MILWAUKEE, WISCONSIN – MARCH 28: Giannis Antetokounmpo #34 of the Milwaukee Bucks dribbles the ball against OG Anunoby #8 of the New York Knicks during the second quarter at Fiserv Forum on March 28, 2025 in Milwaukee, Wisconsin. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Patrick McDermott/Getty Images)
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On Tuesday, ESPN’s Shams Charania officially put the Milwaukee Bucks on notice.
Charania reported in mid-May that Bucks star Giannis Antetokounmpo was going into the offseason “open-minded about exploring whether his best long-term fit is remaining in Milwaukee or playing elsewhere” for the first time in his career. Antetokounmpo never made an official trade request this offseason, but Charania reported Tuesday that his long-term future his far from settled.
“Ever since the NBA draft combine in mid-May, Alex Saratsis, an Octagon managing director and Antetokounmpo’s U.S.-based representative, has fielded rampant interest in Antetokounmpo and conducted serious due diligence on best possible outside fits should the star and his reps push to be traded from the Bucks,” he wrote. “Several teams were discussed internally, but one emerged as the only place Antetokounmpo wanted to play outside of Milwaukee: the New York Knicks.”
During an appearance on Tuesday’s NBA Today, Charania added that the Knicks and Bucks spoke over the offseason in an “exclusive negotiating window,” but talks didn’t get far. James L. Edwards and Fred Katz of The Athletic later confirmed that “nothing of great significant emerged from those discussions.”
“The Bucks, I’m told, believe that the Knicks did not even offer a deal strong enough to continue these conversations,” Charania said. “The Knicks believe, I’m told, that the Bucks never seriously considered a trade of Giannis Antetokounmpo this summer.”
Although the Bucks staved off disaster for now, Charania wrote that Antetokounmpo will “be paying close attention not only to how the Bucks perform to start the season, but also to the landscape of the rest of the league.” He made clear at media day that competing for a championship is his top priority, so if the new-look Bucks stumble out of the gate, speculation about his long-term future figures to bubble to the surface again.
That begs the question: Can the Knicks put together a competitive offer for Antetokounmpo if the Bucks decide to move him ahead of the NBA’s Feb. 5 trade deadline or next offseason?
Where The Knicks Stand Asset-Wise
Charania reported that the Knicks “had an eye on Antetokounmpo for the past couple of years under president Leon Rose.” But after landing Jalen Brunson as a free agent in 2022 and winning a playoff series for the first time in a decade, the Knicks began cashing in their chips over the past two years.
In December 2023, the Knicks traded RJ Barrett, Immanuel Quickley and a second-round pick to the Toronto Raptors for OG Anunoby, Precious Achiuwa and Malachi Flynn. The following summer, they sent five first-round picks—including four fully unprotected ones—along with an unprotected 2028 first-round pick swap to the Brooklyn Nets for Mikal Bridges. And just before training camp began last year, they sent Julius Randle, Donte DiVincenzo and a first-round pick to the Minnesota Timberwolves for Karl-Anthony Towns.
Those all-in moves immediately paid off in the Knicks’ first trip to the Eastern Conference Finals in 25 years, so in that respect, they were a major success. However, they left the Knicks’ war chest depleted for an eventual run at Antetokounmpo.
The Knicks do still have their own first-round picks in 2026, 2030 and 2032, but they aren’t allowed to trade any of them because of the Stepien Rule, which prohibits teams from being without first-round picks in back-to-back drafts. They’re also owed a top-eight-protected pick from the Washington Wizards in 2026, and the Knicks could have their own first-rounder in 2028 or one from the Brooklyn Nets or Phoenix Suns instead. They have up to eight second-round picks over the next seven years, too.
However, if the Bucks want to use an Antetokounmpo trade as a springboard for a ground-up rebuild, they’ll presumably want a massive haul of draft picks and/or young, high-upside prospects. The Knicks are largely devoid of either.
The Knicks could also run into financial trouble if the Bucks decide to trade Antetokounmpo during the season instead of next offseason. They’re hard-capped at the $207.8 million second apron after spending the taxpayer mid-level exception to sign Guerschon Yabusele in free agency, and they’re only $3.7 million below that line at the moment. In fact, they’re reportedly looking to trade 2024 first-round pick Pacome Dadiet ahead of the season just to give themselves enough room under the second apron to convert Malcolm Brogdon and Landry Shamet from Exhibit 9 contracts to standard deals.
Since they’re over the first apron, the Knicks are not allowed to take back more salary than they send out in a trade. They can aggregate two smaller contracts for Antetokounmpo’s $54.1 million salary, but their inability to take back more salary than they send out effectively guarantees that any trade for Antetokounmpo this season would be at least a three-team deal.
The Knicks’ Best Offer For Antetokounmpo Is…?
Not only did the Knicks deplete their asset pool with their trades for Bridges and Towns, but they further tied their hands this offseason by signing Bridges to a four-year, $150 million extension. He’s now ineligible to be traded until Feb. 1, four days before the trade deadline.
Antetokounmpo is earning $54.1 million this year, so the Knicks would need to send out at least that much in salary to land him. Towns is their highest-paid player at $53.1 million, but they could also combine Anunoby ($39.6 million) with either Josh Hart ($19.5 million) or Mitchell Robinson ($12.95 million) and Miles McBride ($4.3 million) to clear that bar. Yabusele ($5.5 million) will become trade-eligible on Dec. 15, too.
The Bucks might have much interest in Towns after just signing fellow center Myles Turner to a four-year, $108.9 million contract in free agency. Anunoby and Bridges are strong three-and-D wings, but both lack the creation chops to serve as a franchise centerpiece for the Bucks’ post-Giannis era. If Brunson is off the table, the Knicks don’t have the type of blue-chip player or the draft capital to entice the Bucks.
The Knicks’ best bet may be shipping off at least one of Towns, Anunoby and/or Bridges to a third team that could send them draft picks and/or prospects that they could re-route to the Bucks. They aren’t likely to recoup the full haul of five future first-round picks that they gave up for Bridges, but even two or three first-rounders would help sweeten their offer.
If the Knicks do go that route, they’d likely reach out to the Atlanta Hawks or the New Orleans Pelicans first. The Hawks will get the better of the Bucks and Pelicans’ 2026 first-round picks, while the Pelicans get the better of their own 2027 first-round pick or the Bucks’ first-rounder. The Hawks then get the least favorable of the two as long as it doesn’t fall within the top four of the 2027 draft.
If the Hawks can’t come to terms with Dyson Daniels on a contract extension by the Oct. 20 deadline, would they consider moving him in a package for Anunoby or Bridges? Or might they look to bypass the Knicks entirely and dangle the Bucks’ first-round picks along with Trae Young or Jalen Johnson to land Antetokounmpo themselves?
Other teams can easily top the Knicks’ best offer if Antetokounmpo widens the list of teams he’s willing to entertain. But if he makes it clear that he’ll only re-sign with the Knicks once he becomes a free agent in 2027, that could limit how much those other teams are willing to give up for him. That could open the door for the Knicks to land him even though they don’t have the NBA’s deepest pool of assets.
Unless otherwise noted, all stats via NBA.com, PBPStats, Cleaning the Glass or Basketball Reference. All salary information via Spotrac and salary-cap information via RealGM. All odds via FanDuel Sportsbook.
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