play0:39Tatum feels ‘no pressure’ to return sooner from Achilles injuryCeltics star Jayson Tatum explains why there is no pressure to return quicker from his Achilles injury.
play1:07Windy: Durant wants to be in Houston ‘long-term’Brian Windhorst explains Kevin Durant’s contract status with the Rockets and his desire to stay with the team.
play1:03Suns owner Mat Ishbia: I didn’t do enough when KD was herePhoenix Suns owner Mat Ishbia reflects on what went wrong during Kevin Durant’s and Bradley Beal’s time on the team.
Stephen A.’s passionate prediction for the New York Knicks (1:27)Stephen A. Smith gets amped up over how he thinks the New York Knicks will fair next season. (1:27)
Tatum feels ‘no pressure’ to return sooner from Achilles injuryCeltics star Jayson Tatum explains why there is no pressure to return quicker from his Achilles injury.
Celtics star Jayson Tatum explains why there is no pressure to return quicker from his Achilles injury.
Windy: Durant wants to be in Houston ‘long-term’Brian Windhorst explains Kevin Durant’s contract status with the Rockets and his desire to stay with the team.
Brian Windhorst explains Kevin Durant’s contract status with the Rockets and his desire to stay with the team.
Suns owner Mat Ishbia: I didn’t do enough when KD was herePhoenix Suns owner Mat Ishbia reflects on what went wrong during Kevin Durant’s and Bradley Beal’s time on the team.
Phoenix Suns owner Mat Ishbia reflects on what went wrong during Kevin Durant’s and Bradley Beal’s time on the team.
Bobby MarksOct 6, 2025, 08:00 AM ETCloseFollow on X
Just over one year ago, the New York Knicks and Minnesota Timberwolves made a rare blockbuster move that involved seven players, including All-Stars Karl-Anthony Towns and Julius Randle. The trade was one of only two deals before the 2024-2025 regular season, and the next trade did not happen until Dec. 15.
The Feb. 5 trade deadline is four months away, and though the 118 players who signed contracts this offseason cannot be traded now, it is never too early to break down the top-14 teams to watch, as well as some quick-hit notes around the league.
We start with the Golden State Warriors, who are looking to extend the championship window of 37-year-old Stephen Curry.
The Warriors were staring at an undesirable position — before signing Jonathan Kuminga on Sept. 30.
Golden State benefits in multiple ways with Kuminga not signing the $8 million qualifying offer. Although he can’t be traded until Jan. 15, the Warriors now have a $22.5 million trade asset. By waiving his one-year Bird restriction, Golden State can also trade Kuminga without his approval.
But there are financial consequences with the new Kuminga contract and signing Al Horford to the tax midlevel exception.
The Warriors are now hard-capped at the second apron — they are $2 million below — and not allowed to take back more salary in a trade and aggregate contracts if it leaves them over the second apron.
Boston accomplished its offseason goal in the short term by getting under the second apron thanks to trading starters Jrue Holiday and Kristaps Porzingis. The Celtics have also reduced their payroll by $300 million since June 15.
The financial savings and Jayson Tatum rehabbing from a torn Achilles injury suffered in the playoffs didn’t deter Boston from taking a proactive approach to its roster this season.
Celtics president of basketball operations Brad Stevens dismissed the idea that this season would be a rebuilding year, despite the uncertainty of Tatum’s return.
“That’s not going to be part of the lexicon [on rebuilding] in our building, and that’s the way we’re going to focus moving forward,” Stevens said this summer. Even with Tatum out, the Celtics still have two All-Stars in Jaylen Brown and Derrick White. Those three players are all under contract through at least the 2028-29 season.
How Boston adds to its roster for the future — or subtracts in the short term — could come down to Anfernee Simons, whom the franchise acquired in the Holiday deal with Portland. Simons has a $27.7 million expiring contract.
Boston remains $12 million over the luxury tax, and is projected to pay a $39 million penalty. The Celtics are also a first-apron team, and not allowed to take back more money in a trade.
Tatum feels ‘no pressure’ to return sooner from Achilles injury
The present is a roster with LeBron James, the 23-year veteran, entering the last year of his contract (with a no-trade clause) and the uncertainty of the future. Besides James, Rui Hachimura, Gabe Vincent, Maxi Kleber and Austin Reaves can all become free agents next summer. The four players (excluding James) give the Lakers over $50 million in expiring contracts.
The future is Luka Doncic, who is under contract through at least the 2027-28 season (he has a player option in 2028-29), and financial flexibility in the next two offseasons to build a roster around the generational player. The Lakers could have up to $50 million in cap space next offseason, and nearly double that amount the following summer.
