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Giannis Antetokounmpo of the Milwaukee Bucks is defended by Bam Adebayo of the Miami Heat.
The Miami Heat’s potential pursuit of Giannis Antetokounmpo is gaining detail and traction as new reporting outlines what an all-in offer for the two-time MVP could look like. According to ClutchPoints’ Brett Siegel, the Heat’s headline asset in a hypothetical blockbuster would be 25-year-old guard Tyler Herro — a Milwaukee native who would return home as the centerpiece of a massive rebuilding package for the Bucks.
Siegel suggested that the Heat are positioned to offer Herro, second-year center Kel’el Ware, rising forward Jaime Jaquez Jr., and their full array of available first-round draft assets. The proposed structure frames Miami as one of the few teams capable of competing with heavyweight bidders in what would be one of the NBA’s largest superstar trades in recent years.
Proposed Trade Details Highlight Miami’s Deep Asset Pool
Under Siegel’s hypothetical framework, the Heat and Bucks would exchange the following:
Miami Heat receive: F Giannis Antetokounmpo, G Gary Trent Jr., G Andre Jackson Jr., F Thanasis Antetokounmpo
Milwaukee Bucks receive: G Tyler Herro, C Kel’el Ware, F Jaime Jaquez Jr., G Terry Rozier (expiring contract), MIA 2029 1st-round pick, MIA 2031 1st-round pick, 1st-round pick swaps in 2026, 2028*, 2030
*If the Heat’s pick in 2027 is not conveyed and becomes a 2028 unprotected first-round pick to Charlotte, the Heat can instead send a 2027 lottery swap to Milwaukee.
Siegel argued that contrary to widespread belief, Miami can assemble a stronger offer than many competitors due to the combination of young talent, pick flexibility and salary control.
“Tyler Herro is a 25-year-old proven All-Star guard… Kel’el Ware is a 7-foot big man with two-way upside… and Jaime Jaquez Jr. has been playing at a Sixth Man of the Year level,” Siegel wrote, adding that Miami’s pick ownership gives them the ammunition to compete in a full-scale bidding war for Antetokounmpo.
Bucks Would Acquire a Rebuild Foundation and Major Cap Relief
For Milwaukee, Siegel framed Herro, Ware and Jaquez as an immediate foundation for a post-Giannis rebuild. Herro remains under contract and extension-eligible; Ware is on a rookie-scale deal; and Jaquez has emerged as one of the league’s most polished young wings.
Rozier’s $26.6 million expiring contract would create instant salary relief and expand Milwaukee’s ability to reshape the roster ahead of 2026 free agency.
“All of the draft capital, plus the three young players the Bucks would be getting, is certainly the right value the Bucks would need in a trade involving Antetokounmpo,” Siegel concluded.
Giannis Views Miami as a Potential Landing Spot, per Multiple Insiders
The Athletic’s Sam Amick reported that Miami holds real appeal for Antetokounmpo due to the Heat’s championship-driven culture under Erik Spoelstra and Pat Riley as well as their reputation for maximizing star talent.
“Miami, to me, is pretty interesting,” Amick said on FanDuelTV’s Run It Back, noting Antetokounmpo’s appreciation of Miami’s structure, competitive ethos and big-market profile.
Amick added that while the New York Knicks remain Antetokounmpo’s preferred destination, the Warriors — once viewed as his second choice — are no longer positioned as a top landing spot. If New York proves difficult to execute, Amick believes Miami is next in line.
“Miami is a great fit if the Knicks thing isn’t there,” Amick reported.
Heat Have Quietly Positioned Themselves for a Giannis Opportunity
NBA insider Jake Fischer of The Stein Line reported that Miami’s repeated restraint in previous blockbuster trade talks was widely interpreted throughout the league as strategic, not hesitation. According to Fischer, rival executives believed Miami was preserving flexibility for a potential Antetokounmpo pursuit.
Fischer also noted that Antetokounmpo evaluated the Heat before signing his first extension, including an analysis of Florida’s tax advantages compared to Wisconsin’s supermax structure.
With Miami now capable of offering multiple young core pieces and long-term draft control, the question is no longer whether the Heat can make a competitive pitch — but whether Milwaukee will eventually be forced to field one.
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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