The Miami Heat have agreed to acquire two-time MVP Giannis Antetokounmpo and forward Bobby Portis from the Milwaukee Bucks, according to league sources reported by The Athletic and ESPN.
The deal, struck on Tuesday, June 23, 2026, sends Tyler Herro, Kel'el Ware, Jaime Jaquez Jr., Kasparas Jakučionis, and significant draft capital to Milwaukee.
Miami is sending unprotected first-round picks in 2031 and 2033, the No. 13 pick in the upcoming draft, a 2030 pick swap, and a 2033 second-round pick, per Shams Charania.
The trade cannot be officially finalized until July 6, leaving the framework open for potential expansion.
Milwaukee is evaluating whether to keep Herro or trade his expiring $33 million contract elsewhere.
The roster shakeup follows a disappointing season for the Heat, who missed the playoffs for the first time in seven seasons after a Play-In loss to the Charlotte Hornets.
Heat team president Pat Riley expressed intense dissatisfaction with the franchise's trajectory during a late-April press conference.
“I’m really pissed,” Riley said. “I’m disappointed.
Disgruntled, just like everyone else in the organization who understands what we’re about.
So, the last three to four years, with the exception of when we went to the finals, I’m not proud of.”
Riley emphasized the organization's belief in its appeal to top-tier talent as they entered the offseason market.
“We’re not good enough, and we’re not happy with it,” Riley said.
“And I think this is the first time in three years we can do something about it. I believe players want to play in Miami — some don’t.
I think we’re a destination play.”
Antetokounmpo departs as Milwaukee's franchise leader in multiple categories, having led the team to an NBA championship in 2021.
“Now they respect us, man. Milwaukee is on the f—ing map again,” Antetokounmpo said.
“They gotta put some respect on our name.”
The forward missed making an All-NBA team for the first time since 2016 due to injury limitations last season, prompting internal discussions about his future.
“We always go back to the Bucks, the Bucks, the Bucks, and if I’m going to stay here, if I’m not gonna stay here,” Antetokounmpo said.
“Let’s put the Bucks on the side for one second. Let’s talk about the city itself, the memories that I’ve created here.”
He noted his children were born in Milwaukee and his father is buried in the city.
