Giannis Antetokounmpo is still a Milwaukee Buck.

Which, to hear him tell it, is all he ever wanted.

For all the hype and speculation of recent weeks, what the Milwaukee front office was doing in the run-up to the NBA trade deadline was gathering information, league sources told NBC Sports. The team never seemed serious about making a trade. The Bucks listened to offers but didn't really negotiate. They surveyed the market and got a sense of what was out there, but a trade was never likely.

Now what?
The core issue remains: Antetokounmpo wants to compete for another title but the Bucks are nowhere near that level. Which is why the trade rumors are just going to roll over into the offseason, not stop. Antetokounmpo has said every summer he re-evaluates where he and the team are in their relationship, so what happens when he does that self-assessment this offseason?

What's next for Antetokounmpo and the Bucks?

Milwaukee does not want to trade Antetokounmpo — this is the greatest player in franchise history, a guy who remains a top-five player in the world, and he's the guy who drives the economic engine of the franchise (he fills the seats, sponsors flock to them wanting to be near the international superstar).

For his part, Antetokounmpo would like to stay in Milwaukee and win there.

"What I want deep down in my heart is I want to be a Milwaukee Buck for the rest of my career and win here," Antetokounmpo said in a recent interview with the Milwaukee Journal-Sentinel.

The first thing that will happen is that general manager Jon Horst and the Bucks front office will try to make one or more moves to bolster the roster and turn the team back into a contender. This is what has happened in the past when Antetokounmpo was up for a contract extension as he is next October: One time they traded for Jrue Holiday, another time it was Damian Lillard — and both times Antetokounmpo signed the extension and stayed in Milwaukee.

The challenge is that the best way to do that sets up an internal conflict.

As of the day after the trade deadline, Milwaukee has the ninth-worst record in the NBA — they should tank, increase their NBA Draft Lottery odds, then use that pick either to draft a star or trade it to get a star who can help them win right now. The problem is that, in the wake of the deadline, Antetokounmpo said he planned to return soon from his calf injury and make a playoff push. He does not want to tank, he wants to compete.

After this season, the Bucks will have three first-round picks they can trade (including the 2026 pick) plus movable salaries such as Kyle Kuzma's — could that be enough to land another star player or two, which convinces Antetokounmpo to stay? That's the hope.

Antetokounmpo has been clear, he will “never” ask for a trade. "That's not in my nature."

On Oct. 1, the Milwaukee Bucks can put a four-year $275M extension in front of Antetokounmpo. After Antetokounmpo reassesses his situation this summer and sees what Horst and the front office can put together, if he tells the Bucks he will not sign that extension, it's the same as demanding a trade (otherwise he could walk as a free agent in the summer of 2027, and teams are lining up to pay him).

At that point, trade talks would get serious — and Antetokounmpo would have more leverage as an expiring contract to direct where he goes.

One of the other key reasons for the Bucks to wait and not trade Antetokounmpo at the deadline is that trade offers for him this offseason will only get better. Milwaukee didn't leave anything on the table. Look at the teams lining up.

• New York Knicks. This summer, the Knicks will be able to trade up to three first-round picks (including drafting and trading their 2026 pick) plus the matching salaries of Karl-Anthony Towns or Mikal Bridges will still be there. Or, the Knicks can loop in a third team, such as Portland, to add young players and picks. The bottom line is the Knicks didn't have the trade assets to make a serious push for Antetokounmpo at the deadline, but this summer they can put together a reasonable offer. If Antetokounmpo puts his thumb on the scale and says he will only sign in New York, a trade can be reached.

• Miami Heat. Much the same as New York, Miami becomes a team that can trade three first-round picks this offseason, as well as have the matching salary of Tyler Herro and maybe Bam Adebayo. Miami also can bring in a third or fourth team to the deal and have options for an improved offer if Antetokounmpo wants to take his talents to South Beach.

• Minnesota Timberwolves. Minnesota made a hard push to try to pair Antetokounmpo with Anthony Edwards at the trade deadline and next summer, but they lacked any first-round picks they could offer. This summer, the Timberwolves will have one of their own they can trade, plus they will be in a better position to involve another team to get more picks and young players in an offer.

• Los Angeles Lakers. Their name comes up whenever a star looks to switch teams, but this summer the Lakers could make a legitimate offer if Antetokounmpo wants to form an international powerhouse with Luka Dončić. The Lakers can offer three first-round picks plus an Austin Reaves sign-and-trade to give the Bucks a young star to go with those picks. Like New York, Antetokounmpo would have to push his way there, but he'd be far from the first star to push his way to the purple and gold.

• Golden State Warriors. Golden State's offer would not change much, but they still would have four first-round picks on the table, plus a young player such as Brandin Podziemski. Does Antetokounmpo want to play with Stephen Curry? If he does, he can force his way there.

• Playoff loser. This might have been the most enticing reason for the Bucks to wait and not make a trade until the summer — some deep, good team is going to flame out earlier than expected in the playoffs, then want to make a big move.

What if Houston or San Antonio in the West lose in the first or second round and don't look like the contender they thought they were? What if Detroit falls way short in the East and decides they need a star next to Cade Cunningham? What if Orlando realizes they are not close to contending and makes Paolo Banchero and a lot of picks available? What if Portland, with all its young talent plus control of future Bucks picks, decides it wants to go all in?

There are a lot more teams that could jump into the mix this summer and make better offers to the Bucks, ones that would jump-start the inevitable rebuild if Antetokounmpo leaves.

Bottom line: The Bucks trade options will be better this summer — and first, they get a chance to keep him in Milwaukee.