Conventional wisdom holds that Dec. 15 marks the unofficial start of the NBA trade season, as many players who signed new contracts or extensions last summer become eligible to be traded then. The reality is that things are really starting to heat up with the NBA G League Winter Showcase in Orlando from December 19-22. This is when the general managers and front offices of all 30 teams gather together, ostensibly to watch the best players in the G League, but it’s a fan-less event (just basketball people and some media) and you can see certain general managers starting to chat just 30 feet away from the court. This is where business starts to get done.
To summarize, here are the latest NBA trade rumors, starting with perhaps the biggest name on the board of directors.
advertise
Giannis Antetokounmpo
Antetokounmpo out 2-4 weeks with calf strain He reportedly has no plans to slow down the trade rumors surrounding him after he was reported, or the fake trades we all saw Renewed talks with Bucks management about his future. Here are some updates.
• Milwaukee may find it difficult to acquire many first-round picks. There is no problem with Antetokounmpo’s performance. He has been performing at MVP level this season. However, he turns 31 on Saturday and is seeking a massive contract extension that would begin in 2027-28 or 2028-29, his age-33 or 34 season (he has a $62.8 million player option for 2027-28). Teams have given up a ton of first-round picks recently for players in their 30s — even elite players — giving them pause and serious consideration of how many picks they would trade for Antetokounmpo. ESPN’s Brian Windhorst said this on his Hoop Collective podcast:
“I will tell you, when I talk to executives who are not currently in trade talks with the Bucks or other teams for star players, the atmosphere in the NBA right now is that you’re not going to give up four first-round picks for anybody… All these teams are worried about getting into tarmac trouble because they can’t reset their rosters…
advertise
“That’s what teams are thinking right now. They’re a little scared on the apron. There’s not going to be a trade of five first-round picks. I know we’ve been seeing that happen for a while. That’s not going to happen.”
• The Pelicans’ 2026 draft pick could determine where Antetokounmpo ends up. Antetokounmpo may have New York as his first choice, but speaking with league sources in the past 48 hours, three teams are believed to be able to make better offers and may be where Antetokounmpo would like to go: Atlanta, San Antonio and Houston.
Atlanta is the team I hear the most about (assuming Antetokounmpo wants to stay in the East). It could revolve around trades for Trae Young and recent No. 1 pick Zaccharie Risacher, but the biggest prize would be the Pelicans’ first-round pick in next June’s draft (which Atlanta controls since Joe Dumars traded it last June and selected Derik Queen in a shock move. NBA at Bleacher Report and The Stein Line Insider Jake Fischer said he’s been told all season that there’s no way the Hawks would give up a potentially high draft pick, but then added that signing Antetokounmpo in his prime and going all-in — with the team going 11-7 and having a much-improved defense while Young was out injured — would have to make Atlanta’s front office reconsider that stance.
• The Oklahoma City factor. While Oklahoma City has enough draft picks and players to make a serious offer to Antetokounmpo if they wanted to, why would they? With a record of 21-1, a record-breaking point differential, and a great locker room, the Thunder look like a strong team this season.
advertise
Thunder dominance is something Houston and Spurs must consider, as The Ringer’s Zach Lowe discusses on his podcast. Will the Spurs look at the Thunder this season and then see how young their roster is and decide to be patient and make adjustments in a few years when their roster is at its peak and the luxury tax forces a change? The same goes for Houston, which now looks like a contender, although the addition of Kevin Durant to the team does change things up somewhat. The bottom line is that both teams will likely look at the bigger picture and take a step back.
• Two big questions about the Antetokounmpo trade. In speaking with league sources about the deal, two major themes and questions emerged:
1) Will Giannis Antetokounmpo (through his agent) actually ask for a trade this time? He’s jumped to the line but took a step back, not wanting to be seen as the bad guy for forcing his way out of Milwaukee (a strategy that worked; the Bucks upgraded their roster every time they could). Yes, Antetokounmpo asked the Bucks to trade with the Knicks last summer, but when he did, no deal had been made. This will make a difference. Antetokounmpo’s performance this time also gave people a different feeling.
2) If Antetokounmpo is available via trade, will the Bucks work with the two-time MVP to get him where he wants to go (presumably New York, although there may be one or two more cities on the list), or will they look for the best offer regardless of the destination? Antetokounmpo has some leverage because he can become a free agent in the summer of 2027, but many teams are willing to take a chance on him for one year for the right price.
advertise
Anthony Davis
Davis being traded feels more like an offseason move than one that happens during the season, especially since the team has looked better lately, riding a three-game winning streak (games against Oklahoma City and Houston in the next few days are good gauge).
when ESPN’s Windhorst is talking The team didn’t want to give up a lot of first-round picks in a trade that was more geared toward Anthony Davis and his market than Antetokounmpo. Davis is 32 years old, has a history of being plagued by injuries, and is also set to re-sign this summer — a potentially huge extension — giving the team some hesitation. Is the aging Davis worth his asking price? Windhorst added this to his podcast.
“When I hear people say Anthony Davis’ trade value right now, it’s not because of who he is as a player, clearly, not because of his diminished stature as a player, but because the idea of paying an injury-prone 30-something guy $50, $60 million in the ring era is unacceptable.”
advertise
James Harden, Kawhi Leonard
The Clippers never realized they were targeting a transition in 2027, when everyone but Ivica Zubac would be gone from the team. However, after a poor start to the season, could the Clippers speed up the process by trading James Harden or Kawhi Leonard?
Good luck. Especially Leonard, who is making $50 million this season, is guaranteed the same next season, and has a long injury history. Harden playing like an All-Star for a more reasonable $39.2 million ($42 million player option for next season) might be a different story, because Tim Bontemps writes at ESPN.
“Feedback from people within the league is that while there are teams willing to compete with Harden, it may be more difficult to find a landing spot for Leonard because of Leonard’s injury and the wish case is still ongoing.” An Eastern Conference scout said, “James’ value may be neutral.” “Kawhi Leonard’s value is negative.”
advertise
Trae Young/LaMelo Ball/Ja Morant
This group of point guards are the ones I’m watching most closely heading into the trade deadline, thinking one of their teams might decide it’s time to make a big move and move on when the right trade comes along.
But the deal is unlikely to materialize because ESPN’s Tim McMahon and Bobby Marks wrote. They said the comments summed up the general perception of the three men.
“I don’t want any of them,” one Western Conference general manager told ESPN.
“They all have potential negative value,” one Eastern Conference executive said.
Things could change for at least one or even three guys as we head into next offseason, but don’t bet on a deadline trade.
