It’s official: Giannis is now a member of the Heat. Where things stand for Heat’s roster
Two-time NBA MVP Giannis Antetokounmpo is officially a member of the Miami Heat.
Two weeks after the Heat agreed to a blockbuster trade with the Milwaukee Bucks to land Antetokounmpo, the deal became official on Monday soon after the NBA’s free agency moratorium was lifted on Monday at 12:01 p.m.
The Heat dealt guard Tyler Herro, center Kel’el Ware, forward Jaime Jaquez Jr., guard Kasparas Jakucionis, three first-round picks (No. 13 overall this year that turned into Tennessee forward Nate Ament, and unprotected picks in 2031 and 2033), one first-round pick swap in 2030 and a 2033 second-rounder to the Bucks to acquire Antetokounmpo and veteran forward Bobby Portis.
While there was a chance that this trade between the Heat and Bucks could grow before it became official, it ended up just as a two-team deal.
The Heat is expected to hold Antetokounmpo’s introductory press conference on July 16.
“The announcement of today’s trade for Giannis Antetokounmpo and Bobby Portis Jr. is one of the great trades in Heat history,” Heat president Pat Riley said in a statement issued by the team on Monday. “In my opinion, Giannis is one of the top five players in the league, and Bobby is one of the best power forwards.
“The difficult part is trading Tyler, Kasparas, Jaime and Kel’el who have given so much to this organization, we wish them nothing but the best. I also want to thank the Arisons for their continued pursuit towards winning a championship and we feel this gives us a better opportunity moving forward. I want to welcome Giannis and Bobby to the Miami Heat family.”
The Heat’s free agent signing of three-point shooting guard Tim Hardaway Jr. is also expected to become official on Monday. Hardaway, the son of Heat great Tim Hardaway Sr., will sign a one-year contract worth $6.5 million to join the Heat.
The initial plan was for Hardaway Jr. to wear No. 11 for the Heat because Hardaway Sr. did not want his son to wear the No. 10 he wore during his time in Miami. Hardaway Sr. is one of six players in franchise history who have their jersey retired by the Heat.
But Hardaway Sr. changed his mind, and Hardaway Jr. will wear No. 10 with the Heat, according to a league source. It’s the first time that a number will be worn by a player after it was already retired by the Heat.
In addition, veteran forward Andrew Wiggins’ two-year extension worth $34 million with the Heat also became official on Monday. Wiggins opted in to his $30.2 million player option in his contract for this upcoming season before agreeing to the two-year extension with the Heat.
“Andrew Wiggins has proven to us that he is the quintessential small forward who fits perfectly with this roster,” Riley said in a statement. “We feel he will be a critical part of what we’re trying to achieve with this team going forward and we feel fortunate that we were able to extend him.”
Also, Heat guard Pelle Larsson became eligible on Monday to sign an extension with the Heat worth up to $93 million over four years. Larsson’s window to sign an extension with the Heat remains open until June 30, 2027. If Larsson and the Heat can’t agree on an extension by June 30, 2027, he will become a restricted free agent next offseason.
But the official announcement of the Antetokounmpo trade was the big story Monday.
Antetokounmpo’s new No. 34 Heat jersey was already on sale online at MiamHeatStore.com and in all Miami Heat stores as soon as the trade was formalized Monday. Portis will wear No. 95 for the Heat.
Despite just finishing his 13th NBA season, Antetokounmpo, 31, is still at the top of his game. He averaged 27.6 points, 9.8 rebounds and 5.4 assists per game while shooting 62.4% from the field and 33.3% from three-point range in 36 appearances this past regular season.
But injuries have been an issue for Antetokounmpo recently, as he played a career-low 36 games last season due in large part to multiple calf strains. He then sustained a hyperextended left knee and bone bruise on March 15 that cut his season short.
When healthy, Antetokounmpo is still considered one of the NBA’s top players. Not only was he named the league’s MVP for the 2018-19 and 2019-20 seasons, but he finished in the top four in MVP voting in seven straight seasons before injuries limited him this past season.
Antetokounmpo has also been named to nine All-NBA teams (seven first-team selections and two second-team selections) and five All-NBA Defensive teams (four first-team selections and one second-team selection) during his career. He was also named the NBA’s Most Improved Player for the 2016-17 season and the NBA’s Defensive Player of the Year for the 2019-20 season.
But the highlight of Antetokounmpo’s career came when he led the Bucks to the NBA championship in 2021, averaging 30.2 points, 12.8 rebounds, 5.1 assists and 1.2 blocks per game during that playoff run. He was named the 2021 NBA Finals MVP.
