MIAMI — Beauty meet beholder.

Because at the end of the day, the quality and value of the Miami Heat’s potential trade assets rests not with the perception of Pat Riley, Andy Elisburg and the rest of the Heat front office, but rather what the Milwaukee Bucks might think is part of commensurate return in a possible trade of Giannis Antetokounmpo.

As a matter of perspective, the Miami Heat thought they had an equitable amount of value in play in the 2023 offseason for Damian Lillard. Portland Trail Blazers general manager Joe Cronin thought otherwise. End of story.

As with most trade discussions, it starts with something along the lines of, “Well, what are you offering?”

In the Miami Heat’s case, potentially this:

Tyler Herro: With Giannis, it all starts with coming up with aggregate salary to meet cap-matching requirements, with Antetokounmpo earning $54.1 million this season.

At $31 million, Herro would get the Heat closer to that figure.

But what Herro also is is a player who has appeared in only 11 games this season, one eligible for an extension this summer.

This past offseason, Herro could have gone out as 2025 All-Star. Now there is legitimate reason for pause.

Kel’el Ware: The Bucks reportedly have been seeking a blue-chip prospect. At one point this season, Ware looked just that, a 21-year-old double-double machine who also could play as defensive backstop.

But then Heat coach Erik Spoelstra began to see the warts and left them exposed to others.

If the Philadelphia 76ers were to put V.J. Edgecombe into play, for example, Ware would come off as far less blue chip.

Terry Rozier’s contract: More a ledger item than player, with Rozier on NBA leave as he awaits adjudication from his charges in the FBI gambling probe.

It basically would be $26.6 million in matching, expiring salary, something to ease the Bucks’ books going forward.

But the Bucks also could look at this as a way of offloading longer-term salary in return, such as the two seasons Kyle Kuzma has on his contract or the three of Bobby Portis.

What has gone somewhat overlooked in the Giannis equation is Milwaukee potentially insisting on a trade partner, in essence, taking out the trash.

Jaime Jaquez Jr.: This is an interesting one.

On one hand, arguably no player on the Heat roster has been as rejuvenated in Spoelstra’s move to a quicker, attacking offense than Jaquez. But if Giannis is acquired and Jaquez is not dealt, would the Heat still be playing the same style?

On the other hand, Jaquez is extension eligible in the summer, bringing into question whether the Bucks would want to take on such a decision.

Kasparas Jakucionis: At a rookie salary, last June’s No. 20 pick out of Illinois would stand as a low-risk, high-reward plus-one package piece for the Bucks. The downside would be minimal, if only to pass along for draft capital down the road.

From the Heat’s perspective, it hardly would be a deal killer. So why wouldn’t the Bucks — if at all interested — ask?

Nikola Jovic: Remember when Jovic stood as a prime component in the bid for Lillard in the 2023 offseason?

Now there have been only struggles on the court this season with a four-year, $62.8 million extension to kick in next season. Factor in the “poison pill” aspect at the moment that would have Jovic going for more than he could be replaced on the Heat payroll and his name almost is a non-starter.

Andrew Wiggins: Likely not directly to the Bucks, since he hardly would fit the needed timeline as a player who turns 31 on Feb. 23, but rather as a component sent out to acquire more draft capital to package to the Bucks.

If there is a successful Heat bid for Giannis, Wiggins could well be relocated for the second time in as many deadlines, having arrived from the Golden State Warriors last February in the Jimmy Butler trade.

Norman Powell: There is plenty to be said of retaining Powell as a valuable complement to Giannis. And that likely would be the Heat’s preference.

But also keep in mind that with his first All-Star berth, Powell’s price on the extension or free-agent market has just taken a considerable leap.

The middle ground could be moving Powell for the type of Bucks-pleasing draft capital that Wiggins might not be able to fetch.

Pelle Larsson: Until a week ago, the response from the Bucks might have been, “Who?” Now there could be a request for the second-year Swede. As with Jakucionis, would the Heat allow this to be a deal killer?

2030, ’32 first-round picks: These are the lone two picks the Heat are allowed to deal at the moment, a factor of owing the Charlotte Hornets a selection in 2027 or ’28 and the NBA rule that does not allow a team to be without first-round picks in consecutive future drafts.

Pick swaps: The Heat also could offer to swap first-round draft position with the Bucks this June as well as in 2029 and ’31 (and in complex maneuvering for either 2027 or ’28). That would mean if the Bucks finish with a better record in any of those years, they can instead swap first-round positions with the Heat.