Rationale for each team/player...
Raptors: This trade gets the Raptors Giannis without them having to give up a significant amount of depth so that they can remain competitive afterwards. It allows them to start Gradey Dick at the 2, which they have been wanting to do. It keeps them hard-capped at the first-apron, so ownership does not have to spend a significant amount of money. Bobby Portis and Naz Reid can space the floor, and can work well beside Giannis. The Raptors would have 12.5 million in cap space to fill out the rest of the roster (need 2 more players, can have 3 more max), and they would have no restrictions on contracts as this could be fully MLE money. Giannis already has a relationship with Masai and wants to stay in the East. Plus, they give up no firsts past 2028 so when Giannis leaves or retires they still have a future. Finally, it gets them out of potential money issues next offseason with a few potential extensions that could cause them issues.
Naz Reid: The final year of this contract is a player option. Though Naz Reid is leaving money on the table (rumour has it he could get 25-30 million on the open market), given how few teams actually have money and the Twolves cap situation, I don't think that many teams will be able to offer him that. Additionally, the Raptors guarantee Naz Reid a starting role on a competitive roster, which Reid may in order to prove himself for a larger contract down the line.
Bucks: Scottie Barnes, in my opinion, is the best player the Bucks can realistically get in a Giannis trade. Additionally, they also get RJ Barrett who put up decent numbers last year and can continue to grow beside Scottie. Dillingham, Mogbo, and whoever they add with the 13th pick can still grow into solid pieces as well. Plus this deal sees them get their 2027 first back (swap best with NOLA) and a Raptors pick next year.
If they wanted too as well they could make a separate deal with NOLA to cancel out the swap with them for full control of their pick next year (which is a swap). This would give them full control of their picks for the next two seasons, which would be helpful as they could do a mini-rebuild with Lillard being out likely all of next year. Plus, they have Barnes on contract for the next 5 years so a short rebuild is not a bad option, and something they can afford.
Timberwolves: At first this may seem like a lot for Durant, however, considering that Reid is a UFA and Randle could be a UFA, plus their cap situation and the large market for Durant, I don't think this deal is too far off what Durant will go for. Furthermore, given their cap and roster situation, they are cashing in on value that they might otherwise lose for nothing. This deal will inevitably put them over the second apron for next year if they resign Alexander-Walker, but with certain contacts coming off the books next year this will not be a recurring issue. Plus, Durant has wanted to play with Ant and he is the kinda player that this team needs. Also, they deal out no picks.
Suns: This teams needs other pieces to compliment the rest of their roster. Though I think the best move would be to blow up the roster entirely, given their pick situation for next season, trying to be competitive for another season is not a terrible decision. The biggest need still seems to be their big man rotation and defence, which this deal answers those problems. Plus, they can flip Randle and Poeltl next offseason if they need more assets to rebuild.
Julius Randle: I don't think Randle can realistically get a larger contract on the open market this offseason given that the Nets are the only team that have money outright and signing restriction under the new CBA. I think it would be better for him to opt-in to his option, take the year on a team like Phoenix, prove what he can do, and try the open market next year.
Hawks: The Hawks do this deal to turn this 2027 Pelican's or Buck's pick into more assets. They move up in the draft, get an additional Raptors pick in 2028 and add a decent second this year.