The Miami Heat are no strangers to swinging big, but the latest details surrounding their pursuit of Giannis Antetokounmpo show just how serious they are about landing a true franchise-altering superstar.
According to Miami Herald reporter Barry Jackson, the Heat have assembled a massive trade framework:
“Tyler Herro, Kel’el Ware, Terry Rozier, 2026 first-round pick swap, 2029 first-round pick swap, 2030 first-round pick, 2031 first-round pick swap, 2032 first-round pick.”
That is not window dressing. That is Miami pushing nearly all of its movable assets to the center of the table.
The context matters. The Milwaukee Bucks are at a crossroads, weighing whether to move Antetokounmpo before the trade deadline or wait until the offseason. ESPN’s Shams Charania has reported that Miami, New York, Golden State, and Minnesota have emerged as the most serious suitors, with league executives believing Giannis is ready for a change, whether it happens now or later.
Milwaukee’s ask has been consistent: either a blue-chip young player, a surplus of draft capital, or preferably both. Miami’s offer attempts to check every box.
Herro is in the middle of one of the most efficient seasons of his career, averaging 21.9 points, 4.7 rebounds, and 2.7 assists, while shooting 49.7% from the field and 35.8% from three-point range. He remains a proven perimeter scorer who can create his own shot, handle playoff pressure, and still fits a rebuilding timeline at 26.
Ware, meanwhile, is the kind of young big the Bucks would prioritize if draft development becomes the focus. The star is averaging 11.4 points and 9.3 rebounds, while shooting 53.9% from the field and an eye-catching 41.0% from three-point range. That combination of size, rebounding, and floor spacing is rare, especially on a cost-controlled rookie deal.
Rozier’s expiring contract is just as important as the players’. It allows Milwaukee financial flexibility and creates pathways to flip contracts later, rather than locking into a rigid timeline.
Then come the picks, which is where the Heat are stretching themselves to the limit. Because of NBA rules, teams cannot trade first-round picks more than seven years out or leave themselves without picks in consecutive years. Miami has threaded that needle carefully, offering the maximum future control it can without violating restrictions.
Even then, the Heat may not be done. Barry Jackson notes that Miami could still try to acquire another first-round pick to sweeten the offer. Options include rerouting Andrew Wiggins to a team willing to part with a 2026 or 2027 pick, or restructuring protections on a future pick owed to Charlotte. There is even a hypothetical scenario involving the Oklahoma City Thunder, who control multiple future firsts and might be open to creative swap arrangements.
From a basketball perspective, the motivation is obvious. Antetokounmpo is still averaging 28.0 points, 10.0 rebounds, 5.6 assists, 64.5% from the field, and 39.5% from three-point range. Plugging him next to Bam Adebayo instantly transforms Miami’s ceiling on both ends of the floor. It also aligns with long-standing league whispers that Giannis has an interest in playing alongside Adebayo, who shares the same agent.
The risk is enormous. Miami would gut much of its future flexibility and depth. Yet this is the Heat operating exactly how they always have under Pat Riley: patiently aggressive, star-focused, and willing to absorb pain for championship equity.
Still, the Heat are not alone. The Warriors remain firmly in the hunt and, at one point, are considered favorites by several league insiders. Earlier reports suggested that Antetokounmpo had identified three preferred destinations: the Knicks, the Heat, and the Timberwolves.
While Golden State was not initially listed, their ability to stack first-round picks and include high-level veterans keeps them very much alive in the race. Minnesota has also submitted a framework, reportedly centered around a star player and an elite two-way wing, but league sentiment is that the Timberwolves’ offer does not outweigh what Miami or Golden State can put together.
As for New York, momentum appears to have cooled. Reports suggest the Knicks are not aggressively pushing at the deadline, largely because of satisfaction with their current roster and reluctance to gut their starting lineup midseason, especially with their two stars having lost their trade value.
