Being viewed as the longtime favorites to win a Giannis Antetokounmpo sweepstakes, it seems like the NBA superstar is Miami’s to lose.
Of course, the smoke doesn’t always mean the fire is coming from the expected direction, but many around the league seem to believe that the Heat will ultimately end up with Giannis Antetokounmpo if and when the Milwaukee Bucks trade him.
If Giannis goes elsewhere, it would be another massive disappointment for a star-hunting Heat team that has swung and missed a few times in the recent past.
How Miami Heat Could Lose Giannis Sweepstakes to Warriors In Ironic Twist
GettySAN FRANCISCO, CALIFORNIA – JANUARY 19: Jimmy Butler III #10 of the Golden State Warriors stands on the court during their game against the Miami Heat at Chase Center on January 19, 2026 in San Francisco, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Ezra Shaw/Getty Images)
Losing out on Giannis would be bad. Losing the sweepstakes to the Golden State Warriors, who could use the player the Heat traded to them just a couple of years ago, would be even worse.
As Bleacher Report’s Eric Pincus put together a handful of trade ideas with some of Milwaukee’s top potential partners, a framework for the Warriors popped up. It was headlined by Jimmy Butler.
In the hypothetical deal, the Warriors would land Antetokounmpo on his own. The Bucks would then acquire Butler, Brandin Podziemski, a 2026 first-rounder, a 2027 first-rounder, a 2030 protected first-rounder, and a 2032 protected first-rounder.
“The Bucks’ value lies in the draft compensation, which consists of distant first-round picks, with the hope that Steph Curry and Antetokounmpo are winding down by then,” Pincus writes.
“For Golden State to have a real shot, Antetokounmpo would probably need to push extremely hard to make it happen. That would include scaring off other suitors by promising to leave as a free agent in 2027.”
Why The Heat Likely Still Have The Edge
Photo by Ezra Shaw/Getty ImagesSAN FRANCISCO, CALIFORNIA – OCTOBER 23: Jimmy Butler III #10 of the Golden State Warriors stands on the court during their game against the Denver Nuggets at Chase Center on October 23, 2025 in San Francisco, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Ezra Shaw/Getty Images)
Back in February, Miami might’ve feared the idea of the Warriors picking up Antetokounmpo by using an injured Jimmy Butler.
These days, the Heat likely don’t view Golden State as a real threat.
NBA Insider Jake Fischer recently expressed doubt about the idea of Giannis pushing for a trade to the Warriors. Recent reports have said the opposite about Miami. Giannis is expected to keep the Heat on his list of potential destinations.
Jimmy Butler’s Time With Miami And Golden State
GettyMIAMI, FLORIDA – MAY 19: Bam Adebayo #13 and Jimmy Butler #22 of the Miami Heat talk during the second quarter against the Boston Celtics in Game Two of the 2022 NBA Playoffs Eastern Conference Finals at FTX Arena on May 19, 2022 in Miami, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Michael Reaves/Getty Images)
The Heat acquired Jimmy Butler in a sign-and-trade with the Philadelphia 76ers in 2019.
Over six years, Butler averaged 21.0 points, 6.0 rebounds, and 5.7 assists.
During the 2024-2025 NBA season, Butler forced his way to the Golden State Warriors. He appeared in 30 games down the stretch and was on the court for their playoff run.
In 2025-2026, Butler was in the midst of his first full season with the Warriors. During his 38th game, Butler went down with a knee injury.
The star forward averaged 20.0 points, 5.6 rebounds, and 4.9 assists before getting diagnosed with a torn ACL. Butler plans to play next year, but it’ll probably take a while before he’s back.