Before we break down why each team should (or at least could) be interested in this monstrosity, as always, it helps to get a look at the entire deal in one frame.
New York Knicks Receive:Â Giannis Antetokounmpo
New York Knicks Lose:Â Karl-Anthony Towns, Tyler Kolek, a 2026 first-round pick (via Washington), a 2030 first-round pick swap (for Milwaukee), a 2032 first-round pick swap (for Milwaukee) and three second-round picks
Milwaukee Bucks Receive:Â Andrew Wiggins, Terry Rozier, Harrison Barnes, a 2026 first-round pick from New York (via Washington), a 2030 first-round pick from Miami, a 2030 first-round pick swap from New York, a 2032 first-round pick swap from New York, a 2032 first-round pick from Miami, a top-50 protected 2031 second-round pick from Utah and three second-round picks from New York
Milwaukee Bucks Lose:Â Giannis Antetokounmpo and Bobby Portis
Miami Heat Receive: Karl-Anthony Towns
Miami Heat Lose: Andrew Wiggins, Terry Rozier, a 2030 first-round pick and a 2032 first-round pick
San Antonio Spurs Receive: Lauri Markkanen
San Antonio Spurs Lose: Harrison Barnes, Keldon Johnson, Jeremy Sochan, a 2029 first-round pick and a 2031 first-round pick
Utah Jazz Receive: Keldon Johnson, Bobby Portis, Jeremy Sochan, Tyler Kolek, a 2029 first-round pick from San Antonio and a 2031 first-round pick from San Antonio
Utah Jazz Lose: Lauri Markkanen and a top-50 protected 2031 second-round pick
Feel free to pick at some of the smaller aspects of the trade. The number of picks and whether or not they have protections is certainly open for debate. Some of the smaller-contract players might be replaceable with others, too.
The most important pieces involved are probably obvious already and will become even more so as we explain why this makes sense for everyone involved.