For nearly seven years, the Golden State Warriors have been chasing a ghost. Since Kevin Durant walked out the door in 2019, the franchise has searched for a superstar to pair with Stephen Curry, to extend the dynasty, to keep the championship window open just a little bit longer.
That superstar has always been Giannis Antetokounmpo.
The whispers started years ago. The speculation has never stopped. And at this year’s trade deadline, the Warriors made their most aggressive move yet—an offer that would have sent shockwaves through the league.
Giannis Antetokounmpo
But it wasn’t enough.
The Offer
According to ESPN’s Ramona Shelburne, the Warriors’ deadline offer for Antetokounmpo included four unprotected first-round picks: in 2026, 2028, 2030, and 2032.
That’s an enormous package. Four first-rounders, with no protections, stretching nearly a decade into the future. It’s the kind of offer that most teams simply can’t match.
But the Bucks weren’t moved.
“The Golden State Warriors offer included four unprotected first-round picks in pursuit of Antetokounmpo, sources said, but never seemed to gain much momentum on a deal,” Shelburne wrote.
The Player Question
So if the picks weren’t enough, what about the players?
Any trade for Antetokounmpo would require matching salaries. For the Warriors, that meant either Jimmy Butler or Draymond Green would have to be included.
On Feb. 7, general manager Mike Dunleavy Jr. was asked about the rumors. He denied that Green was in any offer. When pressed on whether that meant Butler was the centerpiece, he shut it down.
“You’re putting words in my mouth,” Dunleavy said. “No, no, no. We’re not doing that. I’m not going down the roster talking about who is in trades and who is not. We don’t do that.”
The most likely scenario? The Warriors told the Bucks they were willing to part with four first-rounders, but Milwaukee wanted more. They wanted young talent, immediate impact, something beyond draft capital. And without a clear sense of which players were on the table, the talks never got serious.
What Changes This Summer?
The Warriors will try again. They always try again.
But their offer won’t look much different than it did at the deadline. They no longer have Jonathan Kuminga as a young, intriguing trade chip. They will have access to their 2033 first-round pick, which means their best offer would include:
Whoever they draft in the 2026 first round
First-round picks in 2028, 2030, and 2032
Pick swaps in 2031 and 2033
It’s still a massive haul of draft capital. But if the Bucks weren’t interested at the deadline, why would they be interested now?
The Draft Capital Argument
The one advantage the Warriors have is the potential value of those future picks.
Once Stephen Curry retires—and he’s 38 now, with maybe a year or two left—the Warriors will be in a precarious position. Even if they have Antetokounmpo, the roster around him could be thin. And thin rosters produce high draft picks.
The Bucks might prefer a package centered around a young star like Dylan Harper, a proven commodity with a clear trajectory. But there’s a compelling argument that taking the Warriors’ four-first-rounder package is a better long-term play than a package with one great prospect and less draft capital.
It’s a gamble either way. But the Warriors are betting that Milwaukee will see the value in their picks.
The 2027 Free Agency Angle
If a trade doesn’t materialize this summer, the Warriors have another path: cap space.
Antetokounmpo can become a free agent in 2027. And by then, the Warriors will have cleared the decks. According to Shelburne, the Warriors have just two players under contract for the 2027-28 season, with a combined salary of $18.4 million.
“It’s not an accident that teams like the Lakers, Clippers, Heat and Warriors all have lined up to have cap space in 2027 when Giannis can be a free agent,” one NBA executive told Shelburne.
That’s the dream scenario: Giannis hits free agency, the Warriors have the money, and he chooses to come to the Bay Area.
The Reality Check
But cap space doesn’t guarantee anything. It didn’t guarantee the Knicks a star. It didn’t guarantee the Lakers a star. And it won’t guarantee the Warriors a star.
There are reasons to be skeptical that Giannis would choose Golden State.
First, the Warriors’ recent history might actually hurt their chances. Some superstars prefer to join a franchise that hasn’t won a championship recently—the challenge of being the one to bring a title to a new city can be more appealing than joining an established dynasty.
Second, and perhaps more importantly, Antetokounmpo might prefer to play with a younger star than Curry, who will be 39 during the 2027 offseason. The Bucks’ Giannis is 30 now. By 2027, he’ll be 32. His window is closing. He might not want to hitch his wagon to a 39-year-old point guard, even one as transcendent as Curry.
The Bottom Line
The Warriors have been chasing Giannis Antetokounmpo for nearly seven years. They’ve offered four unprotected first-round picks. They’re clearing cap space for 2027. They’ve done everything they can to position themselves for the moment when—or if—he becomes available.
But the likely outcome, according to those who know the situation best, is that Giannis never plays for the Warriors.
It’s not because they didn’t try. It’s not because they didn’t have the assets. It’s because sometimes, even the best offers aren’t enough. Sometimes, the player you want doesn’t want to come. And sometimes, the dynasty that defined an era simply runs out of time.
The dream won’t die until Giannis signs elsewhere. But for now, it remains just that: a dream.