According to a report late Monday night from ESPN’s Shams Charania, the Milwaukee Bucks are trading Giannis Antetokounmpo and Bobby Portis to the Miami Heat for Tyler Herro, Jaime Jaquez Jr., Kel’el Ware, Kasparas Jakucionis, three first-round picks, one second-round choice and one pick swap in a blockbuster deal.

The Bucks will get Miami’s No. 13 overall pick in tonight’s 2026 NBA Draft, and they already had their own #10 selection. The other first-rounders are unprotected in 2031 and 2033, while the pick swap is in 2030 and the second-round selection is in 2033.

Miami beat out the Boston Celtics for the services of Antetokounmpo, the 31-year-old, two-time NBA MVP and 10-time All-Star forward. The Celtics were dangling five-time All-Star guard Jaylen Brown as the centerpiece of their offer, but that wasn’t enough. Now Brad Stevens will have to decide whether or not to keep Brown on the trade market or attempt to correct whatever damage might’ve been caused in the club’s relationship with him.

Milwaukee is forced to say goodbye to a franchise icon who remained loyal to the team that drafted him for more than a decade. In fact, at a time when most NBA stars were trying to form super teams, Antetokounmpo signed a supermax extension with the Bucks in December of 2020.

During that same 2020-21 campaign, Milwaukee won its first NBA championship since 1971 by defeating the Phoenix Suns in six games. Antetokounmpo was named MVP of the 2021 NBA Finals. In 21 games during that postseason run, he averaged 30.2 points, 12.8 rebounds, 5.1 assists, 1.2 blocked shots and 1.0 steals per game.

Antetokounmpo signed another extension with the Bucks in 2023, and he’s entering the final season of that deal. He’ll be eligible to sign another contract on Oct. 1, but that’s not going to happen. Instead, he’ll wait until six months after the trade is completed. At that point, Antetokounmpo will be able to ink a four-year, $275 million max extension with Miami.

Antetokounmpo will team with Bam Adebayo in the frontcourt. The 28-year-old Adebayo averaged 20.1 points, 10.0 rebounds, 3.2 assists and 1.2 SPG this past season. He’s a three-time All-Star selection.

Pat Riley will now look to retain unrestricted free agent Norman Powell, who averaged 21.7 points, 3.5 rebounds, 2.5 assists and 1.1 SPG in his first season with the Heat. He’s a 39.6 percent shooter from 3-point range during his 11-year career. Miami desperately needs 3-point shooting, but it’s unclear if it’ll have enough money to keep Powell in the mix.

Miami’s Andrew Wiggins has a $30.2 million player option for next season, but he could decline it and do a new two-year deal with the Heat. The fifth member of the Heat’s likely 2026-27 starting lineup is Davion Mitchell, who started all 70 games he played in this past season. The Baylor product averaged 9.3 points, 6.5 assists, 2.7 rebounds and 1.0 SPG. Mitchell drained 39.5 percent of his launches from downtown.

Herro provides the Bucks with an elite scorer. The 26-year-old guard spent seven seasons in Miami, averaging at least 20.1 PPG in each of the last five years. Herro was limited to 33 games due to injuries this past season, however.

Jaquez is an underrated piece in this trade. The 25-year-old forward averaged 15.4 points, 5.0 rebounds and 4.7 APG this past year. Jaquez hit 50.7 percent of his field-goal attempts.

The 22-year-old Ware is another promising player. He started 36 times in 64 appearances as a rookie in 2024-25, averaging 9.3 points, 7.4 rebounds and 1.1 BPG. Ware averaged 11.1 points, 9.0 rebounds and 1.1 BPG this past season in 77 contests.

Jakucionis was Miami’s first-round pick with the #20 overall pick in the 2025 NBA Draft. He started 12 times in 53 games as a rookie, averaging 6.2 points, 2.6 rebounds and 2.6 APG.

As for Portis, he brings experience, toughness, intensity and leadership to Miami. During the Bucks’ title run in 2021, he averaged 8.8 points and 5.0 RPG in only 18.3 minutes per contest. In 67 regular-season games this past season, Portis averaged 13.7 points and 6.4 RPG. The University of Arkansas product can also provide spacing with his range, as he’s a 39.3 percent career shooter from downtown, including 45.6 percent marksmanship last year.

Another low-key winner with this move is the Portland Trail Blazers, who own the Bucks’ 2029 first-round pick and first-round pick swaps in 2028 and 2030 as part of the 2023 trade that sent Damian Lillard to Milwaukee.

FanDuel previously had the Heat’s odds to win the 2027 NBA Finals at 40/1. As of this morning, that number was down to 20/1. Those are the fifth-shortest odds on the board behind the Thunder (+250), Spurs (+260), Celtics (+600) and Knicks (+750).

FanDuel’s odds to win the Eastern Conference have Boston as the +220 ‘chalk.’ The Knicks and Heat have +270 and +650 odds, respectively.