Amid Giannis Antetokounmpo trade rumors, both the Knicks and Bucks are thriving -- and happy to wait

The New York Knicks and Milwaukee Bucks had already undergone fairly drastic changes when they reportedly attempted to negotiate a blockbuster trade this offseason. New York had fired coach Tom Thibodeau despite coming two wins short of the NBA Finals. Milwaukee agreed to pay the injured Damian Lillard more than $100 million to go away so they could sign Myles Turner in a desperate effort to remain competitive. Even after the fact, though, neither side could be described as fully settled.

Giannis Antetokounmpo is two years away from free agency, which effectively means he is one year away from either extending his contract with the Bucks or getting traded to a team he prefers. According to ESPN's Shams Charania this offseason, that team would have been the Knicks. While Antetokounmpo stopped short of directly requesting a trade, he seems to have recognized the dire situation Lillard's torn Achilles and years of iffy management around the roster's fringes have left Milwaukee in. The Knicks, with a deep, win-now roster and an incredibly desirable market in New York City, were the team that appealed to him had he moved on.

New York seemingly recognized that. They notably extended Mikal Bridges on July 31. Extensions of the sort Bridges signed carry a six-month trade restriction. His contract expires on Feb. 1, a mere four days before the Feb. 5 trade deadline. If the chance to land Antetokounmpo arose during the season, they wanted the flexibility to pounce. When they discussed a deal over the summer, though, they didn't get close.

Now Antetokounmpo and the Bucks will host the Knicks for the first time since those offseason rumors. He'll get asked about them. Stars are always with these long-lasting rumblings. Think of LeBron James and Anthony Davis awkwardly navigating their desire to unite in Los Angeles with the teammates they actually had in 2019. The difference here, though, is that at least for the time being, all parties involved here are likely reasonably satisfied with how things have played out. A trade may come one day, but it doesn't feel quite necessary yet.

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Jack Maloney

The Knicks wanted to improve in specific areas this offseason and, at least early on, have done so by and large. They've incredibly jumped from 28th to 1st in 3-point attempt rate. Their stale offense ranked 18th in the NBA in passes per game last season. This year, they've jumped from 281.2 to 309.3 passes per game, good for fifth in the league so far in this young season. That ball movement has been met with a similar verve and enthusiasm from the players themselves. Players are cutting and screening with a newfound intentionality. Everyone is touching the ball, and everyone is involved in the offense when they aren't. Heck, everyone is just involved, period. Gone are the days of Thibodeau's infamously short rotations. Mike Brown has used 12 players thus far, and 11 of them have played at least 28 minutes in three games. The democratization of the New York Knicks has, to this point, been a smashing success.

The Bucks have never been further from a democracy. It's a Giannisocracy in Milwaukee, and that has suited the Bucks just fine. His usage rate is up to 36.1%, the highest of his career, aside from his 2020 MVP season and the 2022-23 campaign, when he largely played without Khris Middleton. He's leading the NBA in rebounds, setting a new career-high in assists and averaging an absurd 36 points per game. The metrics suggest that this is the best he's ever played. He's blowing past career-best marks so far in virtually every all-in-one metric. The single-season PER record, for reference, is 32.85. Antetokounmpo is up to 42.82 thus far. At this rate, Antetokounmpo has a real chance at securing a third MVP trophy.

The Bucks would be thrilled if he does. For all of the noise Antetokounmpo has made about winning another championship, the Bucks really don't have to get there this season. They just need to stall. If they can get to the summer without receiving a firm trade demand, they'll gain control of both a 2026 first-round pick (the worse of their own and New Orleans') and their own 2033 first-round pick from a trade perspective. Whenever Antetokounmpo gets close to leaving, Jon Horst pulls a rabbit out of his hat. Jrue Holiday. Lillard. Turner. If the Bucks can just survive until the summer, they can swing for another. If Antetokounmpo -- surrounded almost exclusively by shooters that amplify him as a ball-handler -- can win another MVP or come close, that seems like an attainable goal.

We have a long way to go here. Until Giannis actually signs an extension, these rumors are going to persist. There's frankly plenty of time for any of the involved parties to develop some urgency. We're only three games into the season. It's too early to crown the Knicks Eastern Conference favorites, and if they don't reach the Finals, they're going to look into significant roster upgrades in the offseason. It's one thing to play the way Antetokounmpo has for three games. It's another to do so for 82. Can he handle this workload forever? Would he prefer to seek a true co-star in the short term to help him out? If the Bucks sense things going awry, is there a chance they'd act early in an attempt to retain more control over a possible trade than to allow Antetokounmpo to force his way somewhere specific, like New York, when he has the leverage to do so on an expiring contract?

These are all valid questions. The Antetokounmpo saga is going to take more twists and turns. But this isn't a repeat of James and Davis in 2019. Early in the season, the Knicks and Bucks are both reasonably happy with where they are. The Knicks have every reason to believe they can make the Finals without Antetokounmpo. The Bucks have every reason to believe they've been competitive enough to hold down the fort until they can bring in reinforcements next summer. A trade might make sense one day. It doesn't quite yet. Both sides are probably happy that they'll be able to see this season play out organically before making any decisions on a matter this seismic.