In one of the most earth-shaking trades in recent NBA memory, the Golden State Warriors acquire Giannis Antetokounmpo, adding a two-time MVP to their dynasty’s final act. The deal involves the Milwaukee Bucks, Brooklyn Nets, and Warriors, and includes 10 players, 3 first-round picks, and major financial maneuvering.
The Full Trade Breakdown
Warriors Receive: Giannis Antetokounmpo (C/PF) Cameron Johnson (SF) Steven Adams (C)
Bucks Receive: Jimmy Butler (from Miami via Brooklyn) Moses Moody 2026 First Round Pick (from Golden State) 2027 First Round Pick (from Golden State) 2026 First Round Pick (likely via Brooklyn) Brandin Podziemski (sign-and-trade)
Nets Receive: Jonathan Kuminga (sign-and-trade) Kyle Kuzma Gui Santos
Golden State Warriors: Win-Now Mode Overdrive Why They Do It: The Warriors are all-in. With Steph Curry still playing at an elite level but nearing the twilight of his career, the front office makes a generational gamble by pairing him with Giannis. The addition of Adams provides interior toughness, and Cam Johnson offers floor spacing and defense on the wing. What They Give Up: They sacrifice two promising young wings (Kuminga and Moody), two unprotected firsts, and Podziemski. It's a hefty price, but for a top-5 player under contract, it's the kind of swing a championship contender is willing to take.
Net Impact: +1 win in projected output, +3.6 Net Rating — a calculated win-now payoff.
Milwaukee Bucks: The Reset Without Rebuilding Why They Do It: Losing Giannis is seismic, but they recover respectably. They bring in Jimmy Butler—a proven playoff performer—to keep the team competitive. Add in Moody, Podziemski, and three first-round picks, and this is a retool, not a teardown. The Logic: With uncertainty around Giannis’ long-term future, the Bucks turn him into assets that help both now (Butler) and later (young talent and picks). It’s a hedge that preserves their playoff viability.
Net Impact: Neutral in win projections, but +16.8 minutes of young player development — strong value recoup.
Brooklyn Nets: Betting on Upside Why They Do It: Kuzma gives them a scoring forward in his prime, but the real prize is Jonathan Kuminga, who has shown flashes of breakout potential. This move fits Brooklyn’s rebuild more than keeping Butler ever did. The Trade-Off: They absorb more salary short-term but turn Butler into a younger, high-upside wing. They don’t get draft capital, but Kuminga’s ceiling makes it a worthwhile risk.
Net Impact: -3 wins in the short term, but long-term upside hinges on Kuminga’s development.
Financial Implications
Warriors exceed the second apron by nearly $17 million, but it’s a cost they’re willing to pay to chase another title. Bucks stay under the tax line and improve cap flexibility. Nets go into the tax but remain below the second apron, keeping some room to maneuver. Who Wins This Trade?
Golden State: If they win a title in the next two years, this is a championship-defining move. Milwaukee: A savvy pivot that keeps them relevant and builds for the future. Brooklyn: A long-term bet that depends on Kuminga becoming a star.