Bucks Rumors

Cap Observations: Bucks/Apron, Hornets’ Trade Chips, Nets’ Cap Room

It hasn't exactly been a quiet start to 2025 on the NBA rumor mill, as Jimmy Butler's trade request has led to plenty of speculation about where the Heat star could land and how a potential deal could impact the rest of the market. But it may still be a couple more weeks before the in-season trade market truly heats up ahead of the February 6 deadline.

In the meantime, we're taking a closer look at a handful of cap-related topics that have been on our minds, including a scenario in which the Bucks aren't subject to second-apron restrictions, an under-the-radar team to watch as a deadline seller, and why cap room projections for the Nets are a little all over the place.

Let's dive in...

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Jimmy Butler Notes: Bucks, Trade Timeline, Riley, More

Multiple reports this week indicated that the Grizzlies and Bucks are among the teams that have been advised not to pursue a trade for Heat forward Jimmy Butler, and while Sam Amick of The Athletic has “for sure” heard that Memphis received that message, he’s less certain about what’s going on with Milwaukee.

“The Milwaukee thing, I’m admittedly a little confused by,” Amick said during an appearance on FanDuel’s Run it Back (Twitter video link). “… I was told from somebody who 100% would and should know that Jimmy’s camp had not spoken about Milwaukee and also hadn’t been asked about Milwaukee.

While the Bucks were named on Monday as one of the clubs considering the possibility of making a play for Butler, Amick is skeptical that they plan to seriously explore that idea, whether or not they’ve been warned off by the forward’s camp.

“There is chatter about the Bucks and the idea of them kicking it around. Regardless of exactly what was said, I would move off that possibility,” Amick continued. “I don’t sense a lot of eagerness from the Bucks’ side to go down that road.”

Since the Bucks are currently operating about $6.5MM above the second tax apron, they’d have to reduce their team salary by more than that amount before – or as part of – any trade for Butler in order to legally aggregate multiple player contracts for matching purposes.

Here are a few more items related to the NBA’s most prominent trade candidate:

  • Within a detailed breakdown of where things stand with Butler, Kurt Helin of NBC Sports cites league sources who believe there’s a real chance the 35-year-old could remain in Miami all season and not be traded until the summer, at which time it would be easier for the Heat to construct a deal that works for both them and their trade partner(s).
  • Barry Jackson of The Miami Herald takes a closer look at what the Heat’s options in the 2025 offseason would be if they were to sign-and-trade Butler or allow him to walk as a free agent.
  • Ira Winderman of The South Florida Sun Sentinel checks in on the latest developments related to the Butler drama, including Heat president Pat Riley talking to Dan Le Batard about critics who say he’s “washed” and Butler seemingly taking a passive-aggressive jab at Riley and the Heat in a social media video.
  • In his most recent mailbag (subscription required), Winderman considers whether it’s fair to the rest of the players on the roster for the Heat to put them in the middle of more drama by bringing Butler back at the end of his suspension instead of taking the best offer on the table at that point.
  • A recent feature from Ben Golliver of The Washington Post includes some exclusive quotes from Butler. Those quotes are about a month old, predating the developments of the past few weeks, but one comment from Butler perhaps provides some insight into why he was upset that the Heat were unwilling to offer him a maximum-salary contract extension over the summer. “I still think I’m in my prime if I’m being brutally honest,” Butler told Golliver.

And-Ones: Cousins, All-Star Voting, 2025 Draft, More

Four-time NBA All-Star DeMarcus Cousins hasn’t played in the league since finishing the 2021/22 season with Denver, but he continues to compete professionally in non-NBA leagues around the world. The 34-year-old center is joining Selenge Bodons in Mongolia, according to announcements from the club on Instagram and Cousins on Facebook.

The No. 5 overall pick in the 2010 draft, Cousins averaged 19.6 points, 10.2 rebounds, and 3.0 assists per game in 654 regular season appearances for seven NBA teams from 2010-22. Cousins’ career was derailed by a series of major leg injuries, including a torn ACL and torn Achilles, which reduced his effectiveness on both ends of the court in his later NBA seasons.

