The Golden State Warriors seemingly bowed out of the Giannis Antetokounmpo race at the trade deadline, instead dealing two of their premier trade chips for Kristaps Porzingis's expiring contract.
Whatever you might think about that trade, the deal is done. Perhaps Porzingis will elevate the team for a postseason run, and perhaps Golden State can get him healthy and bring him back on a cheaper contract.
No matter what, though, Jonathan Kuminga and Buddy Hield are irrevocably gone. Nothing the Warriors have can replicate the salary-matching flexibility those two players gave them in a hypothetical Antetokounmpo trade.
Yet, as many fanbases will chatter about over the next few months, the saga has not come to an end. Antetokounmpo was not moved at the trade deadline, and the Milwaukee Bucks' chances at retaining him remain unclear.
Although it will be a significantly more competitive sweepstakes this offseason, the Warriors' hopes of getting their dream acquisition are technically still alive.
A path to Giannis Antetokounmpo still remains for the Warriors
Although the Bucks are doing a victory lap at retaining Antetokounmpo through the deadline, his departure still feels relatively imminent. Milwaukee has almost no path to competitiveness, and they will need to face an even more compelling set of offers come June.
With the additional assets that open up during the offseason, both the Los Angeles Lakers and the New York Knicks could become serious suitors. The Miami Heat and the Minnesota Timberwolves will, likewise, have more flexibility to part with pieces of their young core.
Obviously, the Bucks flat-out rejected the Warriors' offer at the trade deadline. But doesn't it seem like they flat-out rejected all other offers as well? Did we truly learn anything about the strength of Golden State's offer, which likely centered around their future draft picks more than their developing young players?
It's quite possible that the Porzingis trade was Golden State hedging their bets. Because of Porzingis's ongoing health issues and expiring contract, they were able to make a move at the deadline without parting with any of their draft capital.
Of course, the departures of Kuminga and Hield present a serious salary-matching problem. Although there is still a path to Antetokounmpo's salary by combining Draymond Green, Moses Moody, Al Horford, Brandin Podziemski, and a Porzingis sign-and-trade, the most realistic remaining route is to ship off Jimmy Butler.
The Warriors have made it clear that's not their preferred option. But they now have two choices in front of them. Hold onto their draft capital in anticipation of a rebuild, or push all their remaining chips forward in a bid for Antetokounmpo. Anything in between would be severely disappointing.
For all practical intents and purposes, the Warriors are out of the bidding for Giannis. But crazier things have happened, and, for those of us with delusions of grandeur, a flicker of hope still inexplicably remains.