The trade would be agreed to by the Warriors and Bucks before the first night of the NBA draft on June 23, assuming Golden State doesn’t win a top-4 selection on the May 10 draft lottery. The Bucks inform the Warriors who to take at No. 11; a top-4 selection for Golden State changes the calculus entirely.
The deal is executed on July 6, after the 2026-27 moratorium, under a projected $165 million salary cap, $200.5 million luxury tax, $209.1 million first apron, and $221.7 million second apron. The Warriors’ 2030 first-round pick conveys if 1-20, as it is already promised to the Dallas Mavericks if 21-30.
Should the selection go to Dallas, the Bucks get a 2031 first-round pick swap with the Warriors instead. Golden State’s 2032 first-round pick has top-4 protection, otherwise it conveys unprotected to Milwaukee in 2033.
The Warriors trigger a second-apron hard cap by aggregating Butler and Podziemski. The Bucks end with a first-apron hard cap by using the expanded traded player exception from Antetokounmpo’s outgoing salary to acquire the two Warriors.