With the February 5, 2026, NBA trade deadline less than a week away, the Golden State Warriors have emerged as the clear aggressors in the high-stakes sweepstakes for Milwaukee Bucks superstar Giannis Antetokounmpo. Following a season-ending ACL injury to Jimmy Butler—who joined the Dubs in a previous blockbuster—Golden State is reportedly desperate to salvage Stephen Curry’s championship window. While the New York Knicks and Miami Heat remain lingering threats, insiders suggest the Warriors are preparing a historic "all-in" package to pair the Greek Freak with Curry before the window slams shut.
Warriors Prepare "Godfather" Offer to Land Giannis
The Golden State Warriors are not just testing the waters; they are reportedly ready to empty the vault. Sources close to the situation indicate that GM Mike Dunleavy Jr. is constructing a trade package that includes up to four unprotected first-round picks (2026, 2028, 2030, and 2032), a pick swap, and young forward Jonathan Kuminga. Crucially, the expiring $54.1 million contract of the injured Jimmy Butler would be included to match salaries, providing the Bucks with massive future cap relief.
Head coach Steve Kerr, who has historically been hesitant to mortgage the franchise's future, has reportedly softened his stance following Butler’s injury. With the team currently sitting 8th in the Western Conference, there is a palpable sense of urgency within the organization. "The Warriors see this as their last stand," one league executive told reporters. "They know they can't waste another year of Steph Curry's brilliance, and they have the draft capital to outbid almost anyone right now."
Knicks Face Asset Hurdles Despite Mutual Interest
The New York Knicks have long been rumored as Giannis Antetokounmpo's preferred destination, but their path to a deal is far more complicated. Unlike the Warriors, the Knicks are currently asset-poor regarding immediate first-round draft capital. Any potential deal would likely require parting ways with All-Star big man Karl-Anthony Towns, a move that is complicated by reported "hard feelings" between Towns and the front office stemming from previous trade talks.
For New York to execute a blockbuster of this magnitude, they would likely need to engage a third team to route the necessary draft assets to Milwaukee. While the allure of playing under the bright lights of Madison Square Garden is a powerful draw for Antetokounmpo, the Knicks' inability to offer a simple, pick-heavy package like Golden State places them at a significant disadvantage in these rapid-fire deadline negotiations.
Bucks' Dilemma: Sell Now or Wait for Summer?
The Milwaukee Bucks hold all the cards, but their hand is becoming increasingly difficult to play. With Giannis currently sidelined due to a calf strain and the team languishing in the Eastern Conference standings, the front office faces a pivotal decision. Trading their franchise icon now allows them to tank immediately, potentially improving the value of their own 2026 first-round pick (which they retain if it falls within the top 4 protected range, or via swap mechanics with New Orleans).
The Risk of Waiting
However, some insiders believe Milwaukee might prefer to wait until the offseason. Waiting would open the bidding war to teams like the Oklahoma City Thunder and San Antonio Spurs, who possess treasure troves of draft assets but are unlikely to disrupt their chemistry mid-season. "If the Bucks wait until June, the price might go up," an Eastern Conference GM noted. "But they run the risk of Giannis demanding a specific destination, which kills their leverage. If they like the Warriors' offer, they might just take it now and start the rebuild immediately."
Miami Heat and the "Culture" Fit
Lurking in the background are the Miami Heat. While they lack the sheer volume of draft picks that Golden State possesses—having only two tradable first-rounders currently available—Pat Riley has a history of pulling off the impossible. Rumors suggest a package centered around Tyler Herro and rookie standout Kel'el Ware could be Miami's pitch. However, without a third team to supply more draft equity, Miami is currently viewed as a dark horse candidate compared to the aggressive push coming from the Bay Area.
