Why Perk wants to see Giannis traded to Rockets (1:36)Kendrick Perkins calls for an end to Giannis Antetokounmpo’s relationship with the Bucks, adding that Houston would be a good landing spot for him. (1:36)
Bobby MarksJan 27, 2026, 08:15 AM ETCloseFollow on XMultiple Authors
The blockbuster deals that defined last year’s sprint to the NBA trade deadline have been replaced by injuries to All-Stars: the Dallas Mavericks’ Anthony Davis, Milwaukee Bucks’ Giannis Antetokounmpo and Memphis Grizzlies’ Ja Morant.
The injuries and lukewarm interest in Davis and Morant could remove two top trade candidates from the board until the offseason.
The season has had just one trade — Trae Young was dealt to the Washington Wizards on Jan. 7 — but that does not imply an inactive deadline. In the previous two years, 77% of the trades occurred in the week leading up to the deadline.
As for what to expect by Feb. 5, let’s explore each franchise’s options at the deadline, starting with two superstars at the center of trade season.
Anthony Davis was thought to be off the list of top trade candidates because of his wrist injury. But, as ESPN’s Shams Charania reported earlier this month, Dallas has renewed talks regarding the 32-year-old forward. That doesn’t mean Mavs governor Patrick Dumont and the front office are rushing to deal Davis within the next nine days.
Davis is under contract for this season ($54.1 million) and two more ($58.5 million and $62.8 million), with the final year as a player option. On Aug. 6, Davis will be eligible to sign a four-year, $275 million extension.
Caleb Martin ($1.3 million) and P.J. Washington ($500,000) have unlikely bonuses in their contracts. The bonuses still apply toward the apron even though each bonus will not be reached.
The Grizzlies are at a pivotal moment. As Shams Charania reported Jan. 9, the Grizzlies are exploring trade offers for two-time All-Star Ja Morant.
The dynamic guard should have several teams interested, considering he won’t turn 27 until August and is not a free agent until 2028. And last season, Morant averaged at least 20 points per game for the fourth straight season.
But off-court issues, durability (he is on pace to play fewer than 60 games for the third straight season and recently suffered a shoulder injury) and, more importantly, decline in on-court production have left teams with potential interest feeling lukewarm at best. He is shooting 23.5% on 3s and a career-low 47% inside the arc.
Memphis’ potential return will depend on how much the franchise prioritizes taking back expiring contracts to boost financial flexibility over the next two seasons. That was the path Atlanta preferred when it traded away Young.
The front office could also believe that Morant can restore his value over the last two months of the season, allowing Memphis to revisit trade talks in the offseason.
The Grizzlies are tied with Detroit, Oklahoma City and Philadelphia for the fewest players (one) acquired via trade.
The Nets, the only team with cap space, can be a third team in a deal to take back salary or if a high-spending team is looking to shed money to drop below the tax. Brooklyn has $15 million in room but would need to create a roster spot in either scenario. (The Nets also have an $8.8 million trade exception, but it becomes available only once room is used.)
On pace to average at least 20 points for a third straight season, Thomas and the Nets failed to reach a long-term contract this past offseason. As a result, he is an unrestricted free agent this summer with the right to veto any trade because he signed a one-year deal. But his Bird rights do not transfer, which is a negative for a team interested in acquiring Thomas.
For example, Porter could be an ideal fit for a playoff team if the Nets’ goal is to improve their draft lottery position. Porter is averaging a career-high 25.9 points this season and is under contract for two seasons ($38.3 million and $40.8 million).
However, trading Porter does not put Brooklyn in a better position for next season, when the Rockets can swap first-round picks. The Nets could have $50 million in cap space this offseason if Porter remains on the roster.
Brooklyn has drafted nine players on its current roster, tied with Denver, Detroit, New Orleans, Orlando and Utah for the league high.
”They have to understand the urgency because they all have something to do with each other’s success, and they all have something to do with each other’s future,” Donovan said.
Donovan was referring to the Bulls’ seven players on expiring contracts: Nikola Vucevic ($21.5 million), Zach Collins ($18.1 million), Kevin Huerter ($18 million), Coby White ($12.9 million), Ayo Dosunmu ($7.5M), Jevon Carter ($6.8M) and Dalen Terry ($5.4M). Julian Phillips has a $2.4M team option for next season.
