Unveiling the inside story of the Giannis trade: Multiple attempts to part ways with the Bucks, and the Celtics' refusal to send young players led to the breakdown of negotiations

On June 23, Beijing time, the Bucks and Heat executed a major 2-for-9 trade, sending Giannis Antetokounmpo from Milwaukee to Miami, ushering in a new era for his career. Insider Shams disclosed additional information about the transaction on a program, noting that Giannis had already decided his Bucks tenure was finished a full year prior. The details are as follows —

This 13-month-long trade drama involving Giannis and the Bucks has finally concluded. To put it simply,Exactly one year ago, Giannis had already made up his mind that his time with the Bucks was over. The Bucks tried everything to keep him, doing all they could to build a championship-contending roster around him, exhausting their young assets and significantly adjusting their salary structure. However,Giannis repeatedly told the team that it was time for both sides to go their separate ways, and he would not sign any long-term extension with the Bucks.

A few weeks ago, the Bucks officially opened trade talks, negotiating with multiple teams. In recent weeks, they focused on discussions with the Miami Heat and the Boston Celtics. Team co-owner Jimmy Haslam previously stated publicly that Giannis' future had to be determined before the draft: either sign a long-term extension or be traded.

Giannis was unwilling to make a long-term commitment to stay, so the Bucks ultimately chose to trade him. Looking back at the negotiations with the Celtics and Heat over the past few weeks, the Bucks ended up with a substantial return. They acquired Tyler Herro, a Milwaukee native returning home; young center Kel'el Ware; versatile forward Jaime Jaquez Jr.; and 20-year-old guard prospect A.J. Johnson.

In addition, the Bucks received a wealth of draft assets: three unprotected first-round picks (including the 13th pick in this year's draft), a 2030 pick swap, and a 2033 second-round pick.

The Bucks have officially turned the page, leaving the Giannis era behind. After 13 years together, the team signed new head coach Taylor Jenkins to a six-year contract and will enter a phase of reassessment and rebuilding. For Milwaukee, this means deliberately slowing their championship push, but with a wealth of draft picks, young players, and cost-controlled rookie contracts, the team has plenty of flexibility for the future.

On the other side, Pat Riley finally got his long-sought superstar. Looking back at his history of acquisitions: Shaquille O'Neal, Alonzo Mourning, LeBron James, Chris Bosh, Jimmy Butler — and now Giannis comes to South Beach, forming a frontcourt duo with Bam Adebayo. The Heat's roster upgrades are not finished, but this two-star core already makes them highly competitive.

The Heat sent out several young players and multiple draft picks to acquire Giannis. So what was missing from the Celtics' offer that failed to persuade the Bucks?

Shams reported that the Celtics pursued Giannis aggressively during this draft cycle, having already made an attempt at the February trade deadline without success. During this draft window, Boston's offer centered around 2024 Finals MVP Jaylen Brown, plus two unprotected first-round picks. The key sticking point was that the Bucks wanted more: several young players such as Hugo Gonzalez, Baylor Scheierman, and others, along with additional first-round picks and swap rights.The two sides could never find a compromise. The Celtics were unwilling to give up enough young players and draft assets, so the offer remained at Jaylen Brown plus two first-round picks, and the negotiations broke down.

For the Celtics, this failed trade will trigger internal repercussions, leading to difficult conversations within the front office. For the second time in four years, the team has put its second star, Brown, on the trading block: in 2022, Boston offered Brown as the centerpiece in a deal for Kevin Durant, and now they did the same for Giannis. But the situation is different now. Jaylen Brown holds Finals MVP honors and was an MVP contender last season, so there will inevitably be extensive internal discussions. Brown is eligible for a contract extension in July, and his future remains to be seen.

Now looking at the Bucks and Heat, who completed the trade, will they continue to make further moves? Strictly speaking, there is room for adjustments. The two sides agreed to officially finalize the trade on July 7, Beijing time. Similar to last year's Kevin Durant trade between the Suns and Rockets, they reached a verbal framework weeks in advance before filing the paperwork, which eventually grew into a record seven-team deal. Shams said it's uncertain whether this trade will expand to that scale, but both sides deliberately left a buffer period. Due to salary matching rules, the trade cannot be executed until July 7. During this window, both the Bucks and Heat can continue to negotiate, expand, and adjust the trade package.

For now, the Bucks are very satisfied with their return. This group of young players and draft picks is enough to support the team's rebuild. The flexibility these assets provide is something they would not have had if they acquired Jaylen Brown. Remember, Brown still has three years left on his max contract, carrying significant salary pressure, and his extension talks are imminent.The Bucks' decision to trade Giannis was fundamentally based on their belief that the team currently lacks championship potential. If they were to take on the 30-year-old Brown, they would immediately face immense expectations to contend. The front office prefers to proactively enter a rebuilding phase, holding abundant assets to plan for the future steadily.