Here are a few more odds and ends from around the basketball world:

Central Notes: Cunningham, LaVine, Vucevic, Bryant, Horton-Tucker, Middleton

The surprising Pistons have won five straight games heading into their matchup against Golden State on Thursday. After his team defeated the Nets on Wednesday, Cade Cunningham told Hunter Patterson of The Athletic that it’s just the start of the franchise’s turnaround.

“It feels good,” said Cunningham, who signed a maximum-salary rookie scale extension last summer. “We’re still hungry though, man. We’re not satisfied. It is a satisfying feeling, but we’re not satisfied at all.”

We have more from the Central Division:

  • The Bulls may be looking to deal Zach LaVine and Nikola Vucevic but their head coach believes both players should receive All-Star consideration despite the team’s mediocre record, Joe Cowley of the Chicago Sun-Times writes. “You get a chance to see those guys play every night and there’s no question in my mind, just based on what these guys have performed through – whatever it is 35 or 36 games – they have performed at an All-Star level,” Billy Donovan said. “Both of those two have. I think the stats will back that up.” LaVine and Vucevic are the team’s top scorers, averaging a combined 43.5 points per game.
  • With Myles Turner sidelined by an illness, Thomas Bryant pumped in a season-high 22 points with eight rebounds in the Pacers’ win over Chicago on Wednesday. “He was great,” coach Rick Carlisle told Dustin Dopirak of the Indianapolis Star. “He played efficient. He played smart. He seemed to always be in the right place at the right time. He had a couple of important putbacks in key moments of the game. He brings a real positive energy just as a person out there too along with being a heck of a player. … I don’t know that we win the game without him.” Bryant was traded by Miami to Indiana in mid-December.
  • Talen Horton-Tucker‘s veteran’s minimum contract with the Bulls becomes fully guaranteed on Friday. Horton-Tucker – who has received steady rotation minutes, appearing in 30 games off the bench and averaging 6.3 points – says he’s grateful that he’ll be sticking around. “It’s a blessing to be here the rest of the season,” he said, per K.C. Johnson of Chicago Sports Network (Twitter link). “I’m excited to get to work and hope to be here as long as possible.”
  • Bucks forward Khris Middleton believes that his reserve role is only temporary, he told Jim Owczarski of the Milwaukee Journal Sentinel. “I mean, I know what type of player I am,” he said. “Just for the time being I need to come off the bench. It is what it is. But I’m confident in this team, I’m confident in myself and this is the role I have to play for the time being.” Coach Doc Rivers says it has more to do with Middleton’s health than anything else. “He’s not starting (Wednesday), but more just the minute thing,” Rivers said. “He keeps getting the tendinitis (in his ankle). It’s just not improving to the place he wants it or we want it. So we’re just going to monitor and cut his minutes back a little bit and try to makes sure he can get through this.”

Fischer’s Latest: Butler, Grizzlies, Bucks, Suns, Beal, More

Exploring the Jimmy Butler situation in his latest Substack article for The Stein Line, Jake Fischer confirms that the Grizzlies and Bucks are among the teams that Butler’s camp has discouraged from trading for the Heat forward. Chris Haynes first reported that Memphis had been advised not to pursue Butler, while Kevin O’Connor of Yahoo Sports later added that Milwaukee had received a similar message.

Fischer also confirms that the Suns clearly appear to be Butler’s preferred landing spot, not only because he wants to team up with Kevin Durant and Devin Booker but because team owner Mat Ishbia has established himself as a free spender who would presumably give Butler the sort of contract extension he’s seeking.

If Phoenix makes a move for Butler, it would have to include Bradley Beal, but the Suns have no desire to broach the subject with Beal – who has a no-trade clause – unless they’re able to figure out a multi-team scenario that could work. Miami reportedly has no interest in taking on the well-paid veteran guard and his no-trade clause.

“You can’t bring anything to Brad unless there’s a deal on the table,” a veteran Eastern Conference executive told Fischer. “You can’t lose him until you know you’re going to move him.”

While they would like to land Butler, the Suns are also actively exploring other options on the trade market, gauging what sort of return they could acquire if they were to give up their 2031 first-round pick, which is their only tradable first-rounder, Fischer writes.

