Evan Mobley

The Bucks have no intention of letting Giannis Antetokounmpo play out the final guaranteed year of his contract in 2026/27 and opt for free agency during the 2027 offseason, team co-owner Wes Edens told Ramona Shelburne of ESPN.

“Giannis is going into the last year (of his contract),” Edens said. “So one of two things will happen: Either he will be extended or he’ll be traded. The likelihood you’ll let him just kind of play out the last year, we can’t afford that. It’s not consistent with what’s good for the organization. That’s not a Giannis issue. That’s any player that’s in their last year.”

Antetokounmpo’s contract, which pays him $54.1MM this season, includes a $58.5MM guaranteed salary for ’26/27, followed by a $62.8MM player option for ’27/28. He’ll become eligible on October 1 to sign a four-year, maximum-salary extension that would be worth a projected $275MM (the exact value would depend on where the ’27/28 cap ends up).

However, if Giannis informs the Bucks this offseason that he doesn’t intend to sign that extension once he’s eligible to do so, it sounds like the team is prepared to reopen trade discussions that began in earnest prior to last month’s deadline, even if the two-time MVP doesn’t explicitly request a change of scenery.

[RELATED: Giannis Resisting Bucks’ Plan To Shut Him Down For Season]

Still, according to Shelburne, rival executives and insiders around the league are skeptical about whether the Bucks’ choice will be quite that simple.

As Shelburne explains, the team has an unusual ownership structure that involves the governor title changing hands between co-owners Edens and Jimmy Haslam every five years. In addition to controlling ownership rotating between those two men, another franchise shareholder, Jamie Dinan, is involved in major decisions. The setup has created some confusion among rival teams about who would get the final say in Milwaukee on a roster move as monumental as an Antetokounmpo trade.

“This has nothing to do with Giannis and whether he asks out,” one source told Shelburne. “It’s about who’s making the decision on whether to trade Giannis, and I don’t think anyone knows that. I deal with them all the time and honestly it depends on the day. They’re not even close to being ready to make a decision like that.”

Edens, who will be the controlling owner for two more years before handing the reins to Haslam for five years beginning in 2028, tells ESPN that his partnership with Haslam is “unbelievably good” and that he has no concerns about the arrangement, but Shelburne suggests there have been signs that Haslam’s influence within the organization is growing since he bought Marc Lasry‘s share of the team in 2023.

When longtime Bucks president Peter Feigin left the organization earlier this season, he was replaced by Haslam Sports Group executive Josh Glessing, according to Shelburne, who also hears from sources that one team discussing a potential Giannis trade last month had direct negotiations with Haslam.

“The more time goes on, the more power Jimmy’s going to have,” a source close to the team said. “And long term, it’ s going to be his anyway, so he’s not going to let the guy that’s [passing controlling ownership on] eventually dictate what it looks like.”

“We mostly dealt with (general manager Jon) Horst,” added a rival executive whose team pursued Antetokounmpo. “But our impression was that Jimmy was really the one who would decide this.”

Although Edens insists that he and Haslam are “completely united” on the Giannis situation, other teams and Bucks minority shareholders are keeping a close eye on the situation due to the way in which the relationship between Edens and Lasry fell apart before Lasry sold his stake in the franchise. Notably, Shelburne writes, the two co-owners disagreed on who to hire to replace former GM John Hammond in 2017 — Horst was eventually promoted to fill the role after the team seriously considered its own assistant GM Justin Zanik and Nuggets executive Arturas Karnisovas.

Here are a few more items of interest from Shelburne’s story, which is well worth reading in full:

• Multiple sources told ESPN that the Bucks’ asking price for Antetokounmpo prior to February’s deadline was “enormous,” with one team suggesting that Milwaukee was simply gauging the market and sought “all our draft picks and good young players.” Another rival executive said there was “no question” that the Bucks wanted to hang onto the star forward. “Because it never reached a point in time, in any of our discussions with them, where they said, ‘We will do it if you do X,'” that exec told Shelburne.
• The Warriors made an offer for Giannis that included four unprotected first-round picks, but they never seemed to gain any real momentum toward a deal, sources tell ESPN. According to Shelburne, the Bucks were more interested in pursuing concepts that would net them a young cornerstone like Cavaliers big man Evan Mobley or Sixers guard VJ Edgecombe, though there’s no indication Cleveland or Philadelphia would’ve been willing to discuss those players.
• While the Bucks may be preparing to offer Antetokounmpo another maximum-salary extension during the offseason, multiple league executives believe the club would be better off accepting the best possible trade offer for him, Shelburne writes.“He’s still a game changer, but he’s 31 with a history of leg injuries,” one exec said. “And now you’d basically be trading for a guy on an expiring deal, so I’m not sure the offers they’ll get this summer are going to be better than what they already got.”