The window matters as much as the talent. And right now, the Houston Rockets are making it clear they are not willing to bend their timeline, even for one of the most dominant players in the NBA. Giannis Antetokounmpo’s name is back in trade conversations as the Feb. 5 deadline approaches. Milwaukee’s struggles have reopened league-wide speculation, and once again, teams are circling. However, despite outside noise linking Houston to the Bucks superstar, the Rockets’ position has not changed.

Speaking on ESPN platforms, Tim MacMahon made it clear that the Rockets are not entertaining this path, despite public speculation. “I know Perk was on TV talking about Giannis to Houston,” MacMahon said. “I’m just telling you, that is not in play.” That message was not a one-off. MacMahon confirmed he checked directly with people around the organization to see if there was any movement as the deadline neared.

The response was blunt. “As patient as ever.” That patience traces directly back to Alperen Sengun, who signed a five-year, $185 million extension, and Amen Thompson, who remains central to Houston’s long-term vision. Any realistic Giannis trade package would require at least one of them, if not both. That is a line the Rockets are unwilling to cross.

From a Houston perspective, the biggest obstacle is not Giannis Antetokounmpo’s talent. It is his age. Antetokounmpo is now 31. Sengun is 23. Thompson is 22. Trading either young cornerstone for a 31-year-old superstar would immediately compress the Rockets’ championship window to roughly two or three seasons.

MacMahon explained that exact concern while discussing the math behind a potential deal. “If it’s before this deadline, it’s not hard to figure out who would have to be involved,” he said. “It would be Alperen Sengun and Amen Thompson.”

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Houston’s front office sees things differently. They believe both Sengun and Thompson still have room to grow, while Antetokounmpo is already at or near his peak. That belief matters even more because the Rockets are already winning without sacrificing their future. At 28-16, Houston sits firmly near the top of the Western Conference standings. Because of that success, general manager Rafael Stone has no incentive to shorten the runway.

That approach mirrors how the Rockets handled the Kevin Durant trade. Houston waited. Phoenix lost leverage. The price dropped. Only one young player, Jalen Green, went out in the deal, and he was never viewed internally on the same tier as Sengun or Thompson. Milwaukee would not be operating from that position of weakness.

Unlike the Durant situation, the Bucks would control negotiations in any Antetokounmpo deal. Giannis is still producing at an All-Star level, and that allows Milwaukee to demand both elite young talent and future draft equity. That seller-friendly environment is exactly what pushes Houston away.

The Rockets are not opposed to star trades in principle. They are opposed to desperation pricing. Right now, trading Sengun or Thompson for Antetokounmpo would represent exactly that. Internally, there is also confidence in Sengun’s trajectory. The organization has invested heavily in refining his professionalism, habits, and approach. Those lessons have translated on the floor, reinforcing the belief that he can anchor a contender for the next decade.

Because of that, both Sengun and Thompson remain off the table. Simply put, Houston does not view Giannis Antetokounmpo as a necessary shortcut.

Golden State Lingers, but Fit Questions Remain

While the Rockets continue to remove themselves from the conversation, the Golden State Warriors remain tied to Antetokounmpo in league whispers. NBC Sports reporter Kurt Helin has noted that if talks extend into the summer, Golden State could assemble one of the strongest return packages available. That reality keeps them relevant, even if Antetokounmpo has not listed the Warriors among his preferred destinations.

Still, questions remain about fit. Former Warriors center DeMarcus Cousins raised that concern while discussing the possibility on Run It Back. “You also have to consider Steve Kerr,” Cousins said. “Is he even the right guy to coach a talent like Giannis, as far as how his system goes?”

Cousins pointed directly to Kerr’s system rigidity, noting that Golden State historically asks stars to adapt rather than reshaping the offense around them. The Warriors’ success has come through motion, spacing, and Stephen Curry’s gravity. Giannis, by contrast, thrives through power drives, transition dominance, and rim pressure. That stylistic tension complicates what already looks like a narrowing market.

Despite the renewed buzz, the Giannis Antetokounmpo market remains thinner than the name alone would suggest. Houston will not sacrifice its young core. Golden State faces legitimate system questions. Other contenders are constrained by age, assets, or cap mechanics.

For now, the Rockets’ $185 million commitment to Alperen Sengun defines everything. Patience is not a talking point. It is a strategy. And unless Milwaukee dramatically lowers its asking price, that strategy is unlikely to change before the Feb. 5 deadline.