As the San Antonio Spurs surge into the NBA Cup Finals behind a rapidly maturing young core led by Victor Wembanyama, the league’s long-anticipated blockbuster trade for Giannis Antetokounmpo may never materialize.
According to longtime NBA insider Marc Stein, three franchises long presumed to be positioned for a blockbuster bid — the Spurs, Houston Rockets and Oklahoma City Thunder — are now expected to stay committed to their internal rebuilds rather than dismantle their futures for Milwaukee’s two-time MVP.
“There is a growing belief among trade-trackers that San Antonio and Houston, like Oklahoma City, do not plan to join the chase for Antetokounmpo,” Stein reported. “All three of those teams, as you can imagine, like what they have going.”
Stein added that some teams around the league believe Milwaukee could eventually listen to offers sometime in January, ahead of the Feb. 5 trade deadline, but emphasized that the Bucks will not engage until Antetokounmpo explicitly directs them to do so.
“The belief here at Stein Line HQ remains that it won’t happen until Giannis himself clearly directs the Bucks to do so,” Stein wrote.
Spurs’ Breakout Win Over Thunder Inspires Long-Term Commitment
The timing of this shift comes on the heels of one of the most exhilarating wins of the Spurs’ young era.
Returning from a calf injury, Wembanyama delivered his first defining moment as a franchise cornerstone — a composed midrange jumper over Alex Caruso down the stretch that sealed a 112-110 win over the defending champion Thunder. The victory snapped OKC’s 16-game winning streak and punched San Antonio’s ticket to the NBA Cup Finals in Las Vegas.
The impact metrics were staggering. Wembanyama finished as a +21 in just 20 minutes, while the Spurs were -23 during his stints on the bench — a dramatic illustration of his early superstar value.
San Antonio, which went 9–3 during his absence, looked complete with Wembanyama back beside rising rookies Stephon Castle and Dylan Harper and All-Star guard De’Aaron Fox. The trio of Castle, Fox and Wembanyama each scored 22 points, while Devin Vassell led the Spurs with 23.
The win reinforced the premise behind Stein’s reporting: the Spurs believe their foundation is already championship-capable, and their timeline may no longer require external acceleration.
What a Spurs Trade Package for Giannis Could Look Like
Despite San Antonio’s internal optimism, ESPN’s Zach Kram noted that any theoretical pursuit of Antetokounmpo would come with a steep cost — one that begins with Castle.
Kram outlined a hypothetical structure:
San Antonio Spurs get: Giannis Antetokounmpo
Bucks get: Stephon Castle
Harrison Barnes
Kelly Olynyk
Jordan McLaughlin
2027 first-round pick (via Hawks)
2029 first-round pick
2032 first-round pick
Kram argued that a Wembanyama–Antetokounmpo pairing would be “the most fascinating basketball experiment imaginable,” offering a potentially dominant two-way frontcourt for the next decade.
“Since drafting Wembanyama, they’ve already traded future assets for one veteran All-Star, De’Aaron Fox,” Kram wrote. “Antetokounmpo is a much more valuable player… If Wembanyama is healthy, a team with Fox, Antetokounmpo and Wembanyama — let alone Harper, Vassell and standout reserves — could compete for the title this season.”
For Milwaukee, Castle would represent a premier young cornerstone, while additional draft capital would begin replenishing the Bucks’ depleted asset cupboard.
Giannis Sweepstakes Quieting Before It Begins
But Stein’s reporting suggests the Spurs — along with Houston and Oklahoma City — are satisfied with their trajectories and unlikely to mortgage young cores that are already winning at a high level.
If Antetokounmpo ultimately seeks a new destination, the bidding field may prove far narrower than anticipated.
And with the Spurs now eyeing their first trophy of the Wembanyama era, San Antonio’s Giannis window may have closed before it ever opened.
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