Here’s more from Fischer:

  • Although the Suns‘ decision to remove Beal from their starting lineup has been widely viewed as an attempt to encourage him to waive his no-trade clause, sources tell Fischer the team is hoping the move to the second unit will “spark more of an aggressive output” from the guard as a “microwave scorer.” Of course, there’s no reason that both explanations can’t be true.
  • The Grizzlies have made Luke Kennard, John Konchar, and draft capital available as they seek an upgrade on the trade market. But even if Butler were open to moving to Memphis, it’s unclear if the team would have an appetite for a bigger deal that would involve Marcus Smart and Brandon Clarke, according to Fischer, who hears from sources that the Grizzlies highly value both of those players.
  • The Thunder and Kings opened up roster spots on Tuesday by waiving Branden Carlson and Orlando Robinson, respectively. Those roster spots may come in handy on the trade market, but if they’re still open after the deadline, Ajay Mitchell and Isaac Jones are worth monitoring as candidates to be promoted from two-way contracts, says Fischer.

Bucks To Bring Khris Middleton Off Bench

The Bucks have informed forward Khris Middleton that they’ll be removing him from their starting lineup and bringing him off the bench moving forward, sources tell NBA insider Chris Haynes (Twitter video link).

As Haynes explains, the Bucks are trying to establish continuity with their starting lineup while Middleton continues to work his way back to full strength following offseason surgeries on both ankles. The 33-year-old sat out Monday’s game in Toronto for “injury management” purposes related to his ankles and continues to face a minutes restriction, Haynes notes.

Deploying a starting lineup of Giannis Antetokounmpo, Damian Lillard, Brook Lopez, Andre Jackson, and Taurean Prince will allow head coach Doc Rivers to stick with that starting five even if Middleton has the miss the occasional game. Bringing the three-time All-Star off the bench will also make it easier for the team to manage his playing time for as long as he remains on a minutes limit.

Middleton, who made his season debut on December 6, came off the bench in his first five appearances of the season before starting each of his past seven outings. He has averaged 12.7 points, 5.0 assists, and 4.4 rebounds in 23.8 minutes per game across those 12 contests, with a shooting line of .447/.404/.852.

Middleton is the second multi-time All-Star to be removed from his team’s starting lineup this week while his name comes up in Jimmy Butler trade rumors, joining Suns guard Bradley Beal.

While the Bucks have reportedly considered the idea of pursuing Butler, it would be very challenging from a cap perspective to pull off a deal and they’re rumored to be among the teams who have been advised not to trade for the Heat star. So even though Middleton would almost certainly have to be included in a Milwaukee offer for Butler, it seems unlikely that such a deal will come to fruition.

Middleton will be available to play for the Bucks on Wednesday vs. San Antonio, Haynes adds.

Latest On Jimmy Butler

When word broke last Thursday that Jimmy Butler had informed the Heat he wants to be traded, a report from ESPN indicated that the star forward was open to playing anywhere besides Miami. However, it doesn’t sound as if Butler’s camp is sticking to that stance.

According to NBA insider Chris Haynes (Twitter video link), multiple teams – including the Grizzlies – have “received word” that Butler isn’t interested in joining them and have been advised not to pursue the 35-year-old. Kevin O’Connor of Yahoo Sports (Twitter link) has heard rumblings that the Bucks may also be included in that group.

Butler doesn’t have the ability to veto a trade, and the Heat will be seeking the deal that makes the most sense for the organization, so there’s nothing stopping Memphis or another team not on Butler’s list of preferred destinations from rolling the dice on him.

However, as Haynes observes, Butler’s ability to become an unrestricted free agent at season’s end by declining his $52.4MM player option gives him some leverage. A potential suitor would be reluctant to sacrifice valuable assets for Butler without being reasonably confident that the six-time All-Star would be more than a rest-of-season rental — especially since the veteran has made it clear he’s willing to make things uncomfortable if he’s not happy.

