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The Milwaukee Bucks are trading two-time MVP Giannis Antetokounmpo and forward Bobby Portis to the Miami Heat, closing the book on a historic run that gave Milwaukee its first NBA title in 50 years.
According to ESPN’s Shams Charania, Miami will acquire Antetokounmpo and Portis in exchange for Tyler Herro, Kel’el Ware, Jaime Jaquez Jr. and Kasparas Jakucionis, along with three future first-round picks, the 13th pick in Tuesday’s draft, a future pick swap and a second-round pick.
Giannis Antetokounmpo of the Milwaukee Bucks looks on against the Oklahoma City Thunder during the first quarter at Fiserv Forum in Milwaukee, Wisconsin, on January 21, 2026. (Patrick McDermott/Getty Images)
The Boston Celtics and Heat gained traction as the leading suitors in the Giannis lottery on the eve of the NBA Draft.
The trade comes after years of uncertainty surrounding Milwaukee’s direction following the departure of championship-winning head coach Mike Budenholzer in 2023 and caps a steady decline that culminated in the Bucks missing the 2026 playoffs.
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Antetokounmpo, 31, delivered the franchise’s first championship in 50 years in 2021 and cemented his place among the greatest players in team history. He was named one of the NBA’s 75 Greatest Players and is a two-time MVP and Finals MVP.
Giannis Antetokounmpo of the Milwaukee Bucks walks on the court during warmups before a game against the Utah Jazz at the Delta Center in Salt Lake City, Utah, on March 19, 2026. (Chris Gardner/Getty Images)
But after several disappointing post-title seasons and an injury-plagued 2025-26 campaign, the Bucks decided to pivot to the future. The team released Giannis against his wishes toward the end of the season.
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Instead of remaining tied to an expensive roster with limited flexibility, Milwaukee capitalized on Antetokounmpo’s value.
Miami emerged from a crowded field of suitors to land one of the league’s biggest stars, signaling Riley’s continued willingness to sacrifice future assets in pursuit of another title. And Heat president Pat Riley finally got the franchise cornerstone he’s pursued for years.
Milwaukee Bucks forward Giannis Antetokounmpo walks off the court after an NBA game against the Brooklyn Nets in Milwaukee on April 10, 2026. (Jeffrey Phelps/AP)
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