As the league approaches the end of the 2025 calendar year, all 30 NBA teams are moving toward a stretch that historically defines the rest of the season. On Monday, 82 players who signed contracts during the offseason became eligible to be traded, making roughly 90% of the league available for movement. From Dec. 19 through Dec. 22, front office executives, scouts, and coaches gathered in Orlando, Florida, for the G League Showcase, which serves as the NBA’s version of Major League Baseball’s winter meetings.
By the time teams reach the 25-game point of the season, front offices typically have enough information to determine roster direction, which has triggered early trade planning across the league.
- Eighty-two players who signed during the offseason became trade-eligible on Monday, opening movement options for nearly 90% of the league.
- Milwaukee and Dallas are at the center of league planning tied to Giannis Antetokounmpo and Anthony Davis.
- Injuries, contract timelines, and current standings are shaping trade discussions across the NBA.
Milwaukee’s Season and Giannis Antetokounmpo’s Future Intersect
League attention has centered on the Milwaukee Bucks and Giannis Antetokounmpo, who is a nine-time All-Star, a two-time NBA Most Valuable Player, and the 2021 Finals MVP. Antetokounmpo and his agent, Alex Saratsis, have opened discussions with the Bucks regarding the organization’s future direction and whether staying in Milwaukee or pursuing a trade is the best path forward. The talks are happening while Antetokounmpo is sidelined for several weeks with a right calf strain.
Milwaukee holds a 10-15 record after losing 10 of its last 12 games and has spent much of the past several weeks ranked either 10th or 11th in the Eastern Conference standings. If the slide continues, sources indicate that conversations between Antetokounmpo’s representation and the franchise are expected to intensify and move toward clarity ahead of the Feb. 5 trade deadline.
Roster Construction and Recent Decisions
General manager Jon Horst assembled the Bucks’ championship roster in 2021 and has spent six seasons building teams around Antetokounmpo. Since winning the title, Milwaukee was eliminated in the Eastern Conference semifinals in 2022 and has since experienced three consecutive first-round playoff exits.
During the most recent offseason, the Bucks waived and stretched Damian Lillard’s remaining $113 million over the next two years to complete the signing of Myles Turner to a $108 million contract. The decision showed the organization’s view that a transitional season was not acceptable to its franchise star, who has consistently stated his desire to compete for a second championship.
Internal Confidence and External Exploration
Entering the season, Horst, head coach Doc Rivers, and team ownership believed the roster was capable of contending. That belief was communicated during a late July meeting between Horst and Antetokounmpo in Greece. Despite the confidence, Antetokounmpo expressed concerns about the roster and explored external options, identifying the New York Knicks as a preferred destination if a trade were to occur.
Trade discussions between Milwaukee and New York extended over several weeks in August. The Knicks submitted offers during that period, but no agreement was reached, and both organizations ultimately moved forward.
Trade Assets and Roster Limitations
Milwaukee’s ability to adjust its roster is limited by its available assets. The Bucks control only one first-round pick that is eligible to be traded, either in 2031 or 2032, and have no second-round picks available for deals. The largest tradable contracts outside of Antetokounmpo and Turner belong to Bobby Portis, who has three years and $44 million remaining, and Kyle Kuzma, who is owed $40.7 million over the next two years.
Ryan Rollins, age 23, and AJ Green, age 26, have drawn interest from other teams, although Green is not eligible to be traded during the season.
Short-Term Focus and Contract Leverage
If Milwaukee opens formal trade discussions involving Antetokounmpo, the Knicks would not hold any exclusive negotiating position. The immediate focus remains on Antetokounmpo’s recovery and the team’s performance. Since his injury, the Bucks have lost at home to the Philadelphia 76ers and on the road to the Detroit Pistons. Six of Milwaukee’s remaining nine games in December are scheduled away from home.
Antetokounmpo is under contract through the 2026-27 season and holds a player option for the 2027-28 season. League executives believe the NBA’s new apron rules, with his maximum salary and a potential supermax extension, would require any acquiring team to secure long-term clarity before completing a trade.
