Can the Bucks still build around Giannis? Here’s what Milwaukee’s cap situation looks like this offseason

By any normal measure, a team with Giannis Antetokounmpo, Damian Lillard, and Khris Middleton should be contending. But Milwaukee’s early playoff exit and visible aging have put a harsh spotlight on one question: Can they still build a title team around Giannis?

The answer isn’t just about talent. It’s about the Bucks’ cramped salary cap sheet, which leaves little room to maneuver this summer. Let’s break down where things stand and what Milwaukee can actually do.

How much cap space do the Bucks have?

None. In fact, they’re way over.

The Bucks are projected to have a $205 million payroll next season – well above the first apron ($178.7M) and nearing the second apron ($189.5M). That puts them among the league’s most expensive teams. If they re-sign free agent Malik Beasley or add anyone using even a mid-level exception, they risk triggering even tougher second-apron restrictions.

In practical terms, Milwaukee will be operating as a second-apron team, severely limiting how it can upgrade the roster. That means no sign-and-trades, no mid-level exception, no aggregating salaries in trades. Just minimum deals and trades that send out equal or greater salary.

Which Bucks are under contract in 2024–25?

Four players are soaking up nearly all the money:

• Giannis Antetokounmpo: $48.8M
• Damian Lillard: $45.6M
• Khris Middleton: $31.7M
• Brook Lopez: $23M

Together, as you’ll likely have already calculated, those four cost about $149 million. Add Bobby Portis ($12.6M), Pat Connaughton ($9.4M), and a few smaller deals, and Milwaukee has nearly its entire cap eaten up by aging or already-peaked players.

Do the Bucks have any flexibility left?

There isn’t really any movement available. With nearly the entire cap tied up, they’re limited to veteran minimum deals, fringe prospects, and the No. 23 pick. That is unlikely to fix much.

Could they trade their way out?

Trade may be possible, but it’s certainly not looking easy. Middleton’s trade kicker and knee issues, plus Lopez’s age (36), make big returns unlikely. Lillard’s huge contract and injuries make him almost immovable. Unless Giannis demands change, this core probably stays intact.

If you missed it, the main man was confronted by Tyrese Haliburton’s dad after the loss. Here was his impressive response:

What does this mean for Giannis and the future?

Given all the above, we return to the opening question about the Greek Freak. As I mentioned, he’s signed through 2026 and says he wants to win. But if the Bucks stall again, the pressure builds fast. They’re capped out, aging, and low on assets. They can try to build – but it certainly feels like they’re out of easy moves.

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