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President Pat Riley of the Miami Heat addresses the media.
The Miami Heat have been waiting for the right moment — and the right superstar — to strike. And according to multiple league insiders, that moment may hinge on the future of two-time NBA MVP Giannis Antetokounmpo and the shifting power reality in Milwaukee.
NBA insider Jake Fischer of The Stein Line reported that Miami’s restraint in multiple blockbuster trade conversations was widely interpreted as strategic positioning for a potential Antetokounmpo pursuit — not indecision or missed opportunity.
Heat Passed on Lillard and Durant Trades With One Bigger Goal in Mind
The Heat notably declined to go all-in during the Damian Lillard sweepstakes in 2023, despite Lillard naming Miami his preferred destination. They similarly resisted pushing their best assets for Kevin Durant, even as Phoenix and Houston escalated their offers.
According to ESPN’s Shams Charania, Miami made multiple offers but refused to include the combination of Kel’el Ware, Jaime Jaquez Jr., Nikola Jovic, Haywood Highsmith and draft capital.
Fischer wrote that Miami “withheld their best outgoing offers in case a younger and more imposing star became available.”
That “younger star” has consistently been understood league-wide as Antetokounmpo.
Miami’s History With Giannis Dates Back to 2020
GettyGiannis Antetokounmpo of the Milwaukee Bucks and Bam Adebayo of the Miami Heat could become teammates.
The Heat were among the franchises Antetokounmpo evaluated before signing his first extension in Milwaukee. Fischer noted Giannis’ representatives assessed the post-tax value of a max contract in Florida — compared to the Wisconsin-based supermax he ultimately signed.
If Antetokounmpo ever wanted out, Miami checked all the boxes: championship infrastructure, no state income tax, star pedigree, familiar European-style market and fan culture.
Few teams are better positioned on paper — except for one surprising obstacle.
Heat Face Unexpected Roadblock in Potential Giannis Trade
However, Miami’s pursuit of Antetokounmpo may be complicated by a previous trade — the Terry Rozier deal with the Charlotte Hornets.
As part of that trade, the Hornets own Miami’s 2027 first-round pick, which could convey in 2027 or 2028 based on protections. That uncertainty prevents Miami from trading multiple future first-round picks due to the NBA’s Stepien Rule.
ESPN’s Tim Bontemps explained why Charlotte controls leverage in any Heat superstar swap.
“Let’s say the Heat want to make a trade for a big star player that comes available… The Heat, right now, can trade two picks. Their 2030 first-round pick and their 2032 first-round pick, and that’s it,” Bontemps said. “Because their pick is owed 2027 lottery-protected, and if it doesn’t convey, it’s unprotected in 2028. That means they can’t trade the ’27 pick, the ’28 pick, or the ’29 pick.”
The unintended consequence: a trade for Antetokounmpo could require cooperation from Charlotte, or Miami risks entering a bidding war without a competitive package.
Rumors Reignite as Antetokounmpo and Bucks Enter Formal Discussions
Speculation surged when Charania reported Wednesday that Antetokounmpo and agent Alex Saratsis began future-focused discussions with the Bucks as Milwaukee — once considered a Finals contender — slid to 9–13 and outside the Eastern Conference playoff picture.
“Conversations have started,” Charania posted on X. “A resolution is expected in the coming weeks.”
Hours later, Antetokounmpo suffered a calf strain that will sideline him two to four weeks, amplifying uncertainty around a franchise suddenly contending with injuries, inconsistency and long-term questions.
Heat Are Positioned — But Not Unobstructed — for an All-In Attempt
Miami’s famed “Heat Culture” may believe it can draw Antetokounmpo and maximize his championship window — but the Hornets hold a key that could determine whether Heat president Pat Riley ever gets a seat at the negotiating table.
If Antetokounmpo becomes available, Miami has the infrastructure, the appeal, and the motivation — but also one giant logistical hurdle.
The waiting game continues — and the Heat aren’t the only ones watching.
Alder Almo is a sports journalist covering the NBA for Heavy.com. He has more than 20 years of experience in local and international media, including broadcast, print and digital. He previously covered the Knicks for Empire Sports Media and the NBA for Off the Glass. Alder is from the Philippines and is now based in Jersey City, New Jersey. More about Alder Almo
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