Giannis Antetokounmpo appears to be taking some initial steps towards an exit from the Milwaukee Bucks as he enters the 2025-26 season with some level of hope that their reshaped roster could make them contenders again in a depleted Eastern Conference. There is belief around the NBA that Antetokounmpo will eventually be traded, but it became clear the parties involved in the situation weren't prepared to do so during the 2025 offseason.

"There's been an expectation for quite some time that Giannis' days in Milwaukee, one way or another, are numbered," said ESPN's Brian Windhorst on NBA Today. "Whether that was going to happen this year, whether it's going to happen potentially during this season, or whether it could happen next summer.

"And when you get to situations like this, I find it very useful to focus on actions over words. Let's look at the actions of the parties that we have discussed here," continued Windhorst.

"The Milwaukee Bucks waived and stretched Damian Lillard. That cost them $100 million in dead money on their books. Then they spent an additional $100 million to sign Myles Turner this summer. Those are not the actions of a team that is about to trade the best player they've had since Kareem Abdul-Jabbar.

"Then you look at the New York Knicks. They obviously knew it was possible that Giannis would be available. We saw some teams this summer potentially hold back on moves with the idea that Giannis could be available. So the idea that you wouldn't be prepared for this kind of phone call, I don't think is true. And despite knowing that, the Knicks went ahead and extended Mikal Bridges, which significantly limited their ability to make a major trade. Again, that action indicates that they didn't think they were in position to make this type of trade right now.

"And let's go to Giannis. If you want to be traded as a star player that makes over $50 million a year in the apron era, especially if you have a small selection of teams that you want to be traded to, you do not ask for a trade or discuss a trade in August. Those discussions happen before the NBA offseason begins. That's not to say that a trade couldn't happen, but certainly he would have to understand that.

"So, I definitely think the actions that we see indicate at some point Giannis could again be discussed with the Knicks or elsewhere, but I look at the actions here and I don't think they were ever going to lead to a deal over the summer between New York and Milwaukee."

Antetokounmpo will become eligible for a four-year, $275 million extension on October 1, 2026. Antetokounmpo can become a free agent in 2027 for the first time in his career if he does not sign an extension. 

Antetokounmpo has finished top-5 in MVP voting for seven consecutive seasons.