After three consecutive first-round playoff exits, an aging roster with limited assets, and an injured co-star in Damian Lillard -- who could miss the entire 2025–26 season with a torn Achilles -- it's no surprise Giannis Antetokounmpo trade talks are heating up before the offseason even begins.
Finding him a new landing spot could be in the Bucks' and Giannis' best interest. However, one thing standing in the way of embracing a full-on rebuild is that Portland has a significant portion of its draft capital. This multi-team trade solves that issue for Milwaukee, with Portland cashing in those picks for a polarizing star in Zion Williamson.
Here is the deal in full:
Bucks receive: Reed Sheppard, Tari Eason, Deandre Ayton, 2025 first (via Phoenix), 2027 first (via Phoenix), 2029 first (most favorable of Milwaukee, Portland or Washington), 2028 and 2030 Milwaukee swap rights
Rockets receive: Giannis Antetokounmpo, Jose Alvarado
Pelicans receive: Jalen Green, Jabari Smith Jr., Jock Landale
Trail Blazers receive: Zion Williamson
Rockets land Giannis, Blazers bet on Zion, Bucks and Pelicans hit reset
Why the Bucks do this trade
Milwaukee kickstarts its rebuild with an intriguing combination of young talent and draft capital. Reed Sheppard and Tari Eason could lay the foundation for a new core, while DeAndre Ayton could potentially be more than just a salary filler for a Bucks team that desperately needs to address the position and prepare for life after 37-year-old Brook Lopez.
The most significant reason the Bucks are taking this is the haul of draft capital. They receive three first-round picks and two swaps, all of which are highly valuable. The Suns are perhaps the only team in a worse position than the Bucks and may not be able to salvage their roster by the time those picks convey, especially since trading Bradley Beal is challenging with his contract and no-trade clause.
Getting their picks back from Portland allows them to commit to a legitimate rebuild with a full-on roster teardown rather than trying to remain competitive and risking purgatory.
Why the Rockets do this trade
Houston gives up a lot of young talent but still figures out a way to pair Amen Thompson and Alperen Sengun with arguably the second-best player in the world. We didn't like the Rockets' trade for Giannis in The Athletic proposal because they had to sacrifice their entire core -- including Thompson and Sengun -- just to get him, which defeats the purpose. But if they can pull it off, this trade better balances their unique situation as a young roster that finished second in the West.
The new CBA makes it challenging for the Rockets to retain key players, and the odds are that they will have to decide which members of their young core to commit to. They make the right call by investing in Giannis, Sengun, and Thompson as their trio going forward.
Why the Pelicans do this trade
Rumors circulated surrounding the Pelicans' new decision maker, Joe Dumars, having a trade mandate to trade Zion, which he has since shot down. But even if Dumars isn't forced to trade Williamson this summer, that doesn't mean he won't or shouldn't.
The Pelicans were the most disappointing team this season relative to expectations. They entered 2024-25 with playoff aspirations but are now on the brink of a roster overhaul after a plethora of injuries led to a 21-61 record, playing a role in the Brandon Ingram trade to the Raptors.
New Orleans already has a few exciting pieces in Trey Murphy III, Herb Jones, Yves Missi, and their incoming pick, which is guaranteed no later than eighth. They add to that nucleus here with Jalen Green, a talented yet polarizing guard, and Jabari Smith Jr., a lengthy 3-and-D forward with upside to contribute more offensively.
There are question marks surrounding how much Green's impressive stats and highlight reels impact winning, but there are also concerns about Zion's availability. Trading him for younger, healthier players gives New Orleans a fresh start for a team in dire need of stability.
Why the Trail Blazers do this trade
Those Bucks picks are extremely valuable, but if the Blazers don't trade them, Milwaukee will be more incentivized to remain competitive. Their best bet is cashing in these picks for a star. Portland takes a high-upside gamble on Zion as their missing All-Star solution.
When healthy, Williamson is as elite as everyone thought he would be coming out of Duke. But he's played 30 or fewer games in four of his six seasons. That risk is somewhat mitigated by contract stipulations and the Blazers not having to sacrifice key members of their young core. It'll hurt if he can't stay healthy, but not enough to entirely derail their rebuild.
Zion is 24 years old and fits in perfectly with the Blazers' timeline. They could roll out a starting lineup of Anfernee Simons/Scoot Henderson, Toumani Camara/Shaedon Sharpe, Deni Avdija, Williamson, and Donovan Clingan. Adding another forward slides Camara down to the backcourt, which serves as an insurance policy if Henderson or Sharpe don't reach their high ceilings.
That has the look of a team built for the postseason with their size and physicality. The Blazers want to make the playoffs as soon as next season but likely need to land a star to achieve that goal. Zion may be their most realistic bet without having to sacrifice their future.