The Suns, Warriors, Mavericks, and Rockets were reported last month to be the landing spots on Butler’s wish list. It’s unclear whether that list has expanded at all in recent weeks. As I wrote earlier today in our latest Front Office article, the Grizzlies are one team that would make sense as a fit, given the strength of their roster, their cap situation, their available trade assets, and their desire to add a defensive-minded wing.

ESPN’s Brian Windhorst also provided an update on the Butler situation during Tuesday’s episode of First Take (Twitter video link). Noting that Butler has long conveyed his intent to become a free agent after this season, Windhorst says teams are hesitant to give up significant trade chips to acquire him, given his contract situation and salary expectations.

“Jimmy Butler isn’t going to extend with any team. And so because teams know that, they’re offering the Heat right now the pu-pu platter,” Windhorst said. “There is only one team that is ready to pay Jimmy Butler exactly what he wants, and that is the Phoenix Suns. And you know why that’s fascinating? Because of the 29 other teams that are out there that could trade for Jimmy Butler, the team that he wants to go to, which is Phoenix, is the team that has the hardest time trading for him.”

As we’ve discussed multiple times in recent weeks, there’s mutual interest between Butler and the Suns, but Phoenix would almost certainly have to send out Bradley Beal to acquire Butler due to the team’s second-apron restrictions.

Beal has a no-trade clause and is on a maximum-salary contract that is widely viewed as an albatross, given that he’s still owed nearly $111MM over two years after this season. The Heat reportedly have zero interest in acquiring the veteran guard, so a third team (that he’d be willing to go to) would be necessary, and the Suns likely lack the draft assets to incentivize both the Heat and that third team to make a deal.

“We’re at a genuine stalemate,” Windhorst continued. “I don’t know how it’s going to play out. The Heat are preparing internally for this to last past (Butler’s seven-game) suspension, not because they’ve got some sort of sinister motive, but because they know what offers they’ve gotten and they stink. And so that’s where we’re at now.”

Barry Jackson of The Miami Herald confirms (via Twitter) that the Heat have yet to be presented with an offer for Butler that’s particularly tempting or that they’ve strongly considered.

Here are a few more Butler-related items:

  • In a full story for The Herald, Jackson takes a look at why Butler’s escalation in pushing for a trade may not be in either his or Miami’s best interest.
  • The Heat haven’t looked good in the first two games of Butler’s suspension — they were blown out at home by a lottery-bound Jazz team on Saturday and blew a 17-point fourth quarter lead against the Kings on Monday before losing in overtime. As Ira Winderman of The South Florida Sun Sentinel writes, Miami is now outside the top eight in the Eastern Conference and is increasingly at risk of an unwanted outcome with its traded first-round picks. If the Heat make the playoffs this season, they’d send the Thunder their 2025 first-rounder and would owe the Hornets their 2027 first-rounder with lottery protection, whereas missing the playoffs and keeping their 2025 pick would mean they owe Oklahoma City their 2026 pick and Charlotte their 2028 pick without protections. While it’s possible that latter scenario could ultimately work out for the best, it would increase the risk of the team having to give up a high first-rounder.
  • Heat captain Bam Adebayo admitted that the Butler saga has been an “emotional roller coaster” for the team in recent days, as Winderman details in another Sun Sentinel story.

Central Notes: Mobley, Cavs, Bulls, Giannis, Pistons

Fourth-year big man Evan Mobley is having the best season of his career for the 31-4 Cavaliers and making a strong case for All-Star consideration, as Chris Fedor of Cleveland.com writes in a subscriber-only article. The Cavs have an eye-popping +16.0 net rating when Mobley is on the court, compared to a team-worst +4.4 mark when he sits.

“He has taken that step,” Cavaliers guard Donovan Mitchell said of his teammate. “Everyone has been asking and he has taken that step. It’s beautiful to see. This is the worst that Evan is going to be and it’s not too shabby. He’s an All-Star. He will be in San Francisco in February.”

Speaking to Grant Afseth of RG.org, Cavaliers forward Georges Niang agreed with Mitchell’s assessment, comparing Mobley’s skill set to that of Hall of Famer Kevin Garnett. While Niang raved about Mobley’s evolution, he argued that there are actually four Cavaliers – Mitchell, Mobley, Darius Garland, and Jarrett Allen – who deserve to be at All-Star weekend in San Francisco.

