Reports have surfaced from an NBA insider, specifically ESPN’s Zach Kram, proposing an audacious four-team trade that could potentially land two-time MVP Giannis Antetokounmpo with the Golden State Warriors. This speculative proposal, which has quickly gained traction across social media and fan forums, envisions a seismic shift in the NBA’s power landscape, creating an unprecedented “Big Three” of Stephen Curry, Jimmy Butler (who was reportedly acquired by the Warriors in a separate trade in February 2025), and Antetokounmpo. While the concept is undeniably thrilling for Warriors fans, it’s crucial to examine the complex layers of such a transaction and the immense hurdles that would need to be cleared for it to become reality.
The core of Kram’s proposal, as outlined in recent reports, is a multi-team maneuver designed to satisfy the colossal salary matching requirements of Giannis’s contract while providing the Milwaukee Bucks with a compelling return. Here’s a breakdown of the speculative trade:
- Giannis Antetokounmpo (from Milwaukee Bucks)
- Austin Reaves (from Los Angeles Lakers)
- Brandin Podziemski (from Golden State Warriors)
- Jonathan Kuminga (from Golden State Warriors, via a sign-and-trade)
- Trayce Jackson-Davis (from Golden State Warriors)
- Maxi Kleber (from Dallas Mavericks)
- Golden State’s unprotected 2029 first-round pick
- Golden State’s unprotected 2031 first-round pick
- Los Angeles Lakers’ 2030 first-round pick swap
- Draymond Green (from Golden State Warriors)
- Daniel Gafford (from Dallas Mavericks)
- Gabe Vincent (from Los Angeles Lakers)
- Los Angeles Lakers’ 2031 first-round pick
- Golden State’s 2025 second-round pick (No. 41 overall)
This trade, even as a theoretical exercise, highlights the incredible financial complexities of the modern NBA. Let’s look at the projected salaries for the 2025-26 season for the key players involved:
- Giannis Antetokounmpo (Bucks): Approximately $54.1 million
- Stephen Curry (Warriors): Approximately $59.6 million
- Jimmy Butler (Warriors, if acquired in previous rumored trade): Approximately $54.1 million (assuming he opted out of his previous deal and signed the rumored extension)
- Draymond Green (Warriors): Approximately $25.9 million
- Austin Reaves (Lakers): Approximately $13.6 million
- Brandin Podziemski (Warriors): Approximately $3.68 million
- Trayce Jackson-Davis (Warriors): Approximately $2.22 million
The NBA’s projected salary cap for 2025-26 is $154.6 million, with the luxury tax threshold at $187.9 million, the first apron at $195.9 million, and the second apron at $207.8 million.
For the Warriors to acquire Giannis, they would need to send out roughly $54.1 million in matching salary. In Kram’s proposed deal, they would be sending out Draymond Green ($25.9M), Brandin Podziemski ($3.68M), Trayce Jackson-Davis ($2.22M), and a sign-and-traded Jonathan Kuminga. Jonathan Kuminga is a restricted free agent this offseason, meaning if he signs a new contract, his trade value for salary matching purposes would be subject to “Base Year Compensation” (BYC) rules if his new salary is significantly higher than his previous year’s. This rule is designed to prevent teams from signing a player to a large contract simply to facilitate a trade. Under BYC, Kuminga’s outgoing salary for trade matching would be either his previous year’s salary or 50% of his new salary, whichever is greater. If Kuminga signs a max or near-max deal, his outgoing salary for the Warriors in a trade could be significantly less than his actual incoming salary for the Bucks, making the math even trickier for Golden State to match Giannis’s salary.
Even if the Warriors manage the salary matching, acquiring Giannis would push them deep, deep into the second apron of the luxury tax. Teams operating above the second apron face severe roster-building restrictions under the new CBA, including:
- Inability to use the taxpayer mid-level exception.
- Inability to sign players waived during the season if their pre-waiver salary was above the mid-level exception.
- Restrictions on taking back more salary in trades than they send out.
