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Giannis Antetokounmpo #34 of the Milwaukee Bucks is defended by Bam Adebayo #13 of the Miami Heat during a game at Fiserv Forum on January 23, 2025 in Milwaukee, Wisconsin.
The Miami Heat’s aggressive pursuit of Giannis Antetokounmpo did not end at the trade deadline — it merely shifted timelines.
NBA insider Chris Haynes reported that Milwaukee’s decision to hold onto its franchise star was less about rejecting specific offers and more about gathering intelligence ahead of a potentially more favorable offseason market.
“Sources close to me told me that he never requested a trade,” Haynes said on NBA on Prime. “Obviously, he’s been applying pressure over the last couple of years in hopes that the Bucks would turn this roster into a championship-contending roster. He wants to contend for a title during his prime.
“But right now, he’s happy. I was told he’s committed and focused on getting back healthy from that calf injury, and he’s progressing really well.”
Haynes added that Milwaukee’s posture at the deadline was exploratory, not transactional.
“What ultimately stopped a move from happening right now was that the Bucks were essentially in an intel-gathering phase,” Haynes said. “They were trying to figure out what deals were out there, and I think they made the decision that the offseason will be better suited to make a play.”
That assessment reframes Miami’s deadline miss not as a failure, but as a pause.
Heat Stayed Engaged Until Late, per Miami Herald
While Haynes’ reporting outlines the Bucks’ mindset, Barry Jackson of the Miami Herald detailed how long Miami remained in the mix.
According to Jackson, the Heat were informed late Wednesday night that Milwaukee was unlikely to move Antetokounmpo before the deadline.
“Per source, Heat was informed very late last night that Bucks likely wouldn’t be trading Giannis today,” Jackson wrote. “Heat offer received consideration. Obviously, Bam was never part of deal, but there wasn’t something that Heat had that Bucks asked for and Heat resisted that killed the deal. Miami was willing to do what it took. Bucks simply want to see if they can get more this summer.”
Jackson had previously reported that Miami believed it assembled a competitive offer — one strong enough to stay engaged until the final hours.
Inside Miami’s Giannis Trade Framework
Per Jackson, Miami’s proposal was built around a combination of young players, expiring salary, and long-term draft capital — while keeping Bam Adebayo untouchable.
“The Heat’s offer, according to a source, is widely expected to include Ware, Tyler Herro, Terry Rozier’s expiring contract, and another young player or more,” Jackson reported, “along with first-round picks in 2030 and 2032 and possibly pick swaps in 2026, 2029, and 2031.”
Ware, a second-year 7-footer with shooting range and rim-protection upside, represented Miami’s closest equivalent to a blue-chip developmental asset — the type of player Milwaukee has prioritized in Giannis discussions. Even so, the Bucks opted to wait.
Heat Explored Secondary Moves to Raise Offer
Miami also explored auxiliary deals in hopes of strengthening its proposal.
Multiple reports indicated the Heat shopped Andrew Wiggins, seeking to flip his contract into additional draft capital that could be routed to Milwaukee. No such trade materialized before the deadline, limiting Miami’s ability to escalate its bid further.
That inability to generate extra draft equity proved decisive as Milwaukee chose to defer rather than commit to a franchise-altering move.
Offseason Market Could Favor Miami — or Crowd It
Haynes suggests the Giannis sweepstakes are far more likely to intensify this summer, when more teams regain draft flexibility and cap maneuverability.
For the Heat, that presents both opportunity and risk.
Miami can trade up to four first-round picks (2026, 2029, 2031 and 2033) in the offseason, expanding its ability to construct a more compelling package. However, the bidder pool will also widen, increasing competition for a player who has not yet formally asked out.
But among the teams that seriously engaged with the Bucks this trade deadline, the Heat will be on par with the Golden State Warriors in terms of draft capital.
Antetokounmpo has consistently stated his desire to remain in Milwaukee — but always with one condition: championship contention.
That condition remains unresolved.
Milwaukee could have access to as many as three first-round picks in the offseason, including a 2026 selection that could slide toward the lottery if struggles continue. The Bucks will need those assets — and creative roster reshaping — to convince their superstar that another title run is realistic.
The Heat better hope it won’t be enough.
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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