The Bucks drafted Antetokounmpo with the 15th overall pick in the 2013 NBA Draft as an 18-year-old out of Greece. He spent his entire NBA career with the Bucks prior to this trade to the Heat.
Antetokounmpo released a two-minute video to thank Milwaukee after the trade became official on Monday.
“I want you to hear it from my mouth, the city of Milwaukee will always be in my heart,” Antetokounmpo said in the video. “This is my home, and this is a place that I had my kids, my mom is here, my father is here, my brothers played here. It made me the man that I am today. That will never ever change. No matter where I am, Milwaukee will always be my city, my team, my family.”
The Bucks also thanked Antetokounmpo after Monday’s announcement.
“This was an incredibly difficult decision, made for what is best for the future of the Bucks and for Giannis,” Bucks general manager Jon Horst said. “On a personal level, Giannis and I have shared this entire journey together, and he has been an exceptional partner, friend and inspiration. All of us at the Bucks have been impacted by his presence and influence and are deeply grateful for everything he and his family have given. We wish them continued success and are excited to see them soon.”
Antetokounmpo, who is due $58.5 million this upcoming season and can become a free agent next offseason with a player option in his deal for the 2027-28 season, will now become eligible to sign a four-year, $275 million contract extension with the Heat six months from Monday. The expectation is that Antetokounmpo will make a long-term commitment to the Heat in the form of that extension, which he becomes eligible to sign starting on Jan. 6.
But even after the trade for Antetokounmpo/Portis and the addition of Hardaway, the Heat still has a few roster spots to fill.
The Heat’s salary-cap breakdown includes 12 players on standard contracts for next season: Antetokounmpo ($58.5 million for 2026-27), Bam Adebayo ($49.5 million), Wiggins ($30.2 million), Nikola Jovic ($16.2 million), Portis ($14.5 million), Davion Mitchell ($12.4 million), Hardaway ($6.5 million), Dru Smith ($2.6 million), Simone Fontecchio ($2.5 million salary, but $2.5 million cap hit), Pelle Larsson ($2.3 million), Myron Gardner ($500,000 of $2.6 million salary guaranteed) and Ryan Conwell ($1.4 million).
NBA teams are essentially required to carry at least 14 players on standard contracts and can have up to 15 players on standard deals during the regular seasons, which leaves the Heat with two to three standard roster spots to fill.
With about $199 million committed to salaries for 12 players on standard deals, the Heat is already over the NBA’s 2026-27 salary cap and is also close to crossing the $200.4 million luxury tax threshold. With two or three roster spots still to fill for next season, the Heat is also on its way to approaching the first apron of $209 million.
The issue for the Heat is because it took back more salary than it sent out in the trade for Antetokounmpo and used a trade exception created last season to acquire Portis, it’s hard-capped at the projected first apron of $209 million for the entirety of the 2026-27 NBA calendar.
That leaves the Heat just about $10 million under the first apron to add two to three players to standard contracts for next season.
Even if the Heat opts to begin this season with 14 players on standard deals (one fewer than the maximum) and a minimum salary (counting about $2.5 million each) is used to fill one of the open spots, the Heat has about $6.5 million left of its midlevel exception to use on another free agent (counting the $1 million safety net that Miami will likely want to save to add a 15th player later in the season).
With future Basketball Hall of Famer LeBron James considering Miami in free agency, the Heat has been in a bit of a holding pattern with its roster since adding the 12th player in Hardaway on the first day of free agency last week.
The Heat currently only has about $6.5 million (portion of its midlevel exception) to offer James, who informed the Los Angeles Lakers last week that he would not return to them and is available in free agency. The Heat could create more room under the first apron to offer James the entire $8.5 million it has left of its midlevel exception by shedding money in a trade.
The Heat is also taking a patient approach in filling out its roster for next season because a few accomplished players could soon become available on the buyout market. The Sacramento Kings waived veteran forward DeMar DeRozan on Monday and he will become an unrestricted free agent, and guards Zach LaVine and Kentavious Caldwell-Pope are other potential buyout candidates.
Among the free agents still available are guards Bradley Beal, Gary Trent Jr., Seth Curry, Gabe Vincent, Khris Middleton, Bruce Brown, Jordan Clarkson, Russell Westbrook, Cameron Payne, Gary Payton II and Aaron Holiday; and power rotation players Kelly Olynyk, Maxi Kleber, Kevin Love, Nick Richards, Dwight Powell and Bismack Biyombo.
This story was originally published July 6, 2026 at 1:10 PM.
