The Celtics reportedly made an offer for Giannis Antetokounmpo over the past week, Bill Simmons reported on his podcast over the weekend. With numerous rumors, betting lines and that revelation mounting ahead of the Knicks’ NBA Finals victory in five days, we’ll soon hear whether Boston and Milwaukee can combine with additional teams to pull off one of the biggest additions in Celtics history.
Here’s what’s out there and things to consider ahead of the Bucks’ self-imposed deadline for finalizing whether Antetokounmpo will remain with Milwaukee for a 14th season and beyond, or move on after accomplishing the greatest career in franchise history.
- Antetokounmpo turns 32 in December, effectively the same age as when Kevin Garnett arrived to Boston. He has one season left on his contract worth $58.5 million before a $62.8 million player option to become a free agent next summer. That gives Antetokounmpo some leverage over where he lands, though reports have indicated he won’t flex that power, with only his preference for Boston or Miami noted alongside a desire to stay in the Eastern Conference. Proximity to his native Greece appears important too.
- The Athletic’s latest substantial report over the weekend indicated that the Miami Heat remain favorited to land Antetokounmpo with a package that’s likely to include Tyler Herro, Kel’el Ware, Jaime Jaquez Jr., Pelle Larsson or Kasparas Jakučionis, along with draft capital that can include the No. 13 overall pick in this month’s draft and up to three first-round picks total. It stands to reason that this package either doesn’t meet Milwaukee’s threshold for trading Antetokounmpo, or they haven’t laid all their assets on the table if a deal isn’t done yet, perhaps why another team like Boston emerged publicly as leverage.
- There’s also the chance that the Celtics have serious interest in acquiring Antetokounmpo. Sam Amick reported in April that Boston pursued Antetokounmpo before the February trade deadline, though teams wondered about Milwaukee’s serious interest in moving Antetokounmpo as they ultimately retained him. The Celtics can effectively match Antetokounmpo’s salary in a one-for-one swap with Jaylen Brown, who at the moment appears to be the best player involved in Antetokounmpo conversations. The Bucks would not have interest in acquiring Brown, Jim Owczarski said on Celtics Daily, so an additional team would have to emerge as a facilitator in the trade. Boston also only has the No. 27 pick in this year’s draft, a 2030 swap, firsts in 2031 and 2033 with a swap in-between. They would need to trade their 2027 first in July, or move it instead of their current first.
- Beyond the team-building challenges involved in acquiring Antetokounmpo while also retaining Jayson Tatum and Brown, it’s improbable from a value standpoint given the rest of the Celtics’ roster value, cap numbers and the aforementioned draft capital limitations they have. For both Boston and potential facilitators, it’ll become interesting to watch how the NBA’s recently approved lottery reform, which effectively gives play-in tournament teams the same odds to pick at the top of the draft as the three worst teams in the league, along with flatter percentages across a larger field of teams, impacts how aggressively first-round picks move or stay with teams.
- That goes for facilitators as well. Multiple reports have pointed toward the Trail Blazers, Rockets, Hawks and Pelicans having some interest in Brown. Brown has three-years and roughly $183 million left on his contract, giving suitors more flexibility to acquire and retain him than Antetokounmpo, though Brown also has contract extension eligibility beginning in July, worth two-years and roughly $140 million.
- Antetokounmpo’s extension would need to wait until October, and is worth up to four-years, $275M.
- The Celtics can either take back Antetokounmpo’s slightly larger salary in a trade and become hard-capped at the first apron, or send out multiple salaries and get capped at the second. That’s another reason to involve additional teams. Boston is currently $21.3 million below the first and $34.3 million beneath the second apron between 14 players, including four non-guaranteed deals. They’re $13.3 million below the tax.
- Last year, Boston began the process of the two straight years necessary to shed repeater tax status, which comes with more significant tax penalties when moving above that line. That casts some doubt over whether they’ll pay tax in 2026-27. They can utilize a $27 million trade exception through or in addition to the Antetokounmpo trade if they’ll pay luxury tax.
- The Bucks have $19.1-million in room below the tax between 13 players. Take into account what the 10th pick ($6.6M) and other additional lottery picks the Bucks could acquire in a trade might make as they also downsize their salary into the future.
- Among facilitators, the Blazers have $38.8M 1st apron room, $51.8M 2nd and $30.8M in tax space. The Hawks have $55.9M in 1st, $68.9M in 2nd and $47.9M in tax space between 10 players, including Jonathan Kuminga’s $24M team option. CJ McCollum is a free agent. The Rockets have $21.5M in 1st, $34.5M in 2nd and $13.5M in tax space. That includes Fred VanVleet’s $25M player option. The Pelicans have $6M in space below the 1st, $19.3M in room below the second apron and $4.7M in tax room.
- The Blazers themselves, Orlando Magic and Timberwolves have received consideration as stealth suitors for Antetokounmpo. That would undoubtedly require them parting with Deni Avdija, Paolo Banchero or Franz Wagner, and both Jaden McDaniels and Naz Reid in Minnesota’s case. Portland owns two future Bucks swaps and Milwaukee’s 2029 unprotected first.
- Barry Jackson, a Miami reporter, confirmed with an Antetokounmpo associate that Giannis is focused on joining the Heat, but would also be willing to sign a Celtics extension. Boston, for its part, has not directly downplayed its pursuit in any reporting over the past month, though it’s unclear how widely available Brown is beyond this current conversation. Kevin O’Connor said on his podcast that Boston’s entire roster beyond Tatum is available in trades.
- The Clippers also deserve mention as a potential facilitator in an Antetokounmpo trade, and could allow Antetokounmpo to reunite with long-time front court partner Brook Lopez. LA can offer Milwaukee the No. 5 overall pick in exchange for pairing Brown with Kawhi Leonard on the Clippers. Salary-matching in that construct becomes complicated, but could work, though the Celtics would likely have to give up additional players beyond Brown. Hugo González would be particularly tough to part with at just 20-years-old.
