For months, Giannis Antetokounmpo has been viewed as the biggest name potentially available on the trade market. With the Milwaukee Bucks appearing headed toward a new era, speculation surrounding the two-time MVP has only intensified.
Yet despite his superstar status, not everyone around the NBA appears convinced that teams should be willing to empty their assets to acquire him.
According to Ryen Russillo from The Volume Sports, concerns about Giannis’ health have become a major factor in how front offices are evaluating a potential trade.
“There’s a Giannis extension decision for a guy that’s not even been healthy for multiple years after his championship five years ago. That’s a factor in this Giannis market being described as lukewarm by many people that would know.”
On paper, that might sound surprising. Giannis remains one of the best players in basketball. This season, he averaged 27.6 points, 9.8 rebounds, and 5.4 assists while shooting an incredible 62.4% from the field and 33.3% from three-point range.
Giannis is also under contract for two more seasons. He will earn $58.4 million next season and holds a $62.7 million player option for the following year as part of his three-year, $186 million deal.
His contract situation is another factor teams must consider. Giannis remains eligible this offseason to sign a massive four-year, $275 million supermax extension with Milwaukee. Any team trading for him would likely want clarity on whether he plans to commit long-term before surrendering a historic package of assets.
While the extension would provide security for both sides, it would also tie a franchise to a player entering his thirties with a growing injury history. That combination of age, health concerns, and a potential $275 million commitment is one reason some executives around the league appear more cautious than many fans expected.
The concern is availability.
Since winning the championship in 2021, injuries have become a recurring issue. Giannis missed 46 games this past season alone. He also missed 15 games in 2024-25, nine games in 2023-24, and 19 games in 2022-23. Most notably, he missed the entire 2024 postseason because of injury, raising concerns about whether his body can continue handling the physical punishment that comes with his style of play.
That reality has complicated what many expected to be a massive bidding war. Several teams remain interested.
The Miami Heat are widely viewed as one of the leading contenders and reportedly have already submitted an offer. Bill Simmons even suggested Miami’s package may be too much given Giannis’ age, injury history, and looming contract decisions.
The Minnesota Timberwolves and Golden State Warriors were among the teams that reportedly made serious pushes for Giannis at the trade deadline and remain firmly in the hunt. The Los Angeles Lakers continue to be mentioned as a dark horse candidate, although most league observers believe their package would need to include Austin Reaves to become truly competitive.
Other teams quietly monitoring the situation include the Portland Trail Blazers and Cleveland Cavaliers, following their disappointing Eastern Conference Finals sweep at the hands of the New York Knicks.
Meanwhile, reports have suggested that Giannis prefers remaining in the Eastern Conference if possible. He has also reportedly liked the idea of joining either the Miami Heat or the Boston Celtics, two teams that could immediately offer championship contention.
The challenge for interested teams is simple. Giannis is still a top-five player when healthy. But acquiring him would likely cost multiple first-round picks, young players, and potentially over $120 million in future salary commitments.
That is why health has become the central conversation.
No one doubts Giannis’ talent. The question front offices are asking is whether they are trading for the player who dominated the league for the last decade, or a superstar entering his thirties whose body is beginning to show signs of wear.
That uncertainty appears to be cooling what many expected would be one of the hottest trade markets in recent NBA history.
