The Miami Heat got their man. Again.
Miami was the frontrunner to land Giannis Antetokounmpo going back to the February trade deadline — it was the most persistent suitor then, and it was one of the two teams standing in the end.
Milwaukee is trading Antetokounmpo to Miami for four players and three draft picks, but which team won this trade? And who were the losers?
Let's break it down. But first, a reminder of this trade.
Miami gets: Giannis Antetokounmpo, Bobby Portis
Milwaukee gets: Tyler Herro, Kel'el Ware, Jaime Jaquez Jr., Kasparas Jakucionis, the 2026 No. 13 pick, Miami's unprotected first-rounders in 2031 and 2033, a 2030 pick swap, and Miami's 2033 second-round pick
Winner: Giannis Antetokounmpo
In the end, Antetokounmpo got his wish.
After 13 years in Milwaukee, Antetokounmpo was ready to leave the only team and city he has ever called home. From the outside, you could both see this divorce coming in slow motion — the traded and then misfires on draft picks sped up the process — yet still understand why Milwaukee had to stay on the path it had chosen.
For the second half of Antetokounmpo's Bucks tenure, the team kept making short-term, win-now moves — and it paid off with the 2021 championship. But when the bill for those moves came due in the past couple of years, Antetokounmpo realized he wanted another shot at a ring more than anything else. Antetokounmpo wanted out and to go to a place he believed he could contend, and that was no longer Milwaukee.
Miami was one of the teams on Antetokounmpo's short list. In the end, the star got traded to the place he wanted to go. NBA superstars almost always get where they want to go.
Now we'll see if this story ends happily ever after.
Winner (with work to do): Miami Heat
The bar is set high in Miami with these kinds of bold moves. After LeBron James made his decision and Miami landed him and Chris Bosh in 2010 free agency, the Heat appeared in the next four NBA Finals, winning two. After landing Jimmy Butler in 2019 free agency, the Heat appeared in two of the next four NBA Finals.
Miami has work to do to live up to those expectations — even with a healthy Antetokounmpo, the Miami Heat are not a contender today, as constructed.
However, they are a whole lot closer than they were when Charlotte eliminated them from the play-in two months ago.
Miami has been a star-driven franchise (dating back to Dwyane Wade and Shaquille O'Neal winning a ring together), and landing Antetokounmpo makes them both relevant and interesting again — and much better. While the Heat sent out some of their best young players to make this trade happen, this is still a solid roster: Antetokounmpo, Bam Adebayo, a re-signed Norman Powell (he is a free agent but expected to return to the Heat), Andrew Wiggins, and Davion Mitchell are the starters, with Bobby Portis off the bench. That is a really good defensive roster and, while there are questions about having enough ball-handling and shooting, it's going to be a good team. Top six in the East, maybe top four, depending on health.
However, as New York showed in its run to the title, depth matters. That feels especially true when the guy the Heat just traded for has missed all or part of the last three playoffs due to injury.
Miami has a lot of work to do to round out this roster. Part of why Antetokounmpo wanted to go to Miami was trusting the organization to get those players and coach Erik Spoelstra to get the most out of them. Now the pressure is on to do just that because the expectations in Miami are sky high — exactly where Pat Riley wants them.
Loser: Boston Celtics
Technically, the Celtics are losers because they came in second in the bidding for Antetokounmpo. However, the bigger loss could be the franchise's relationship with Jaylen Brown.
Boston with Jayson Tatum and Antetokounmpo — who would put pressure on the rim and make the team less 3-point dependent, plus help the Celtics' defense — would have been a title contender. One could argue the Celtics offered the better trade package for Antetokounmpo because it returned an All-NBA star in his prime (Jaylen Brown), but Milwaukee preferred Miami's offer (something reportedly driven by Bucks co-owner Jimmy Haslam).
Reports out of Boston are that the Celtics are not shopping Brown and are not looking to trade him, he was available only for the two-time MVP Antetokounmpo. Except Brown went through this same thing a year before when it was Kevin Durant. It's fair of him to ask how much Boston really wants to keep him — Brad Stevens has some work to do to mend that relationship.
Losers: Milwaukee Bucks fans
Giannis Antetokounmpo is the best player in Milwaukee franchise history, and he just followed in the footsteps of the only other person who could lay claim to that crown — Kareem Abdul-Jabbar — by forcing his way out of town.
This sucks for Bucks fans, who have been loyal to Antetokounmpo to a fault and are now going to watch their team rebuild for years — the return in this trade is a lot less than they might have gotten a year ago, or even at the trade deadline. And with the new draft lottery system, it's going to be even harder for genuinely bad teams to turn things around.
Antetokounmpo brought Bucks fans a title and some of the best years in franchise history, he will ultimately be remembered fondly. But the next few years are going to be rough.
Winners: NBA fans done with Antetokounmpo saga
The will-he/won't-he of Giannis Antetokounmpo potentially forcing his way out of Milwaukee has been going on for what seems the better part of a decade. Each time he would threaten to leave, the Bucks front office would make a grand gesture — getting Jrue Holiday (which led to a title) or landing Damian Lillard — and in the end, Antetokounmpo would re-sign with the Bucks. Then there would be about a one-year lull in the rumors before they would start back up again.
Finally, our long national nightmare is over — Antetokounmpo has been traded. This saga is over and he ended up with one of the league's glamour franchises. Bucks fans are left to pick up the pieces, but now the rest of NBA fans can move on… and figure out who is the next superstar whose future will become a constant topic of rumors and conversations.
Winner: Portland Trail Blazers
Trying to make a big splash, new Trail Blazers owner Tom Dundon tried to push his team into the mix for Antetokounmpo, which was never realistic, but gave him good "look how much I want to win" PR to try to win over Portland fans unsure of him.
However, Dundon's team wins because Portland controls Milwaukee's 2029 first-round pick and holds first-round pick swaps in 2028 and 2030, all thanks to the 2023 Lillard trade. The one word of caution here is that, with the NBA's new lottery system and flattened odds, it's much harder to predict where those picks might fall and gauge their value. That said, Milwaukee is going to struggle for a few years, and Portland controls its draft picks for much of that period, which could work out well for the team in the Pacific Northwest.