Shams Charania basically just dropped the unofficial opening bell for trade season. In his latest Inside Pass for ESPN, he laid out how front offices are treating the next few weeks, with December 15 bringing trade eligibility for most offseason signings and the G League Showcase functioning as the league’s version of winter meetings.
At the top of the piece sit two huge storylines. First, the future of Giannis Antetokounmpo in Milwaukee is as shaky as it has ever been, and the New York Knicks are no longer positioned as his one clear preferred destination.
Second, the Anthony Davis situation in Dallas has moved from “blockbuster that already happened” to “maybe the next superstar trade” in less than a year. Around those two dominoes, you have the Dallas Mavericks listening on several veterans, the Golden State Warriors weighing Jonathan Kuminga’s future, and the Indiana Pacers quietly searching for a long-term answer in the middle.
Put together, it is a reminder that the league is extremely fluid behind the scenes, even before anyone actually pulls the trigger.
Giannis Watch And The End Of Knicks Exclusivity
The Milwaukee Bucks are 10–15 and have dropped 10 of their last 12, spending most of the month hovering around the bottom of the Eastern Conference play-in picture.
Giannis is currently out for a few weeks with a right calf strain, but he is still putting up 28.9 points, 10.1 rebounds, and 6.1 assists on 63.9 % shooting in this season’s games, which is MVP-level production on a team that suddenly looks anything but secure.
Shams reports that Giannis and his agent have had real conversations with the Bucks about whether the best path is staying or eventually finding a trade, and if Milwaukee keeps sliding, those talks are expected to intensify before the February deadline.
The twist is that the Knicks, who were once his preferred destination if he ever left, no longer have anything close to an exclusive lane. There were multi-week discussions between Milwaukee and New York over the summer; the Knicks made offers, but nothing gained traction. Now, if the Bucks open the door to Giannis talks, Shams says the Knicks will simply be one team in a crowded field, not the only dance partner.
With Antetokounmpo under contract through 2026–27 and holding a player option for 2027–28, plus the apron rules making mega trades brutally expensive, any Giannis move would be complicated. But the fact that the possibility is even on the table changes the way a bunch of contenders will think between now and February.
Anthony Davis Becomes The East’s Big Swing
The Dallas Mavericks might be the loudest team in this Inside Pass. Shams says Anthony Davis is expected to be a critical trade target for several Eastern contenders, with the Detroit Pistons, Atlanta Hawks, and Toronto Raptors all identified as likely suitors.
Those three teams are a combined 48–26, with the Pistons at 19–5, the Raptors at 15–10, and the Hawks at 14–11, all looking like legit threats that could talk themselves into one more star to chase the Finals.
Davis has quietly put up 19.6 points, 10.2 rebounds, 3.2 assists, and 1.6 blocks in just 10 games for the Mavs this season. He turns 33 in March and will be eligible in August to sign a four-year max extension worth roughly $275 million, which would pay him about $76 million at age 37.
If he does not extend, he can hit free agency in 2027 by declining a $62.8 million player option.
That is why this is such a tricky spot for the Mavs. They are 9–16, stuck in the Western lower tier instead of real contention, and their front office is being run by interim co-GMs Michael Finley and Matt Riccardi after firing Nico Harrison.
Davis’ agent, Rich Paul, has already sat down with them to ask whether they see AD as part of their long-term plan or as a trade chip. The answer, for now, is basically “we are keeping our options open.”
They have not ruled out an offseason extension. They also have not ruled out trading him before the deadline if the right offer arrives.
My read: if you are the Mavs and your season continues to hover below .500, it makes more sense to cash out on Davis while he still looks like a top-20 player rather than lock yourself into a super-max on the wrong side of 30 with no second star in place.
Mavericks Veterans Hit The Rumor Mill
Davis is not the only name in Dallas. Shams notes that the Mavs are open to exploring trades for Daniel Gafford, Klay Thompson, and D’Angelo Russell as well. Gafford is on a reasonable deal as a rim-running, shot-blocking center who could help a lot of contenders that need vertical spacing. Russell has a mixed reputation, but as an expiring guard who can still run an offense, he has value in the right context.
Thompson is the wild card. He chose the Mavs in free agency 2024 with the idea of chasing a title next to Luka Doncic and Kyrie Irving, only for Doncic to be shipped to the Lakers in the blockbuster that brought Davis to Texas.
With Dallas now struggling, rival teams know Klay Thompson would prefer a win-now situation for the last phase of his career. Over his last ten games, he is up to 12.8 points per night and 39.5% from three, while holding opponents to 38.5% shooting as the closest defender, which quietly grades out very well among guards.
That is the profile of a veteran who could really swing a playoff series in the right spot.
If Dallas leans toward a retool around Cooper Flagg and its younger pieces, it would not be shocking to see at least one of these vets moved, even if Davis stays put for now.
Warriors Weigh Jonathan Kuminga’s Future
On the West Coast, the Golden State Warriors are sitting at 13–12, eighth in the conference, and basically living on the edge of the play-in with Stephen Curry sidelined until facing the Timberwolves at home.
Shams reports that Golden State will discuss trades involving Jonathan Kuminga once he becomes eligible to be moved on January 15, after talks with the Phoenix Suns and Sacramento Kings over the summer went nowhere.
Kuminga’s year has been a roller coaster. He started hot, then dealt with knee tendinitis and now has bounced in and out of Steve Kerr’s rotation, even logging a recent healthy DNP in a blowout win over Chicago.
His 6.3 rebounds lead the team, and his tools are obvious, but if the Warriors decide they need another high-level starter to maximize what is left of Curry’s prime, Kuminga’s $22.5 million salary is the cleanest way to match money in a major trade.
Pacers Hunt A Long-Term Center
The Indiana Pacers are a quieter note in Shams’ column, but an important one. After losing Myles Turner in free agency, they are described as being in active discussions all around the league to find a “center of the future.”
They are sitting near the bottom of the East with a 6–18 record, and the lack of a real defensive anchor has been a big part of that slide.
Given where they are in the standings, Indiana feels like a natural team to watch in any three-team deal. If the Mavs shop Gafford, or if they want to go all-in on Walker Kessler, the Pacers can attach an expendable veteran and take on some extra money.
What This All Means For Trade Season
Taken together, Shams’ latest intel paints a league that is already buzzing before the gates truly open. Giannis’ situation gives every front office reason to keep one eye on Milwaukee’s box scores.
Davis and the Mavs sit at the center of the next superstar drama, with three East contenders already circling and several veterans available as side pieces.
The Warriors are debating whether to finally cash in their last blue-chip young player, and the Pacers are sniffing around for their next franchise center.
Once December 15 passes and executives gather at the G League Showcase, the conversations Shams is reporting right now are going to turn into real offers and real decisions. If this is the appetizer, the main course for this trade season could end up being one of the wildest we have seen in years.