“When are we going to celebrate winning? These guys sacrifice stats to help us win,” Niang told Afseth. “This isn’t an individual sport, but All-Star is an individual accolade. Donovan, Evan, Darius, and J.A. are All-Stars. Sharing the wealth and being team players doesn’t diminish what they’re capable of.”

In an interesting and wide-ranging conversation with Afseth, Niang also spoke about Mitchell’s commitment to Cleveland, making it clear that the five-time All-Star was exhibiting that commitment to the franchise well before he signed a multiyear extension during the 2024 offseason.

“Donovan is making this his home,” Niang said. “He even called Max (Strus) and me during (2023) free agency to bring us here. When your star player wants to be here and recruit others, it creates something special.”

Here’s more from around the Central:

  • Addressing the Bulls‘ potential trade deadline plans, head coach Billy Donovan reiterated on Monday that the front office is considering everything and that nothing appears imminent, per Joe Cowley of The Chicago Sun-Times. Donovan also shared one tenet of his current roster-building philosophy. “If we want to continue playing (a fast-paced style), you can’t have eight guys,” Donovan said. “There’s no way you can sustain playing that way, that fast. So instead of (focusing on adding) one guy or two guys, how do we build out where there’s 10 or 12 guys? (Then) if you lose a guy, you’re not taking this huge hit. That’s what I’ve shared with them in terms of what I’ve thought.”
  • Bucks star Giannis Antetokounmpo suffered a laceration on his right pinky finger during Monday’s game, writes Jim Owczarski of The Milwaukee Journal Sentinel. Head coach Doc Rivers told reporters after the game that the issue “definitely” seemed to be affecting Antetokounmpo’s ball-handling, but the two-time MVP stayed in the game and downplayed the issue after getting stitched up. “I’m fine,” he said. “My finger’s kind of numb but I’m fine. I played the second half but I’m fine. Just stitches. I’m not going to overthink about it.”
  • The two-way contracts that Ron Harper Jr. and Tolu Smith signed with the Pistons are both for two years, tweets Keith Smith of Spotrac. If they’re not waived or promoted before the end of their respective deals, Harper and Smith would be eligible for restricted free agency in 2026.

Central Notes: Cavs, Garland, Vucevic, Giannis, Bucks, Johnson

With a 31-4 mark, the Cavaliers are tied for the fifth-best start in league history through 35 games. However, they’re not chasing regular season records. Guard Darius Garland told Joe Vardon of The Athletic that his main focus is how well they do in the postseason.

“I really don’t think it will (ever) become important (to chase regular season history),” Garland said. “We all know what it’s like to win regular games. Our next step is to go to the Eastern Conference finals, go to the finals. I mean, the regular season is super cool, it’s like a ramp-up for what we’re trying to get to. If we’re on that pace, keep trying to win games, there’s nothing you take for granted. We’ll take it for sure, we love it, but our next step is to win playoff games.”

We have more from the Central Division:

  • Bulls center Nikola Vucevic is considered one of the most likely players to be dealt before next month’s deadline. He told Julia Poe of the Chicago Tribune that he tries to ignore all the chatter. “This time of year, it’s part of it,” Vucevic said. “You can’t get caught up into that stuff. I’ve heard rumors ever since I was in Orlando. Everybody knows it and that’s just how it goes. Everybody online is going to have their opinions.”
  • Bucks star Giannis Antetokounmpo battled an illness recently and he says he’s still trying to regain his strength, according to Eric Nehm of The Athletic. “Think about it like a savings account. Now I’m in the minus,” he said. ” So, I’ve gotta keep building. I’ve gotta build my body, gotta get some weights, gotta get some food in me, gotta get some cardio in me to go back to the positive and be able to compete, because I’m digging myself into a hole right now.”
  • The Bucks have dropped six games to sub-.500 teams and they’re growing weary of their mediocre play, Nehm writes in the same story. “What’s not happening is we’re getting off to bad starts,” coach Doc Rivers said. “We’re not moving the ball. We’re not playing right. We’ve gotta play right. We’ve done that. We’ve gotta get back to doing it.”
  • Pacers 37-year-old big man James Johnson signed a one-year, $3.3MM veteran’s minimum contract in July that had a $750K guarantee. Johnson has only appeared in five games and Indiana would have to waive him by Tuesday to prevent the contract from being fully guaranteed. However, that’s not going to happen, according to coach Rick Carlisle. “He’s not going anywhere. We need him,” Carlisle said, per Dustin Dopirak of the Indianapolis Star (Twitter link).