As sources confirmed to ESPN’s Dave McMenamin in September, the Lakers are open to trading for a player on a contract that extends beyond 2026.
The Lakers can trade a 2031 or 2032 first-round pick, and have the right to swap firsts in five seasons.
Bucks GM Jon Horst has exhausted all options while attempting to build a contending team around Giannis Antetokounmpo.
Horst traded for Kyle Kuzma at the trade deadline and then — at the expense of Damian Lillard and Pat Connaughton — signed Myles Turner, Bobby Portis, Kevin Porter Jr., Ryan Rollins, Gary Trent Jr., Gary Harris, Taurean Prince, Jericho Sims, Cole Anthony, Chris Livingston and finally, Antetokounmpo’s brother Thanasis.
The acquisitions left Milwaukee with no second-round picks and only one first in either 2031 or 2032 available to trade. The Bucks also have $20 million in dead cap space over the next five seasons after waiving Lillard.
“I deal with what I have in front of me,” Antetokounmpo said at media day. “I think it’s a great team. It’s a sleeper, and a lot of people might not take it seriously, but I think we are a very, very dangerous team.”
If the Bucks start slowly and fall out of contention, Antetokounmpo’s future will again surface. After all, Antetokounmpo said he did not remember a conversation he had with owner Wes Edens regarding whether he was committed to Milwaukee this summer.
If Antetokounmpo gets restless, Milwaukee will have to wait until at least Dec. 15 to add to the roster.
“The same thing I’ve been saying my whole career, I want to be in a team that allows me and gives me a chance to win a championship,” said Antetokounmpo, who is sitting out the start of training camp after testing positive for COVID-19. “I think it’s a disservice to basketball, just to the game, to not want it to compete at a high level, to want your season to end in April.”
Since the Bucks signed 11 players this offseason, only four players on the roster (Giannis, Kuzma, AJ Green and Tyler Smith) are trade-eligible. The restrictions for the free agents signed get lifted in mid-December, however.
The season-ending injury to Fred VanVleet on Sept. 22 should signal Houston as one of the more active teams in early-season trade discussions.
Though the Rockets have appealing draft assets (they have the right to swap firsts with Brooklyn as well as a Phoenix unprotected first in 2027), first-apron restrictions and a lack of tradeable contracts likely have Houston in a holding pattern.
The Rockets are $1.2 million below the first apron, and not allowed to sign a replacement. They are also not allowed to use more than 100% of the traded player exception if it leaves them over the apron.
The eight players Houston signed this summer — Steven Adams, Dorian Finney-Smith, VanVleet, Aaron Holiday, Jae’Sean Tate, Jeff Green, Josh Okogie and Clint Capela — cannot be traded until mid-December. Holiday and Tate have the right to approve any trade, while Jabari Smith Jr. signed a rookie extension and has a poison-pill restriction.
With nine players off the board, Houston is left with starters Kevin Durant, Alperen Sengun, Amen Thompson and reserves Reed Sheppard and Tari Eason.
Eason is eligible to sign an extension up until Oct. 20, and is a name to watch if a new contract is not reached. He will be a restricted free agent next summer.
As for a big-picture approach to the roster, because New York is over the first apron, it’s not allowed to use more than 100% of the traded player exception. The Knicks are also top-heavy in salary, with five players (Jalen Brunson, Towns, OG Anunoby, Mikal Bridges and Josh Hart) combining to earn 70% of the salary cap. They have only one tradeable first (from Washington in 2026), but only if it falls outside of the top-eight.
One player to watch is Mitchell Robinson. He has been extension-eligible since July and, without a new contract, will be an unrestricted free agent next summer. If the Knicks keep the roster intact and re-sign Robinson, New York is a projected second-apron team next season.
If the recent offseason was any indication, new head of basketball operations Ben Tenzer realizes the task of putting a championship roster around Nikola Jokic.
Named Denver’s executive vice president of basketball operations in June, Tenzer and his front office have already made an impact, trading Michael Porter Jr. to Brooklyn for Cameron Johnson, then improving a much-maligned bench by adding Jonas Valanciunas, Tim Hardaway Jr. and Bruce Brown.
The addition of Johnson cost the Nuggets their lone tradeable first-round pick, and though their draft assets are diminished (the only pick they can trade is their 2032 second), they are better balanced contractually and financially.
Denver is not hard-capped at either apron, and has 13 players earning between $2.2 million and $23 million. The franchise also has two trade exceptions of $6.9 million and $5.2 million.
One question that should be answered during the regular season: Is ownership willing to go into the luxury tax for a fourth straight season?