The Miami Heat have landed Giannis Antetokounmpo, ending months of speculation and completing one of the largest trades in recent NBA history.
According to ESPN’s Shams Charania, the Milwaukee Bucks are sending Antetokounmpo and Bobby Portis to Miami in exchange for Tyler Herro, Kel’el Ware, Jaime Jaquez Jr., Kasparas Jakucionis, three first-round picks, one pick swap and a second-round selection. Charania reported that the package includes the No. 13 pick in the 2026 NBA Draft, unprotected Miami first-round picks in 2031 and 2033, a 2030 pick swap and a 2033 second-round pick.
The deal concludes a process that accelerated in recent weeks after Milwaukee informed teams at the NBA Draft Combine that it was willing to discuss moving the two-time MVP. Charania reported Monday that both the Heat and Boston Celtics had emerged as finalists for Antetokounmpo, with the Bucks expected to finalize a trade before the start of the draft.
Charania further reported that Boston aggressively pursued Antetokounmpo and offered a package built around 2024 Finals MVP Jaylen Brown and two first-round picks. The Bucks ultimately chose Miami’s proposal, which provided a combination of established contributors, young talent and significant long-term draft capital.
For Miami president Pat Riley, the acquisition represents another marquee addition to a franchise that has repeatedly targeted superstar talent. Charania noted that Antetokounmpo joins a list of major Heat acquisitions that includes LeBron James, Shaquille O’Neal, Chris Bosh, Alonzo Mourning and Jimmy Butler.
The move dramatically changes Miami’s outlook entering the 2026-27 season. The Heat finished 43-39 last season and secured the Eastern Conference’s final Play-In Tournament position. Despite reaching the postseason, Miami lacked the elite offensive centerpiece typically required to compete with the conference’s top teams.
Antetokounmpo immediately fills that void. Even during an injury-shortened 2025-26 campaign, he averaged 27.6 points, 9.8 rebounds and 5.4 assists while shooting 62.4 percent from the field across 36 games. The 31-year-old remains one of the league’s most efficient interior scorers and a perennial All-NBA caliber player when healthy.
His arrival creates a new foundation alongside Bam Adebayo. Charania reported that Riley’s vision centers on pairing Antetokounmpo with Adebayo as Miami attempts to move from a Play-In team to a legitimate Eastern Conference contender. The duo gives the Heat two elite defensive anchors and one of the league’s most physically imposing frontcourts.
For Milwaukee, the trade marks the end of a historic era. Antetokounmpo spent 13 seasons with the organization, winning two MVP awards, a Finals MVP and delivering the franchise’s first championship in 50 years in 2021. After a disappointing 32-50 season that left the Bucks outside both the playoffs and Play-In Tournament, general manager Jon Horst pivoted toward a major roster reset.
Charania reported that Milwaukee viewed Miami’s offer as a chance to acquire high-level rotation players, promising young talent and substantial draft assets. Herro, Ware, Jaquez and Jakucionis now become key pieces of the Bucks’ next chapter, while the additional draft capital provides flexibility for future moves.
Although the trade framework is in place, Charania reported that the transaction will not be formally executed until July 6, leaving open the possibility that the deal could be expanded before becoming official.
