The Golden State Warriors have a chance to bring Giannis Antetokounmpo in with an offer that's far stronger than some might presume. It may not necessarily be the best package the Milwaukee Bucks receive, but there are several elements at play that could win the day for the Warriors.
That includes the fact that Golden State can offer an intriguing combination of future assets, a player a third team might pay handsomely for, and a landing spot Antetokounmpo could covet.
According to Anthony Slater of ESPN, the Warriors have been reluctant to part with draft picks beyond what's projected as Curry's era. With Giannis, however, the line of thinking has understandably changed.
Per Slater, the Warriors can offer up to four first-round picks, including the top-20 protection of its 2030 pick, to the Bucks—and they "would be available to Milwaukee" in potential negotiations.
"The Warriors can offer up to four first-rounders: 2026, 2028, 2032 unprotected and 2030 if it falls within the 1-20 range (top-20 protected owed to Washington as part of the Jordan Poole for Chris Paul trade). Because of Milwaukee's outgoing picks, it could only command one additional pick swap."
Slater continued:
"In previous conversations about lower-level deals, the Warriors have been protective of their draft picks beyond the Stephen Curry era. This isn't a lower-level conversation. The picks beyond the Curry era would be available to Milwaukee and valuable (though less so because the post-Curry era would suddenly include Antetokounmpo in his mid-30s)."
Though there may be offers with more immediate value, it would be difficult to find a trade package that would set the Bucks up for the future quite like the Warriors'.
Warriors reportedly willing to trade all first-round picks for Giannis
The harsh reality facing Golden State is that Stephen Curry is 37 years of age and likely closer to retirement than most want to believe. As such, an unprotected 2032 first-round draft pick could realistically be one of the most coveted picks in that future class.
Though some will rebuff that statement with optimism about what a 37-year-old Antetokounmpo could muster or how timeless Curry is, Father Time is unpredictable.
For that matter, the Warriors' 2028 pick could be equally as intriguing with Curry at 40 years of age and possibly not even still playing. One can hope that isn't the case, but the fact remains that Milwaukee would be getting back two high-value picks considering Golden State's average age amongst star players.
That could be translated to the Bucks utilizing said picks to draft future pillars, but it could also create unique flexibility when negotiating future trades that bring high-level talent back to Milwaukee.
Bucks' interest in Jonathan Kuminga would make or break offer
The dealbreaker here is how Milwaukee ultimately views Jonathan Kuminga. Slater noted in his report that the Bucks have been interested in Kuminga since the 2025 offseason, which could create a crucial piece of building a strong foundation for a trade.
If Golden State is also willing to include some combination of Moses Moody, Brandin Podziemski, and Will Richard, the offer could ultimately live up to the standard Milwaukee sets.
The hurdle, of course, is the emotional blow of potentially having to part with Draymond Green. It's unlikely that the Bucks will want to take back Jimmy Butler's 2026-27 salary of $56,832,773 considering he'll be 37 and in the midst of returning from a torn ACL, thus making Green's $25,892,857 salary potentially essential to completing a trade.
If the two sides can either come to terms on such an arrangement or loop in a third team to enhance the quality of the Warriors' offer, then Antetokounmpo would become a realistic target.
The final deciding factor: Appealing to Giannis Antetokounmpo
One would like to think that 14 years of service, the only championship the Bucks have won since 1971, and two MVP awards have earned Antetokounmpo some degree of say over his future. It's by no means guaranteed, but Milwaukee should do right by arguably the greatest player in franchise history.
In the event that such a scenario plays out, then the Warriors could have one advantage over the rest: The ability to appeal to Antetokounmpo's desire to win another championship.
Even if Golden State parts with significant assets, the potential of an Antetokounmpo and Curry pairing is unavoidably appealing. They have four regular season MVP awards and two Finals MVP honors between them, as well as Antetokounmpo's ring and Curry's four.
Together, there's a realistic scenario in which two players who would moonwalk to All-NBA honors if they met the 65-game threshold could compete for a title together.
If Antetokounmpo is willing to join the Warriors, then the outgoing package should entice the Bucks to at least consider the offer. They'd get long-term assets to either draft talent or trade for better pieces with, and could even attempt to unload Kyle Kuzma's contract.
There are moving pieces that need to fall into place, but the Warriors have the assets to make an offer the Bucks can't outright refuse without giving it serious consideration.