NBA trade season is officially here, and the Milwaukee Bucks are in the mix—sort of.

Jon Horst is always poking around trade conversations, seeing if there’s a favorable deal to be had. He’s been in the market for stars before, pulling off the blockbuster trade for Damian Lillard a year and a half ago when nobody saw it coming.

He’s also constantly working the margins, trying to find role players who can elevate Milwaukee’s supporting cast.

But can he actually pull off a deal this time?

That’s the big question. The Bucks have a roster with clear needs but almost no trade assets to work with. They’re capped out, missing draft picks, and boxed in by the NBA’s new financial rules that severely limit what teams like Milwaukee can do.

Still, it’s the trade deadline. Crazy things happen. Here’s everything you need to know as the Bucks try to improve their roster for the final stretch of the season.

NBA Trade Deadline Details

The 2025 NBA trade deadline is Tuesday, February 6 at 2 PM Central Time. Any trade must be finalized and submitted to the league office by that time, or it doesn’t count.

There have already been a handful of deals across the league, including D’Angelo Russell, Dorian Finney-Smith, Dennis Schröder, Anthony Davis, and Luka Dončić being involved in transactions. Expect plenty more movement before the deadline hits.

Bucks’ Financial Situation

This is where things get tricky.

The Bucks are dealing with the NBA’s new second apron restrictions, which are in place during the season for the first time. The key number here is $188.931 million—the second apron threshold. Milwaukee is over that number, which severely limits what kind of trade they can make.

The biggest barrier is the Bucks are not allowed to aggregate player salaries in a trade.

That means they can’t package multiple players together to match salary, unless they find a way to get below the second apron first. Their only options right now are one-for-one player swaps or trading a single outgoing player for a return package.

However, there is a workaround. If Milwaukee can shed $6.499 million in a trade and stay under the second apron, they would regain the ability to aggregate salaries and open up more trade possibilities. But that’s easier said than done.

Bucks Tradeable Players

If Milwaukee is making a move, these are the players who could be on the way out.

• Bobby Portis: The most likely trade piece on the roster. He’s a proven scorer off the bench and could help a contender. He also has a $13.445 million player option next season, which he’s likely to decline. If the Bucks don’t see him as a long-term piece, they may look to move him now rather than risk losing him for nothing.
• Pat Connaughton: Another veteran with a player option worth $9.423 million next season. Unlike Portis, Connaughton is more likely to pick up his option, making him less of an asset and more of a contract Milwaukee might try to move.
• Khris Middleton: If the Bucks are going to make a big move, Middleton will almost certainly have to be involved due to salary purposes.

Bucks Draft Capital

This is where things get bleak.

Milwaukee has almost no draft picks left to attach as sweeteners in a trade. The only tradeable picks they have are their 2031 first- and second-round selections.

Trade Target Wishlist

The Bucks are currently fourth in the Eastern Conference, but they feel a tier below the true title contenders. If they’re going to close that gap, they need reinforcements.

Here’s an incomplete list of players they could target, ranging from stars to role players:

1. Zach LaVine, Chicago Bulls
2. Jimmy Butler, Miami Heat
3. Bradley Beal, Phoenix Suns
4. Nic Claxton, Brooklyn Nets
5. Bruce Brown, Toronto Raptors
6. Lonzo Ball, Chicago Bulls
7. Robert Williams, Portland Trail Blazers
8. Larry Nance Jr., Atlanta Hawks
9. John Collins, Utah Jazz
10. Day’Ron Sharpe, Brooklyn Nets
11. Jonas Valančiūnas, Washington Wizards
12. Jae’Sean Tate, Houston Rockets
13. John Konchar, Memphis Grizzlies
14. Clint Capela, Atlanta Hawks
15. Jock Landale, Houston Rockets

Final Thoughts

The Bucks are in a tough spot. They have limited trade assets, major salary cap restrictions, and very little flexibility. That makes any significant move difficult, unless they can find a way to shed salary and unlock more trade options.

But it’s also clear that Milwaukee isn’t on the same level as the NBA’s true title contenders right now.

Horst has pulled off magic before. The Lillard trade came out of nowhere, and he’s been one of the more aggressive GMs in the league when the moment calls for it.

Whether he can pull off another move before February 6 at 2 PM Central remains to be seen. But if the Bucks want to make a serious run at a championship this season, they’ll need to find a way to get better—one way or another.