The keys to Giannis Antetokounmpo's departure from the Milwaukee Bucks

The NBA calendar is entering a hot phase. Before 2026 arrives, the 30 franchises are gearing up for two key dates: next Monday, when 82 players signed in the summer can be traded — leaving 90% of the league available — and the G League Showcase in Orlando, from December 19 to 22, considered the equivalent of MLB's winter meetings. "It's the unofficial start of high-stakes conversations," admitted a top-level executive in recent days.

With most teams having played around 25 games already, front offices have assessed their rosters enough to know if they are contenders or need to hit the market. All eyes are on the Milwaukee Bucks, currently experiencing a steep decline and in the midst of contemplating the future of Giannis Antetokounmpo, their absolute star.

The Greek, a nine-time All-Star and two-time MVP, is recovering from a right calf strain that will keep him out for several weeks. Meanwhile, as discussed last week, he and his agent, Alex Saratsis, have begun talks with the Bucks to assess whether the ideal path is to stay in Wisconsin or seek a trade. Milwaukee is 10-15, with 10 losses in the last 12 games, anchored between the 10th and 11th spots in the East. If the slide continues, discussions between both parties will escalate with the aim of reaching a resolution before the trade deadline on February 5.

Jon Horst, architect of the 2021 championship team, has built competitive rosters around Antetokounmpo for six seasons. But since the title, the trajectory has been downward: conference semifinals in 2022 and three straight first-round exits. This summer, the franchise took on a massive financial burden by stretching and waiving the remaining $113 million of Damian Lillard's contract to sign Myles Turner for $108 million. It was a new all-in bet, aware that a transition year was not acceptable for a player who wants to contend for a second ring.

Despite the internal optimism with which Horst, Doc Rivers, and ownership approached the season —a vision the GM conveyed to Giannis in their July meeting in Greece—, the player's doubts about the project and interest in external alternatives led to talks with the New York Knicks over several weeks in August. New York made offers, but no progress was made, and both sides moved on.

The sporting situation and lack of maneuvering room complicate the scenario. Milwaukee only has one tradable first-round pick —2031 or 2032— and no second-round picks. Apart from Antetokounmpo and Turner, the most relevant contracts for a possible trade are those of Bobby Portis ($44 million over three years) and Kyle Kuzma ($40.7 million over two years). Ryan Rollins and AJ Green are seen as competitive bargains by rival executives, although Green cannot be traded this season. The franchise has been reluctant to further mortgage its future unless a game-changing player emerges but may face the need to rebuild without their historic figure. "The message is there, you just have to read it," acknowledged a source familiar with the player-team relationship.

Negotiations with the Knicks?

If the Bucks agree to engage in talks for their star, the Knicks would no longer have priority as Giannis’s preferred destination. For now, the focus is on his recovery and evaluating the team's performance in the coming weeks. After losses to the Sixers and Pistons without their leader, they face a challenging stretch with six of the next nine games on the road. "It's a crucial moment; sink or swim," said Kuzma in Detroit.

Antetokounmpo's contractual status — signed until 2026-27 with a player option for 2027-28— gives him significant leverage in any potential deal. The new apron rules and upcoming supermax complicate a trade unless the player shows willingness to commit long-term to the acquiring team. This factor ensures he plays a decisive role in the final decision.

Milwaukee thus enters a December that could determine its immediate future and that of its most important player in history. The clock is ticking, and with it, the pressure to resolve an increasingly delicate situation.

This is an automatic translation. You can read the original news, Las claves de la salida de Giannis Antetokounmpo de Milwaukee Bucks