The Milwaukee Bucks have agreed to trade Giannis Antetokounmpo and Bobby Portis to the Miami Heat for Tyler Herro, Kel'el Ware, Jaime Jaquez Jr., Kasparas Jakucionis, three first-round picks and additional draft capital, per ESPN.
Heat send to Milwaukee: Tyler Herro, Kel'el Ware, Jaime Jaquez Jr., Kasparas Jakucionis, first-round picks (No. 13 in 2026 draft, unprotected 2031, 2033), 2030 pick swap, 2033 second-round pick.
Bucks send to Miami: Giannis Antetokounmpo, Bobby Portis.
Execution date: July 6, 2026.
End of an era in Milwaukee
Antetokounmpo spent 13 seasons with the Bucks. A nine-time All-NBA selection and two-time MVP, he delivered the franchise its first championship since 1971 when Milwaukee won the 2021 title. An injury-shortened 2025-26 season – he averaged 27.6 points per game before going down – accelerated what had been building for months. Milwaukee is not trading a role player. They are trading the face of their franchise, a member of the NBA's 75th Anniversary Team.
The four-team framework that surfaced last week ultimately resolved into a direct one-to-one swap. No third or fourth teams involved.
What it means for Miami
The Heat have not had a true franchise cornerstone since LeBron James left in 2014. Antetokounmpo fills that void. He will be eligible to sign a contract extension on January 6, 2027: four years and $275 million if he opts out of his current deal, or three years and $214 million if he opts in. Miami is betting he stays.
Tyler Herro, Kel'el Ware and three unprotected first-rounders – including pick No. 13 tonight at Barclays Center – head north. For Bucks GM Jon Horst, that is real ammunition to rebuild around a new core.
Bottom line
- Milwaukee resets with youth, depth and three first-round picks as a foundation.
- Miami lands its cornerstone, the piece the franchise has chased since 2014.
- The deal does not close until July 6, leaving both teams room to adjust rosters before it is official.