Dallas Evaluates Its Roster With Anthony Davis in Focus
Anthony Davis is among the players closely monitored in league-wide trade planning. The Dallas Mavericks are open to exploring the market involving Davis, center Daniel Gafford, and guards Klay Thompson and D’Angelo Russell. Davis’ agent, Rich Paul of Klutch Sports, met with interim co-general managers Michael Finley and Matt Riccardi to gain clarity on whether the organization intends to pursue a contract extension or move Davis before the trade deadline. Dallas has indicated it wants additional time to evaluate the roster and has not ruled out an extension.
Interest From Eastern Conference Teams
Several Eastern Conference teams are closely monitoring Davis’ situation, including the Detroit Pistons, who are 19-5, the Toronto Raptors at 15-10, and the Atlanta Hawks at 14-11. Davis is a 10-time All-Star who turns 33 in March and becomes eligible on Aug. 6 to sign a four-year, $275 million maximum extension, which would pay $76 million during his age-37 season. If an extension is not completed, Davis can become a free agent in 2027 by declining his $62.8 million player option.
Klay Thompson’s Role and Performance
Thompson’s place within the Mavericks’ plans is also being evaluated. He joined Dallas in July 2024 after the team’s run to the NBA Finals, with the expectation of playing alongside Luka Dončić and Kyrie Irving. With Dončić no longer on the roster and the team performing below .500, league teams understand Thompson prefers to compete for a contender during the remaining two years of his three-year, $50 million contract.
Over his last 10 games, Thompson has averaged 12.8 points per game, shot 39.5% from three-point range, and limited opponents to 38.5% shooting as the closest defender. That defensive mark ranks 10th among 120 guards who have defended at least 50 shots during that span.
Organizational Structure After Front Office Change
Since the firing of general manager Nico Harrison on Nov. 11, Mavericks governor Patrick Dumont has adopted a measured approach. He has relied on Finley, Riccardi, head coach Jason Kidd, and minority owner Mark Cuban while granting Finley and Riccardi authority to guide discussions about the franchise’s future. A formal general manager search is expected in the offseason, and both interim leaders are considered candidates.
The Mavericks are still assessing their roster as Kyrie Irving remains out indefinitely after tearing his left ACL in March. Dallas holds a 9-16 record and sits in the play-in picture. With control of the 2026 draft as its final draft until 2031, the franchise has the flexibility to retool the roster and collect future assets.
Trade Board Movement and James Harden’s Situation
As the trade window expands, teams are closely monitoring a defined group of potential movers ahead of the Feb. 5 deadline. Anthony Davis currently tops the NBA Trade Deadline Big Board, followed by Trae Young. Young can become a free agent in 2026 by declining his player option, placing pressure on the Hawks to determine whether to extend him or risk losing him without compensation.
Other players under close watch include Domantas Sabonis, Coby White, Quentin Grimes, Kristaps Porziņģis, RJ Barrett, Jonathan Kuminga, Ayo Dosunmu, Zach LaVine, CJ McCollum, Malik Monk, DeMar DeRozan, Collin Sexton, Nikola Vučević, Kyle Kuzma, Bobby Portis, and Chris Paul. Ja Morant, LaMelo Ball, and Giannis Antetokounmpo are not currently included, as their teams are not yet prepared to engage in trade discussions.
In Los Angeles, league personnel believe James Harden could enter trade conversations before the deadline, even though the Clippers have pushed back on the idea of actively shopping him. Harden, the 2017-18 NBA MVP, holds veto power on any trade. He is averaging 25.8 points, 5.2 rebounds, and 8.2 assists across 26 games, shooting 43.3% from the field, 37.3% from three-point range, and 88.3% from the free-throw line. He has appeared in 26 of the Clippers’ 28 games this season.
The Clippers hold a 7-21 record and sit 13th in the Western Conference, ahead of only the New Orleans Pelicans at 7-22 and the Sacramento Kings at 6-22. Their situation became more difficult when center Ivica Zubac was ruled out for three weeks with an ankle injury.