- First-round draft picks moving to the end of the first round if they remain in the second apron for multiple years (e.g., their 2029 first-round pick would automatically become the 30th pick).
- Inability to combine salaries in trades (teams in the second apron cannot aggregate contracts). This means any trade they make must be a one-for-one salary match, or a multi-player deal where each individual player’s salary matches. This is a critical point that makes such a complex four-team trade, especially involving multiple players going out to match Giannis, extremely challenging for a second-apron team.
- Golden State Warriors: This is the ultimate “all-in” move. If successful, they would instantly become the overwhelming championship favorites. A core of Curry, Butler, and Antetokounmpo offers unparalleled offensive firepower and defensive versatility. Giannis’s rim protection, rebounding, and interior scoring would perfectly complement Curry’s shooting and Butler’s two-way tenacity. The cost, however, is immense. They would completely deplete their future draft capital and almost all of their young, promising assets, leaving them with very little depth and no pathway to rebuild once the “Big Three” era concludes. They would be betting everything on a short, dominant championship window.
- Milwaukee Bucks: For the Bucks, trading Giannis would be an incredibly painful, yet potentially necessary, reset. Despite his loyalty and the 2021 championship, their recent playoff struggles might indicate the current roster has peaked. Acquiring Austin Reaves, Brandin Podziemski, Jonathan Kuminga, and Trayce Jackson-Davis, along with a treasure trove of unprotected first-round picks, would provide them with a fantastic foundation for a long-term rebuild. It would signal a strategic pivot towards youth and future flexibility, similar to what Oklahoma City has done. Maxi Kleber’s inclusion helps with salary matching and provides a veteran forward.
- Los Angeles Lakers: This move would shake up the Lakers’ roster significantly. Acquiring Draymond Green means sacrificing Austin Reaves, a valuable young guard. However, Green’s defensive leadership, passing, and championship pedigree would instantly upgrade their defense and pair LeBron James with a familiar and effective collaborator. Daniel Gafford provides a quality rim-running and shot-blocking center, addressing a need for frontcourt depth. The Lakers would be aiming for a more defensively stout, veteran-laden roster to compete immediately.
- Dallas Mavericks: The Mavericks would trade Daniel Gafford, a solid center, but gain much-needed backcourt depth in Gabe Vincent, especially given Kyrie Irving’s injury history. The additional future first-round pick and second-round pick offer valuable draft capital for future moves, allowing them to continue building around Luka Doncic.While the proposal is creatively constructed to address many of the logistical challenges, several factors make it highly improbable:
- Giannis’s Stance: As mentioned, Giannis has given no indication he wants to leave Milwaukee. Until a formal trade request is made, any proposal involving him is purely speculative.
- Bucks’ Motivation: The Bucks would only trade Giannis if they felt they absolutely had to, or if the return was so overwhelming that it was impossible to refuse. The proposed package is solid, but parting with a player of Giannis’s caliber requires an almost unprecedented haul.
- Warriors’ Second Apron Restrictions: The rules regarding the second apron are designed to prevent exactly this type of superteam formation. The inability to aggregate salaries in trades for a second-apron team makes multi-player outgoing packages extremely difficult to orchestrate, as each individual player’s salary must match a portion of the incoming salary. The inclusion of a sign-and-trade for Kuminga further complicates this with BYC rules.
- Official Confirmation: Until there are official statements from all involved teams and the NBA, any “acknowledgment” or “official deal” remains entirely unfounded.
In conclusion, while the idea of Giannis Antetokounmpo joining Stephen Curry and Jimmy Butler on the Golden State Warriors is a captivating notion that excites the imagination, it remains, for now, an audacious proposal from an NBA insider. The significant financial hurdles, the stringent new CBA rules, and the lack of any credible indication that Giannis desires a departure from Milwaukee make this a highly improbable scenario, despite its allure. The NBA’s offseason will undoubtedly be filled with rumors, but this particular “breaking news” remains firmly in the realm of speculative conjecture.
