The Miami Heat are sitting at 26-23, seventh in the East, and the scoreboard reality is starting to match the front-office noise. The Giannis Antetokounmpo chatter is no longer just “monitoring,” it’s being framed as a live market: Shams Charania reported the Bucks have begun listening to aggressive offers, with the Heat among the teams making pushes ahead of the deadline.
That’s why this moment feels so important for the Heat. Giannis is that kind of swing, a franchise-shifter who changes both ends instantly, but the price is going to be brutal in players and picks, and it’s not a one-team auction.
This is where the Ja Morant history matters. The Heat have been connected to Morant before, with Jake Fischer reporting the organization has had internal discussions about whether it could provide the structure for him to rebound to his All-Star level, and Chris Haynes also pointing to Heat interest amid the league-wide noise around Morant’s future.
If the Giannis chase turns into a bidding war the Heat won’t win, Morant is the obvious pivot because it’s a star pathway they’ve already explored, and one that still fits their need for an explosive, playoff-swinging creator.
1. The Blockbuster Giannis Deadline Swing
Miami Heat Receive: Giannis Antetokounmpo
Milwaukee Bucks Receive: Tyler Herro, Andrew Wiggins, 2026 first-round pick, 2028 swap rights, 2029 first-round pick, 2030 swap rights, 2031 first-round pick
This scenario only exists because the Giannis Antetokounmpo situation has moved from “background tension” to “actual marketplace.” ESPN’s Shams Charania reported that Antetokounmpo is ready for a new home ahead of the deadline, that several teams have made aggressive offers, and that the Bucks have started listening. In that same report, the Heat were named among the serious suitors, with the Bucks signaling they’re willing to wait until the offseason if their price point isn’t met.
The extension angle is what turns this from a fantasy to a real front-office conversation. Giannis becomes eligible to sign a four-year, $275 million supermax extension on October 1, and without an extension, he could reach the 2027 offseason with a path to free agency by declining his player option. There’s also an obvious leverage point for any buyer: if you’re paying “blue-chip asset plus a surplus of picks,” you’re asking for clarity on long-term commitment, not a rental.
Meanwhile, The Athletic’s Sam Amick framed the Heat as one of the few teams that can credibly believe Giannis would be willing to sign an extension there, with reporting that it has even circulated that he has discussed the idea of playing with Bam Adebayo. That’s not a guarantee, but it’s exactly the kind of league whisper that makes a monster offer feel justifiable.
On the court, Giannis is still a tier-breaker. He’s averaging 28.0 points, 10.0 rebounds, and 5.6 assists while shooting 64.5% from the field. That matters for roster construction, because it means the Heat can survive the outgoing talent hit and still project as a contender on sheer star gravity.
For the Bucks, this package is the “rebuild without pretending” blueprint. Tyler Herro gives them a prime-age scoring guard to stabilize possessions, Andrew Wiggins gives them a starting-caliber wing and salary ballast, and the real value is control of the next half-decade: three first-rounders plus two swaps.
If the Bucks truly want a surplus of picks, this checks that box, and it gives them flexibility to reroute pieces later rather than locking into one rigid timeline.
2. The Morant Pivot With A Tempting Offer For The Grizzlies
Miami Heat Receive: Ja Morant
Memphis Grizzlies Receive: Norman Powell, Davion Mitchell, Simone Fontecchio, 2026 first-round pick
The Morant-to-Heat noise isn’t coming from one random corner of the internet, it’s been a steady drumbeat across the main rumor pipeline.
Shams Charania reported the Grizzlies have been entertaining offers for Morant ahead of the deadline, basically the first time the door has been described as legitimately open.
Then Jake Fischer, writing for The Stein Line, reported the Heat have had internal discussions about Morant and how their infrastructure could benefit him, which matters because it frames this as a real option they’ve at least modeled out.
And Chris Haynes has been the loudest direct voice on the connection, saying the Heat “do have interest,” while also stressing the Grizzlies have signaled they’re “very comfortable” keeping Morant past the deadline if the market doesn’t meet their price.
From the Grizzlies’ angle, the appeal here is flexibility first, not just “get a pick.” Morant is owed $39.4 million this season, then $42.1 million in 2026-27 and $44.8 million in 2027-28, and his deal includes a 15% trade bonus.
If they’re even considering a pivot, turning that multi-year max contract into mostly expirings is the cleanest possible way to keep the future books open while still getting something tangible back.
That’s why the outgoing package fits the story. Norman Powell is on a $20.5 million expiring deal, and he’s producing like a premium scoring wing right now at 23.0 points, 3.7 rebounds, and 2.6 assists per game while hitting 39.1% from three. Simone Fontecchio is another expiring at $8.3 million, basically more clean money and a plug-and-play shooter archetype.
Then, Davion Mitchell is the “not just salary” part, he’s having his best season as a table-setter at 9.0 points and 7.2 assists while shooting 47.0% from the field and 40.0% from three, and he’s at $11.6 million this year. Add the first-rounder, and you can see the roadmap: stay cap-flexible, stock an extra asset, then be ready to either retool fast or weaponize space later.
For the Heat, it’s simple and aggressive. Morant’s season line is down from his peak, but it’s still 19.5 points and 8.1 assists in limited games, and the “playoff math” with him is obvious: you’re buying a downhill star who can bend a defense and manufacture paint touches when things get tight. If the Giannis lane gets too expensive or too messy, this is the pivot that still changes the ceiling.
3. The Zion Roll Of The Dice If Everything Else Fails
Miami Heat Receive: Zion Williamson
New Orleans Pelicans Receive: Terry Rozier, Simone Fontecchio, 2026 first-round pick
Zion Williamson is the ultimate “if you can get him, you do it” swing, but the reporting around his availability has been split.
Chris Haynes reported the Pelicans have been telling teams they’re not trading Zion, along with other core pieces, basically trying to shut down the market before it starts. At the same time, the league has never fully stopped speculating because the season has been ugly and the long-term math is complicated.
The Athletic’s Josh Robbins reported that league sources speculated Zion is the type of star certain teams would have to at least consider “if the price is right,” which is the kind of phrasing that keeps the door cracked even when a team is publicly saying “no.”
For the Heat, the pitch is simple: if they miss on the absolute top shelf, Zion is still a franchise-level bet. He’s at 22.0 points, 6.2 rebounds, and 3.4 assists this season, shooting 58.3% from the field.
Contract-wise, he’s on a five-year, $197.2 million deal with a $39.4 million salary this season, and has a games-played clause tied to how much of the money is guaranteed. That’s exactly why the acquisition cost can sometimes look “lighter” than it should on paper, teams price in the risk.
The trade breakdown is built around two ideas: the Pelicans get future value and cleaner flexibility, while the Heat gets the upside nuke. Terry Rozier’s $26.6 million expiring is a functional cap tool, and Simone Fontecchio is another short-money wing placeholder, then the 2026 first is the real asset.
The problem is that the Rozier piece might not be clean. There is still an ongoing gambling-related legal situation around Rozier, including how the league’s trade protocols and potential discipline outcomes hang over his status, and Adam Silver has publicly acknowledged the league is weighing how to handle cap relief and related logistics.
If the NBA situation muddies the outgoing salary path, this framework needs contingency salary, or it dies. But if it’s workable, this is the kind of gamble the Heat should actually take, because Zion is one of the few “Plan B” stars who can still change the ceiling overnight.
