year of the Tatum and contract extensions have Boston $23 million over the cap. The Celtics are not allowed to aggregate contracts and use more than 100% of the traded player exception.
Looking ahead to the draft, the Celtics have five of their own first-round picks in the next seven years. However, because their 2032 first is frozen and they owe Portland or Washington a first in 2028, the maximum firsts they can trade is one (2026 or 2027). Boston is allowed to trade the rights to the player selected in this year’s draft also. The Celtics can swap firsts in 2026, 2027, 2030 and 2031. Boston also has six seconds available.
Free agents: , , , (Team)
Off the board: Jayson Tatum ($54.1 million, UFA 2030)
Rookie scale contracts: Baylor Schierman ($2.6 million, RFA 2028)
Sizable contracts: ($53.1 million, UFA 2029), ($32.4 million, Player 2027), ($30.7 million, UFA 2026), Derrick White ($28.1 million, UFA 2029), ($10 million, UFA 2029) and ($7.2 million, UFA 2028)
Other contracts: ($2.5 million, UFA 2026), Davison ($2.3 million, Team 2025), ($2.2 million, Team 2026), ($2.3 million, Team 2026). Note: Walsh and Queta’s contracts are non-guaranteed.
The Cavaliers, down 3-1 to the Indiana Pacers in the conference semifinals, project to be over the second apron in 2025-26 – the Cavs are $12.9 million above the second apron threshold. As a result, Cleveland is not allowed to aggregate contracts and use more than 100% of the traded player exception.
The Cavaliers are in a unique position because their 2033 first will likely get frozen after the 2025-26 season concludes. Due to the second apron penalty, this season could be the last chance in which Cleveland could move its 2032 first-rounder. The Cavs’ 2031 or 2032 first (but not both) are the only picks allowed to be traded. They have six seconds available.
Free agents: , , , and (Team)
Rookie scale contracts: ($3.5 million, RFA 2026)
Sizable contracts: ($46.4 million, Player 2027), ($39.5 million, UFA 2028), ($46.4 million, UFA 2030), ($23.3 million, UFA 2027), ($20 million, UFA 2029), ($15.9 million, UFA 2027), ($11 million, UFA 2027)
Other contracts: ($6.6 million, UFA 2026), Okeke ($2.5 million, Team 2026), . ($2.2 million, Team 2026). Note: Wade’s contract is partially guaranteed, while Porter Jr. has no salary protection.