Jimmy Butler Rumors: Grizzlies, Bucks, Suns, Beal, Pistons

The Grizzlies and Bucks are among the teams having ongoing discussions about the possibility of a Jimmy Butler trade, according to John Gambadoro of Arizona Sports 98.7 (Twitter link).

Gambadoro notes that the Heat are exploring their options and weighing whether it makes more sense to trade Butler now or in the offseason via sign-and-trade (or possibly opt-in and trade).

Memphis has been a popular subject of speculation as a Butler destination in recent days, since the Grizzlies have a deep roster, all of their own draft picks, and multiple sizable contracts that are relatively team-friendly. They’re also known to be in the market for a defensive-minded wing, having been linked to Dorian Finney-Smith (before he was traded to the Lakers) and Cameron Johnson.

In a subscriber-only article, Chris Herrington of The Daily Memphian explores what a Grizzlies trade for Butler might look like, though he cautions that he’s skeptical about the idea and refers to it as unlikely.

It would be more difficult for Milwaukee to make a move for Butler, since the Bucks are operating about $6.5MM over the second apron and don’t have a single player whose salary matches or exceeds Butler’s $48.8MM cap hit. The Bucks would only be permitted to aggregate salaries in a trade if they move below the second apron upon the conclusion of the transaction and leave themselves with enough room below the second apron to eventually get back to the required minimum of 14 players.

Based on my back-of-the-napkin math, that would likely mean starting with a package of Khris Middleton and MarJon Beauchamp and adding either Brook Lopez or – more likely – both Bobby Portis and Pat Connaughton. A third-team facilitator would also be necessary, since the Heat can’t take back more salary than they send out. And all three teams would have to agree on draft-pick compensation.

Even if the Bucks could figure it out, it would mean giving up multiple key rotation players in exchange for one, further depleting their depth.

Here’s more on Butler:

  • Bradley Beal‘s no-trade clause “looms large” in the Suns‘ pursuit of Butler, according to Gambadoro (Twitter link), who says he’s heard the veteran guard would approve a deal to the Heat, Nuggets, or Los Angeles (presumably either the Lakers or Clippers). Beal may also ultimately decide there are a few other destinations that would work for him, Gambadoro adds. Given his massive contract and declining production, any club Beal approves would seek significant sweeteners and would probably want him to remove his no-trade clause going forward. Miami has zero interest in him, per multiple reports.
  • There has been some chatter about the idea of the Pistons taking on Beal in a trade that sends Butler to the Suns (and Tobias Harris and Tim Hardaway Jr. to Miami), given Jaden Ivey‘s leg injury, Detroit’s cap room, and various connections – familial and otherwise – between the Pistons’ and Suns’ front offices. Gambadoro tweets that it doesn’t make much sense to him that the Pistons would want Beal unless they were heavily incentivized to take him, but says he needs to do more digging on that subject.
  • Even if Beal were to waive his no-trade clause for Detroit (hardly a lock), I share Gambadoro’s skepticism about the appeal for the Pistons. While it’s true Detroit could use a short-term Ivey replacement, Beal’s maximum-salary contract is worth nearly $111MM across two more seasons beyond this one, and Phoenix probably doesn’t have enough tradable draft assets to sufficiently sweeten the pot for both the Heat and Pistons.
  • In a SiriusXM NBA Radio appearance (Streamable audio link), Ira Winderman of The South Florida Sun Sentinel confirms that there are three- and four-team scenarios involving Butler and Beal being explored. Winderman also wonders if the Suns’ decision to remove Beal from their starting lineup is at least in part about nudging him to be more open about waiving his no-trade clause.