Giannis Antetokounmpo traded to Miami Heat in multi-player, draft-pick deal

Giannis Antetokounmpo and forward Bobby Portis have been dealt from the Milwaukee Bucks to the Miami Heat. In return, Milwaukee receives All-Star guard Tyler Herro, center Kel'el Ware, forward Jaime Jaquez Jr., second-year guard Kasparas Jakučionis, three unprotected first-round picks (2026, 2031 and 2033), a 2030 pick-swap and a 2033 second-round selection, according to ESPN's Shams Charania.

The trade concludes months of speculation that the two-time MVP would leave the franchise that drafted him in 2013. The Bucks finished the 2025-26 season with a 32-50 record, missing the playoffs, while the Heat aim to add Antetokounmpo’s two-way talent to a roster that already features defensive standouts such as Bam Adebayo.

"We believe this move positions us for a sustainable rebuild and gives us flexibility with a $25.5 million trade exception," a Bucks spokesperson said.

"Antetokounmpo is excited about the opportunity in Miami and plans to be a long-term part of the organization," a Heat representative added.

Antetokounmpo will become eligible on Jan. 6, 2027, to sign a maximum extension with Miami—four years for $275 million if he opts out, or three years for $214 million if he opts in. The Heat also acquire Portis to bolster their front-court depth after parting with significant draft capital.

Milwaukee’s roster overhaul follows the departure of key players such as Khris Middleton and Jrue Holiday, and a failed rebuild that included Damian Lillard’s injury. The franchise now looks to rebuild around the assets acquired in the deal.