In what perhaps should've been viewed as an expected development, the Miami Heat are at the forefront of the Giannis Antetokounmpo trade saga. Pat Riley has made a living out of acquiring stars against all odds and has thus resurfaced as a factor in Antetokounmpo's next step.
With Antetokounmpo finally making it clear that he's willing to move on, the Heat have emerged as favorites to land the two-time MVP—and the cost borders on irrelevant.
The Milwaukee Bucks are 18-27. They've also lost in the first round of the playoffs in each of the past three seasons. That's inevitably led to Antetokounmpo being linked to the trade market since the 2025 offseason, with many speculating that he'd be moved before the 2026 trade deadline.
According to Shams Charania of ESPN, Antetokounmpo is officially ready to move on from the Bucks and find a new team before the trade deadline.
Two-time MVP Giannis Antetokounmpo is ready for a new home at the Feb. 5 NBA trade deadline or in the offseason as several rival teams make aggressive offers to the Milwaukee Bucks for him, and the franchise is starting to listen, league sources tell ESPN. pic.twitter.com/OejatbQjDy
— Shams Charania (@ShamsCharania) January 28, 2026
Charania's report comes on the heels of Marc Stein of The Stein Line relaying that the Heat are viewed by rival executives as the frontrunner to land Antetokounmpo.
"So what team out there could actually tempt the Bucks into a deal in the next week-plus? The most common answer to that question when posed to various league executives continues to be Miami."
If that proves to be the case, then the Heat shouldn't even think twice about giving up whatever they need to in order to acquire Antetokounmpo.
Heat should go all-in on Giannis no matter the cost
The hypothetical trade package that Stein laid out was built around All-Star guard Tyler Herro, promising big Kel'el Ware, and draft compensation. It offers a combination of immediate value and long-term potential, with Herro perhaps even bridging the gap at 26 years of age.
Herro was also born in Milwaukee, which could offer some level of appeal to both the franchise and the fanbase as they move forward with a hometown talent at the forefront of their efforts.
Even if the Heat have to up the ante, however, there's not much for the team to be losing in comparison to the value of gaining Antetokounmpo. Miami is 25-22 and has a roster that's effectively built to toe the .500 line in hopes of a playoff appearance during which they can defy the odds.
Even the Heat's most recent trip to the NBA Finals was experienced as a No. 8 seed that required Jimmy Butler to produce all-time postseason heroics. Butler, of course, is no longer on the team.
Tyler Herro, Kel'el Ware and picks for Giannis? Heat should say yes
With Antetokounmpo, Miami would be gaining an NBA champion, Finals MVP, two-time regular season MVP, and Defensive Player of the Year. He is 31 and has injury concerns, but the Heat are better equipped to support him than the Bucks—even if they do blow up the roster to acquire him.
That includes the simple fact that Miami has long proven to be a more desirable free agency destination for top players than Milwaukee.
Compounded by the fact that the Heat have a deep rotation that allows them to preserve some of their talent base even in a heavy-handed trade offer, there's too much appeal to ignore. Losing fan favorites or promising players would sting, but Antetokounmpo is a generational talent.
Betting the farm on anyone is a risky endeavor, but the Heat are barely above .500 as it is. Antetokounmpo alone gives them a chance to build a consistent contender.