It was previously reported that back-channel negotiations were underway to pair Giannis Antetokounmpo with Anthony Edwards. It began as early as February 2026, which put the Minnesota Timberwolves on a short list of dream destinations alongside Boston and Miami. And it was the latter that secured the Greek Freak.

After reporting Giannis’ move to Miami, Chris B. Haynes tweeted that the Wolves were not far behind.

“The 3 teams Giannis was open to signing an extension with: Miami, Boston and Minnesota. The Heat land a foundational piece and now have the attention of top players searching for a new home.”

It aligns with reports from NBA insiders Marc Stein and Jake Fischer, who stated that the prospect of teaming up with Anthony Edwards held a “strong appeal” for Giannis Antetokounmpo.

Thus, the Timberwolves were a legitimate stealth suitor before his eventual trade to Miami. While Giannis was highly intrigued by the pairing, Minnesota ultimately fell out of the race because they could not meet Milwaukee’s sky-high trade demands and lacked definitive alignment on a long-term extension.

Milwaukee demanded Wolves’ defensive star Jaden McDaniels as the baseline for any deal. Minnesota drew a hard line, refusing to part with McDaniels. In fact, the Heat’s final package had four players and multiple first-round picks and rookie talent. But the Wolves’ available trade chips previously were Julius Randle (now a Nets star) and Rudy Gobert, which held little appeal for a rebuilding Bucks squad.

The two-time MVP is under contract for the upcoming 2026–27 season with a $58.4 million contract. Importantly, he holds a $62.7 million player option for the 2027–28 season. Because he can easily opt out to seek a massive long-term deal, NBA teams viewed this deal as a risk if Giannis Antetokounmpo did not sign a long-term extension. But that was not the case with the Wolves, as Giannis’ reported interest was for the long haul.

But feeling priced out, Minnesota pivoted immediately, reportedly dumping Julius Randle’s contract and #28 draft pick to the Brooklyn Nets to clear financial space and solidify guard Ayo Dosunmu.

The reported structure is a five-year, $112 million contract to return to Minnesota, which Dosunmu intends to sign. With this, the Wolves also created a $33.3 million trade exception.

But the situation remains that the Timberwolves wanted Giannis and ended up moving down in the draft 5 spots out of the first to get rid of their 2nd or 3rd best player in Randle.

What changed in the Miami Heat’s offer to Giannis Antetokounmpo?

Tyler Herro, Kel’el Ware, and Jaime Jaquez Jr. remained the bedrock of the deal. But Boston aggressively pushed the Bucks by offering 2024 Finals MVP Jaylen Brown.

To counter this, Heat president Pat Riley had to expand his draft compensation from two future firsts to three unprotected picks. In earlier internal iterations reported by Hoopshype’s Michael Scotto, the Heat tried to anchor the secondary player package around the size and upside of Nikola Jović.

Milwaukee preferred the upside of 20-year-old rookie guard Kasparas Jakučionis, and they got it. Because Miami sent out four players, the Bucks included veteran forward Bobby Portis to balance the roster spots and financial requirements, giving Miami an immediate replacement for their lost bench depth.

So the Bucks got an All-Star guard, three recent first-round picks still on rookie deals, a second lottery pick in tomorrow’s loaded draft class, plus two more future firsts and a swap.

It’s really a sizeable haul for Giannis Antetokounmpo, compared to Jaylen Brown and two first-round picks, and even the Timberwolves’ offer.