The Milwaukee Bucks are trading Giannis Antetokounmpo and Bobby Portis to the Miami Heat in a blockbuster deal that ends the two-time MVP’s 13-year tenure in Milwaukee, according to ESPN’s Shams Charania. The agreement comes on the eve of the 2026 NBA Draft, capping more than a year of speculation about the franchise icon’s future.
In return, the Bucks receive Tyler Herro, Kel’el Ware, Jaime Jaquez Jr., and Kasparas Jakučionis, along with three first-round picks, a pick swap, and a second-round pick. The first-rounders include the No. 13 selection in Tuesday’s draft, plus unprotected picks in 2031 and 2033, with a pick swap in 2030 and a 2033 second-rounder.
It is a one-to-one trade with no third team involved, as we reported the Bucks preferred. Both sides will execute the deal on July 6, leaving the framework open to potential expansion before then.
Milwaukee chose Miami’s offer over a Celtics package built around 2024 Finals MVP Jaylen Brown and two first-round picks. Per Yahoo’s Kevin O’Connor, new Bucks co-owner Jimmy Haslam favored the Heat’s return out of concern that Brown could eventually push for an exit. The Bucks ultimately prioritized flexibility, controllable contracts, and long-term competitiveness for new coach Taylor Jenkins.
For Miami, it is the latest landmark acquisition in the Pat Riley era, joining the likes of Shaquille O’Neal and LeBron James. The Heat now pair Giannis Antetokounmpo with Bam Adebayo to form one of the league’s best defensive frontcourts. Antetokounmpo, who has long spoken highly of Miami’s culture, can sign a maximum extension with the Heat six months after the deal.
After leading Milwaukee to its first title since 1971 in 2021, Antetokounmpo now chases another championship in South Beach.
