Has Giannis played his final game with the Bucks? Five major trade proposals emerge: Rockets, Warriors, Spurs, Hawks, Knicks competing for him

On December 5th Beijing time, Giannis is expected to miss 2-4 weeks because of a calf strain. Could this mean his final appearance with the Bucks has already happened? ESPN reports that other league teams are watching the Bucks carefully. They intend to convene shortly to explore possible trades involving Giannis, aiming for December 16th, the date when players signed this offseason can officially be traded. At that time, Giannis is likely still recovering but could be moved via trade.

ESPN then outlined five key trade scenarios, with the Rockets, Warriors, Spurs, Hawks, and Knicks as potential destinations for him—

Trade Scenario 1: Hawks 6-for-2 Deal

Hawks receive: Giannis Antetokounmpo, Cole Anthony

Bucks receive: Trae Young, Richaun Holmes, 2026 first-round pick (better pick between Pelicans and Bucks), 2027 first-round pick (worse pick between Pelicans and Bucks, protected top 4), 2029 first-round pick (protected top 4 from 2029-2031, converts to unprotected in 2032 if unmet), 2031 first-round pick (top 4 protection if eligible, otherwise unprotected in 2032)

Note: This trade can only be executed after December 16th.

Trade Scenario 2: Rockets 3-for-2 Deal

Rockets receive: Giannis, Thanasis Antetokounmpo (Giannis's brother)

Bucks receive: Alperen Şengün, Fred VanVleet, 2027 first-round pick (unprotected, from Suns)

Trade Scenario 3: Knicks 7-for-2 Deal

Knicks receive: Giannis, Jalen Sims

Bucks receive: Karl-Anthony Towns, Ousmane Dieng, Keegan Murray, 2026 first-round pick (from Wizards, top 8 protected, converts to 2026 and 2027 second-round picks if not conveyed), 2028 first-round pick swap rights (Knicks can swap with Bucks or Trail Blazers’ worse pick), 2030 first-round pick swap rights (same swap option), 2032 first-round pick swap rights

Note: This trade can only be completed after December 16th.

Trade Scenario 4: Spurs 7-for-1 Deal

Spurs receive: Giannis

Bucks receive: Doug McDermott, Harrison Barnes, Kelly Olynyk, Jock Landale, 2027 first-round pick (from Hawks), 2029 first-round pick, 2032 first-round pick

Trade Scenario 5: Warriors 7-for-2 Deal

Warriors receive: Giannis, Thanasis Antetokounmpo

Bucks receive: Draymond Green, Jonathan Kuminga, Buddy Hield, 2026 first-round pick, 2028 first-round pick, 2030 first-round pick (protected top 20), 2032 first-round pick

What is the Bucks' best trade option?

Salary cap expert Marks suggests the Bucks should approach trades aiming for a dual benefit: acquiring players with controllable contracts who can immediately contribute, while also securing first-round picks to replenish draft assets. Marks analyzed the five proposals and believes the offers from the Hawks and Warriors stand out as relatively stronger choices—

The Bucks have no need for a full rebuild, so the Hawks’ offer—Trae Young, Richaun Holmes, plus four first-round picks—is hard to turn down.

This trade is highly appealing because the Pelicans’ first-round pick this June is likely to be the top overall pick. Combined with the Bucks' own first-round pick, they would probably hold two lottery selections at the draft. Additionally, the Bucks would continue to receive three more first-round picks in the future.

Richaun Holmes fills a rare need for the Bucks as a tall, athletic wing player, and he won’t be eligible for contract negotiations until the 2027 offseason. However, this deal carries risks, primarily concerning Trae Young’s next contract. He is eligible for a four-year, $229 million extension, and if he declines his player option, he would become a free agent this July.

Although the Knicks’ offer includes Karl-Anthony Towns, it lacks many valuable first-round picks aside from the 2026 Wizards’ top-8 protected pick, making this proposal largely unfeasible.

Looking at the Warriors’ trade, purely in terms of draft pick value, this might be the best choice. Even with Giannis, the Warriors' aging roster problem will persist. By 2028 and 2030, Stephen Curry will likely have retired, making those picks probable lottery selections.

The Spurs’ trade would bring Doug McDermott, a potential building block with three years remaining on his rookie contract. Although Harrison Barnes is currently a starter with career-best shooting this season, he and Kelly Olynyk mainly serve salary-matching purposes. Despite including three unprotected first-round picks, the Bucks might hesitate because the Spurs, led by Giannis, Victor Wembanyama, De'Aaron Fox, and Jalen Green, will be strong contenders, potentially diminishing the actual value of their 2029 and 2032 picks.

In the Rockets’ offer, Alperen Şengün is the strongest player among all proposals and holds four years left on a non-max contract. The question is whether he can coexist with Myles Turner. The Bucks might complete the trade first and address that later (though that would mean paying nearly $60 million annually for two centers). Fred VanVleet has a player option next season; if exercised, he would become a starting-caliber point guard for the Bucks. The 2027 first-round pick from the Suns is unprotected, but given the Suns’ promising start this season, it is unlikely to become a lottery pick.