Atlanta Hawks Receive: Giannis Antetokounmpo
Milwaukee Bucks Receive:  Jalen Johnson, Zaccharie Risacher, 2026 first-round swap (most favorable of Milwaukee’s own and New Orleans), 2027 first-round pick (least favorable of Milwaukee and New Orleans), 2030 first-round pick
Why Atlanta does it: The Hawks’ offseason maneuverings already had them knocking on the door of the East’s top four, but adding Giannis would bump them up to the highest echelon of the conference. The Cavs and Knicks have no shortage of talent, but a Hawks squad led by Trae Young, Antetokounmpo, Kristaps Porzingis, Dyson Daniels and Nickeil Alexander-Walker would have a shot against absolutely anyone.
Porzingis looms large here, as he’d be the key to creating enough space for an offense that includes both Giannis and Daniels. If healthy, he’d replicate the Brook Lopez role that made the best Bucks teams work.
Good luck wrangling the Young-Giannis pick-and-roll with a sweet-shooting, switch-busting center spacing the floor out to the three-point line.
Why Milwaukee does it: Atlanta snared what could be the trump card in any Antetokounmpo negotiation when it secured the New Orleans Pelicans’ unprotected 2026 first-rounder. The key there: That pick will be the best of either New Orleans’ or Milwaukee’s, which would give the Bucks a reason to bottom out without Giannis.
Granted, Johnson and Risacher should both be positive contributors this coming season—with Johnson potentially sniffing an All-Star nod if he can finally stay healthy.
That the Bucks land two excellent young players along with that coveted 2026 pick isn’t a problem. It gives Milwaukee two pathways to choose from once Giannis is gone. If Johnson and Risacher team with Turner to form a playoff-bound core, great! If things go sideways, Milwaukee has the safety net of that 2026 selection.
This is easily the best package so far, and it’s one the Bucks should strongly consider if Antetokounmpo ever makes an official trade request.