1. Play out the season with the current group. After starting the season 6-1, the Bulls are once again in play-in territory. Chicago has a projected $65 million in cap space this summer to build a roster around Josh Giddey, Matas Buzelis, Patrick Williams, Isaac Okoro, Jalen Smith, Tre Jones and Noa Essengue. The Bulls have their own first-round picks and could get the Trail Blazers’ pick if Portland reaches the conference semifinals.
2. Forgo free agency and explore trades, but at the expense of cap flexibility. The free agent class includes older stars (LeBron James, James Harden, Norman Powell, Draymond Green, Zach LaVine, Tobias Harris), restricted free agents (Jalen Duren, Walker Kessler, Mark Williams, Bennedict Mathurin) and players with team options (Luguentz Dort, Isaiah Hartenstein, Neemias Queta).
3. Explore trades with those seven players on expiring deals. ESPN asked team executives which of the seven players had the most trade appeal. The unanimous answer was Dosunmu.
Dosunmu is earning an appealing $6.5 million salary and is averaging career highs in points (14.3), field goal percentage (51.3) and 3-point percentage (44.6). The team trading for him will inherit his Bird rights, allowing it to exceed the salary cap in a new contract. Dosunmu can sign up to a four-year, $86.9 million extension with Chicago until June 30.
The Bulls have 11 free agents on their roster, tied with Golden State and the Los Angeles Lakers for the league high.
The future of Jonathan Kuminga will likely be defined by how Golden State addresses three questions:
With no Butler, does the front office shift to find perimeter help? Add more size? What trades avoid taking back long-term salary while also remaining below the second apron?
“Obviously, there’s a hole at that spot in our roster. JK’s going to factor in here again,” Warriors coach Steve Kerr said after the loss to Toronto, during which Kuminga scored 20 points in his first game following nine consecutive DNPs.
How much Kuminga factors into the long term is the big question. “I know a trade has been requested, but nothing’s imminent, and things in this league can change in a heartbeat,” Warriors general manager Mike Dunleavy Jr. said.
The Warriors are operating over the first apron and have to match Kuminga’s $22.5 million salary or take back less in a deal. He has a $24.3 million team option for next season.
As for needing frontcourt help, the Warriors rank last in second-chance points and 23rd in blocks. They have started a combination of Draymond Green, Quinten Post and Trayce Jackson-Davis at center this season.
Golden State is also on a financial timeline with Stephen Curry, Green and Butler under contract through only next season. They will have five tradeable first-round picks this offseason and close to $100 million in expiring contracts.
Dunleavy dismissed the possibility of trading Butler. “My vision for him is to give us a boost next year, the same way he did last year when he arrived,” Dunleavy said.
If Kuminga is traded, the Warriors are responsible for 15% of his remaining salary this season. For cap purposes, the trade bonus is included as incoming salary for the acquiring team.
Before Antetokounmpo injured his right calf in a loss to Denver, Milwaukee was expected to add players at the deadline. As ESPN has reported, the Bucks were exploring trade options to improve the roster around Antetokounmpo.
But what happens now, with Antetokounmpo out for an extended period of time? Does Milwaukee look for short-term improvements at the expense of future cap flexibility and draft picks?
The Bucks have their 2031 or 2032 first-round picks to include in any trade but are bottom-heavy in salary. Eleven of the 15 players under contract earn between $2.3 million and $5.1 million. Their large contracts include those of Myles Turner ($25.3M), Kyle Kuzma ($22.4M) and Bobby Portis ($23.5M).
The Bucks are currently out of the play-in and have a realistic chance of missing the playoffs for the first time since 2015-16. They are 3-11 in games Antetokounmpo has not played this season and minus-11.2 points per 100 possessions when he is off the court.
Though missing the playoffs is not ideal, the Bucks would add a lottery pick (they have the least favorable of their own or New Orleans’) to the fifth-oldest roster in the NBA.
The Bucks also do not control their first-round pick until 2031, but starting the night of the draft, their tradeable first-round picks increase from one (2031 or 2032) to three (2026, 2031 and 2033).
As for Antetokounmpo, unless the Bucks begin engaging teams in trade discussions, we will find out more this offseason. He is eligible to sign a four-year, $275 million extension Oct. 1. Without one, he would become an unrestricted free agent in the 2027 offseason if he declines his $62.8 million player option. Antetokounmpo has signed three extensions (2016, 2020, 2023) and has never become a free agent.
Antetokounmpo is the only Bucks player drafted in the first round. As a result, Milwaukee has the most players (10) added via free agency.
The Kings are the third-oldest team in the NBA (behind Golden State and the LA Clippers) with six players at 30 or older. Domantas Sabonis will turn 30 in May.