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Even though the 2025 NBA Finals are in full swing, the rest of the league is conducting business as usual ahead of what is expected to be a busy offseason. One of the focal points of this offseason was expected to be Milwaukee Bucks forward Giannis Antetokounmpo, who averaged 30.4 points, 11.9 rebounds and 6.5 assists per game in 2024-25. Antetokounmpo reportedly expressed a desire to explore his options this summer, suggesting he was willing to play somewhere other than Milwaukee. The 2025 NBA Draft lottery results added more fuel to the fire as the Dallas Mavericks and San Antonio Spurs, two teams mentioned early in Antetokounmpo trade rumors, landed the top two picks in the draft.

The Bucks superstar put any trade rumors to bed last week, hinting at staying in Milwaukee for the upcoming season. Even for the Mavericks and Spurs, a deal involving Antetokounmpo was going to take a lot of work to give the Bucks what they want. The last few postseasons have been unraveled by injuries and an aging core but Antetokounmpo still believes in giving Milwaukee a chance to retool the roster around him. With fellow superstar Kevin Durant also expected to be traded, this NBA offseason could be a wild one.

Here's a look at the odds for Antetokounmpo's next team according to DraftKings Sportsbook. Bets are settled in accordance to the team Antetokounmpo plays his first minute for in the 2025-26 season, which means any in-season trade would not count for this wager.

Favorite: Milwaukee Bucks (-500)

When this market first opened, the Bucks were -140 favorites to retain their former MVP. Those odds took a slight hit with the lottery but Antetokounmpo reportedly still believes in this front office. Despite the Bucks struggling in the draft, they have taken big swings in deals for Jrue Holiday and Damian Lillard. The former trade resulted in a title and even with the war chest largely emptied, Antetokounmpo likely still feels this regime will do what it takes to remain competitive.

Even in a weakened Eastern Conference, that's not going to be easy. As CBS Sports' Sam Quinn details, the Bucks don't exactly have a great foundation to make a pivot. Brook Lopez is a free agent, while Bobby Portis and Pat Connaughton can test the market if they decline their player options. The Bucks are up against the cap, especially if Portis and Connaughton return. Gary Trent Jr., a competent two-way role player, is going to get plenty of suitors in free agency. Taurean Prince, a similar player who shot 43.9% from deep a year ago, is also likely to be out. Lillard is expected to miss most of the 2025-26 season recovering from a torn Achilles, and he's likely to pick up his $63 million player option for the 2026-27 season. Trading him is not an option unless the Bucks attach draft assets. Speaking of those, Milwaukee can't go into tank mode either since the Bucks don't control their own first-round pick until 2031.

The most likely course of action is Milwaukee putting together a makeshift roster around Antetokounmpo for the 2025-26 season while keeping its long-term cap sheet clean. The Bucks will get a first-round pick in 2026 and next summer, they'll be able to add their 2033 first-round pick in any trade. They can still deal their 2031 pick. Even as Antetokounmpo enters his 30s, he's still a powerful force in an unpredictable Eastern Conference. If the Bucks can't thread this needle though, Antetokounmpo will likely seek out a new destination.

Other contenders: New York Knicks (+600), Toronto Raptors (+850), Dallas Mavericks (+2500)

The Spurs (+1200), Houston Rockets (+1600) and Miami Heat (+2500) are Kevin Durant's preferred destinations as the Phoenix Suns star seeks his own trade, so they're unlikely to be part of any conversations around Antetokounmpo. The Knicks have already blown most of their draft capital on deals for Mikal Bridges and Karl-Anthony Towns, but they can dangle OG Anunoby and Josh Hart as competent two-way players. New York would also have to deal Mitchell Robinson but there's just not enough draft compensation here for Milwaukee to make a move.

Toronto has a strong combination of young prospects and draft capital, though it's unclear if Antetokounmpo would want to sign a long-term extension there. The Raptors haven't exactly been competitive since their 2019 championship, but they've shown they're willing to take chances on players who might jump ship quickly. If Toronto offered a package of RJ Barrett, Jakob Poeltl and draft picks, the Bucks would at least need to consider it.

The Mavericks have the trump card here with the No. 1 pick in the 2025 NBA Draft. They are presumably going to take Cooper Flagg, who is seen as a generational prospect. Dallas could also offer Dereck Lively, PJ Washington and salary fillers to make a deal work. Rebuilding around Flagg is intriguing for Milwaukee and if the Mavericks were going to get a healthy Kyrie Irving to start the 2025-26 season, there's a lot more incentive to make such a move. Irving and Anthony Davis are bonafide superstars, but neither is exactly a pillar of durability. There's a possibility the Mavericks end up in the same spot as the Bucks have been since the 2021 Finals, where their stars are injured by the end of the season and can't take the floor in the playoffs. Dallas isn't giving up Flagg for that.

Longshot: Golden State Warriors (+4500)

There's no indication the Warriors are considering this, but there have been plenty of rumors pairing Stephen Curry's and Antetokounmpo in the Bay Area. The Warriors are trying to maximize the back end of Curry's career and had the star point guard stayed healthy in these playoffs, there's a possibility Golden State could have played for a championship. Jimmy Butler signed an extension after being traded at the deadline, so sending him out in a potential Antetokounmpo trade is probably not an option. That means Draymond Green would have to be dealt, and although the Warriors would internally agree Antetokounmpo represents a massive upgrade, the external optics aren't pretty. Green has been a franchise icon and is still among the game's best defensive players. Sending him out along with young talent like Brandin Podziemski, Jonathan Kuminga and Moses Moody would leave the Warriors dangerously susceptible to a star injury. Curry, Butler and Antetokounmpo have all had their injury issues of late. The Bucks would demand draft compensation too, and Golden State may have to involve a third team to make this type of move.