The Milwaukee Bucks and two-time MVP Giannis Antetokounmpo have reached an agreement on a three-year $186 million contract extension. This development came just hours before Giannis’ deadline, set by the NBA collective bargaining agreement, was set to pass at 11:59 PM on Monday night.
The news, of course, was met by scores of jubilated Bucks fans on social media. For weeks, the national media has been trying to paint a picture detailing how and why Giannis would eventually leave Milwaukee. A great deal of those narratives changed after the Damian Lillard trade, but some still stood their ground in the belief that the two-time MVP would depart for a larger market.
The notion that Giannis would leave for a larger market is silly considering that he can make more money in Milwaukee than he can anywhere else, thanks to the NBA collective bargaining agreement clause that rewards stars for staying with the team that drafted them.
Giannis Antetkounmpo’s Updated Contract with the Milwaukee Bucks
It should be noted that the contract that Giannis just signed is an extension. As part of the new deal, he declined his player option for the 2025-26 season. The extension’s final year, in 2027-28, is now his player option.
All things considered, Giannis’ contract with the Bucks now looks like this (according to Spotrac):
- 2023-24: $45.6 million
- 2024-25: $48.7 million
- 2025-26: $54.6 million
- 2026-27: $59 million
- 2027-28: $63.4 million (player option)
It should be noted the Spotrac actually estimates Giannis’ contract extension to be worth $177 million over three years, instead of the $186 million reported.
The Milwaukee Bucks Will Have Giannis Antetokounmpo and Damian Lillard for at Least 3 Years
The amount of years that Giannis is now guaranteed to be in Milwaukee (four) also coincides with the maximum amount of years that the Bucks will have Damian Lillard under contract. When Milwaukee traded for Lillard, they also got the two-year $121.7 million extension he signed with with Portland.
This extension keeps Lillard under club control until the 2025-26 season, though he does have a player option for the 2026-27 season.
That option is worth over $63 million, so it is hard to see a scenario in which Lillard turns it down in order to pursue free agency.
Therefore, the Bucks have four years with two of the top-75 players in NBA history to try and bring home a championship (or two, or three…) to small market Milwaukee.