Since breaking through to secure their first championship in 50 years in 2021, the Bucks have won just a single playoff series, falling in the first round for three consecutive years from 2023-25. When MVP-caliber players aren't contending for titles, trade speculation is inevitable, so it's no surprise that whispers about Giannis Antetokounmpo' future have percolated since Milwaukee failed to defend its championship in 2022.
But the volume on those rumors began increasing to a new level during the 2025 offseason. Coming off their third straight first-round exit, the Bucks were in a tougher spot than ever, having lost star point guard Damian Lillard to a torn Achilles during their brief postseason run.
Recognizing that keeping Lillard's maximum-salary contract on their books while he spent the 2025/26 season recovering from his Achilles tear would essentially amount to taking a "gap year" in Antetokounmpo's prime, the Bucks opted for a more aggressive - and riskier - offseason strategy. They waived Lillard, stretching his remaining $112MM+ in salary over five seasons, then used their newly created cap room to bring in center Myles Turner, one of the top unrestricted free agents on the market.
Milwaukee's creativity and willingness to push all its chips into the center of the table was admirable. But it didn't quiet the rumors involving Antetokounmpo, who reportedly conveyed to the team later in the offseason that he wouldn't mind joining the Knicks, leading to brief, unsuccessful trade talks between the two teams. And it didn't make the Bucks any better on the court.
With Antetokounmpo battling health issues and Turner struggling to adjust to his new situation after spending a decade in Indiana, the Bucks lost seven consecutive games in November to drop to 8-12 to open the season. They were never able to get back to .500 after that. As the team experienced its worst season since Giannis' rookie year, the trade chatter surrounding the two-time MVP amped up again, and the Bucks fielded offers leading up to February's deadline before once again opting to stand pat.
Over the course of the year, Antetokounmpo repeatedly spoke about his love for Milwaukee and his desire to win another championship with the Bucks. But he also consistently made it clear that contending for a title would be his first priority, and that if he wasn't confident in the Bucks' ability to do so, he'd have to consider other options.
It didn't help matters that Giannis and the Bucks found themselves at odds multiple times after the trade deadline. The star forward bristled at the fact that co-owner Wes Edens told ESPN the club intended to either extend or trade him, then clashed with the organization over its handling of his knee injury -- Antetokounmpo felt he was healthy enough to return to action and the Bucks disagreed, prompting the NBA to investigate the matter (the team was ultimately cleared of any wrongdoing).
Of course, the Antetokounmpo saga wasn't the only storyline in Milwaukee in 2025/26. Ryan Rollins' emergence in the Bucks' backcourt was one particularly encouraging development. The former second-round pick made a legitimate Most Improved Player case by averaging 17.6 points, 5.6 assists, and 1.5 steals per game on .472/.406/.796 shooting.
But every other Bucks subplot, good and bad, was overshadowed by the speculation about what will happen with Giannis. It was a distraction that the rest of the roster had to deal with for the entire season and it's a question that will hang over the organization until there's a conclusive resolution -- not just in the form of Antetokounmpo verbally reaffirming his commitment for another year, but via either a long-term extension or a trade, as Edens and his fellow co-owner Jimmy Haslam have suggested.
Antetokounmpo clearly doesn't want to become a villain in Milwaukee by asking to leave, but dragging out this will-he-stay-or-go drama indefinitely isn't doing the Bucks any favors. This offseason needs to be about the organization and its superstar picking a direction and decisively taking a step forward, either with or without one another.
The Bucks' Offseason Plans
Milwaukee made its first major move of the offseason when the team split with head coach Doc Rivers shortly after the regular season ended and hired Taylor Jenkins as his replacement, reportedly giving the former Grizzlies coach a six-year deal worth over $10MM annually.
