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Bam Adebayo of the Miami Heat drives to the basket against Giannis Antetokounmpo of the Milwaukee Bucks.
The Miami Heat remained seriously engaged in Giannis Antetokounmpo trade talks until late Wednesday night, only to be informed hours before the deadline that Milwaukee was unlikely to move its franchise cornerstone, according to Barry Jackson of the Miami Herald.
“Per source, Heat was informed very late last night that Bucks likely wouldn’t be trading Giannis today,” Jackson wrote on X. “Heat offer received consideration. Obviously, Bam (Adebayo) was never part of deal, but there wasn’t something that Heat had that Bucks asked for and Heat resisted that killed the deal. Miami was willing to do what it took. Bucks simply want to see if they can get more this summer.”
Miami’s Aggressive Giannis Package Centered on Ke’lel Ware, Picks
Jackson previously reported that Miami believed it had assembled a competitive offer for the two-time NBA MVP.
“The Heat’s offer, according to a source, is widely expected to include Ware, Tyler Herro, Terry Rozier’s expiring contract, and another young player or more,” Jackson reported, “along with first-round picks in 2030 and 2032 and possibly pick swaps in 2026, 2029, and 2031.”
Ware, a 7-footer with shooting range and rim-protection upside, represents Miami’s closest equivalent to a blue-chip developmental piece — precisely the type of young asset the Milwaukee Bucks prioritized in Giannis discussions. Even so, the package did not persuade Milwaukee to part with its franchise star.
Shams Charania: Bucks Decided to Keep Giannis Through Deadline
ESPN NBA insider Shams Charania was first to report that Milwaukee had shifted course.
“The Milwaukee Bucks have indicated to teams that they are keeping Giannis Antetokounmpo through the trade deadline and will start making other trades,” Charania wrote.
The Bucks’ decision effectively ended Miami’s midseason push, despite sustained engagement and escalating offers.
Heat Explored Andrew Wiggins’ Market to Boost Offer
In parallel, Miami explored secondary avenues to strengthen its proposal.
Multiple reports indicated the Heat shopped Andrew Wiggins in hopes of flipping his contract into additional draft capital that could be routed to Milwaukee. No such deal materialized before the deadline, limiting Miami’s ability to raise its bid further.
Behind the scenes, skepticism persisted around the league regarding Milwaukee’s true willingness to complete a deadline blockbuster.
NBA insider Jake Fischer relayed blunt feedback from one executive involved in discussions.
“They were never serious,” the executive said of the Bucks’ Giannis trade posture.
Heat Pivoted to Buy-Low Ja Morant Talks as Clock Ticked Down
With the Giannis door closing and fewer than two hours remaining before the deadline, Miami explored alternative star pathways.
Tomer Azarly of ClutchPoints reported the Heat circled back to exploratory buy-low discussions involving Ja Morant, the two-time All-Star whose availability has been monitored quietly around the league. Miami also emerged as Morant’s preferred landing spot, according to multiple reports. However, talks had not advanced meaningfully, and no deal appeared imminent.
Jackson added in the final hour before the deadline that Miami was “still working phones,” with no clarity on whether another move could be completed.
Heat Look Ahead With Giannis Sweepstakes Shifting to Summer
If no additional trade materializes, Miami will enter the second half of the season with Adebayo anchoring a core that includes first-time All-Star Norman Powell, Herro, Wiggins and Ware. The Heat sit seventh in the Eastern Conference, three games outside the top six.
Miami will have another opportunity to pursue Antetokounmpo in the offseason, when it can trade up to four first-round picks, including its 2026 and 2033 selections. However, pushing the Giannis sweepstakes to the summer is expected to expand the field of bidders — and increase the superstar’s leverage as he approaches a $62.8 million player option for the 2027–28 season.
For now, the Heat remain aggressive, asset-rich, and patient — hoping Antetokounmpo ultimately forces his way to South Beach in the offseason.
Alder Almo is a sports journalist covering the NBA for Heavy.com. He has more than 20 years of experience in local and international media, including broadcast, print and digital. He previously covered the Knicks for Empire Sports Media and the NBA for Off the Glass. Alder is from the Philippines and is now based in Jersey City, New Jersey. More about Alder Almo
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