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Trade Notes: Giannis, Rockets, Vucevic, Middleton

December 5, 2025 by Hoops Rumors

Discussing Giannis Antetokounmpo‘s potential trade value during the latest episode of The Hoop Collective podcast (YouTube link), ESPN’s Brian Windhorst expressed some skepticism that the Bucks would be able to extract a massive package of future draft picks for their star forward if he asks out of Milwaukee.

“What I’m telling you is when I talk to executives – and these executives are not in trade talks with the Bucks or another team for a star player right now – the mood in the NBA right now is not to give up four first-round picks for anybody,” Windhorst said (hat tip to RealGM). “… People don’t want to do that because the aprons have spooked so many teams.

“All these teams are worried about getting into apron trouble where they can’t reset their rosters, and you get into a situation like the Celtics were in where you’ve got to rip your team down. … This is how teams are thinking right now. They’re a little freaked out about the aprons. There ain’t going to be no five first-round pick trades. I know that we saw those for a while. That’s just not going to happen.”

Windhorst went on to offer a few caveats, clarifying that he’s specifically referring to stars in their 30s who are earning the largest possible maximum-salary contracts, worth 35% of the cap. He also acknowledged that it would only take one team going all-in to prove his sources wrong.

“I can hear somebody out there listening to this podcast saying, ‘What are you talking about? This is Giannis. Giannis will go for two star players and six firsts,’” Windhorst said. “Maybe that will happen. I am just telling you, I talk to the guys who make these trades every day, all day long. And the appetite is just different. Everybody is feeling a certain way. I could end up being wrong, I’m just reporting back.”

While many executives around the NBA may be apprehensive about surrendering a handful of unprotected first-round picks in any deal, I expect a number of them would still be willing to do so for a two-time MVP like Antetokounmpo, who isn’t that old (he’ll celebrate his 31st birthday on Saturday) and doesn’t have the sort of extensive injury history that someone like Anthony Davis does.

For what it’s worth, the most recent trade involving four first-rounders – including three unprotected picks – happened less than six months ago, when the Magic acquired Desmond Bane, a player who has never made an All-Star team.

Here are a few more trade-related notes from around the NBA:

  • The emergence of Amen Thompson and Reed Sheppard has made a trade to upgrade the backcourt a less pressing need, but if the Rockets have any reservations about Fred VanVleet‘s ability to return from an ACL tear and make an impact next season, they still may end up pursuing a deal by February 5, writes Yossi Gozlan of The Third Apron (Substack link). Gozlan acknowledges that there’s no perfect match for the Rockets, since an ideal trade target like Derrick White would be difficult to acquire and lesser options like Collin Sexton or Dennis Schröder might not make enough of a difference to make a deal worthwhile.
  • With the Bulls sliding down the standings after a hot start to open the season, Joe Cowley of The Chicago Sun-Times argues that the front office ought to do right by Nikola Vucevic and trade the veteran center to a team closer to contention, giving him a chance to play in the postseason before he becomes an unrestricted free agent at season’s end.
  • Jake Fischer of The Stein Line (Substack link) spoke to veteran forward Khris Middleton about what it’s like to be traded as an NBA player. Middleton, who was dealt from the Bucks to the Wizards at last season’s deadline after spending over a decade in Milwaukee, admitted that it was a blow to his ego. “It was just a time to decompress, get my feelings out, reminisce, go through a whole bunch of thought processes and figure out what my life’s gonna be like now,” Middleton told Fischer. “When you get traded, it’s a huge confidence killer, especially if you’re not in control of it. You have to kinda talk yourself back up.”

Filed Under: Rockets

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