The NBA trading deadline has come and gone, so now it’s all about sorting through the implications of what it all means.
To be clear: this was a peculiar deadline, one that perhaps lacked the massive, where-were-you-when deal like last year’s Luka Dončić trade. But it was marked by the looming presence of the potential availability of Giannis Antetokounmpo, the two-time Most Valuable Player, who ultimately remained with the Milwaukee Bucks.
Paired with Ja Morant remaining on the Memphis Grizzlies, this perhaps is setting the stage for what could be a very busy summer.
Here are the winners and losers from the 2026 NBA trading deadline:
WINNERS
Milwaukee Bucks
Overwhelmingly, the Bucks are the biggest winners here, and it’s because they didn’t give in to external pressure and they exercised patience. This isn’t to say that Giannis Antetokounmpo won’t eventually be traded. That may still come in the summer. But it became clear early on that Milwaukee had no obligation to trade Antetokounmpo before the deadline, especially because suitors will have more draft capital and financial flexibility to improve their offers during the summer.
But there’s still a pathway for the Bucks to convince Antetokounmpo to stay. His public comments have been nothing but positive about the Milwaukee community and he has expressed a desire to win in the city. These are all signs that Antetokounmpo’s loyalty may win the day and get him to commit to the long-term future of the franchise. Now, the Bucks have work to do.
Oklahoma City Thunder
The rich(est) got richer. Not only did Thunder general manager Sam Presti pull off a sneaky-good deal to get guard Jared McCain, who was looking like the clear Rookie of the Year last season before injuries derailed his season, but they likely got some good news in this year’s draft lottery, too. Oklahoma City still owns the 2026 first-round selection that belonged to the Clippers from the 2019 trade that sent Paul George to Los Angeles for a package that included Shai Gilgeous-Alexander.
Fast forward to Thursday, where the Clippers traded two of their best three players, James Harden and Ivica Zubac, and the Clippers could reverse their recent solid play and may tumble down the standings. All of which could lead to a lottery pick for the Thunder.
How the Grizzlies handled Ja Morant’s value
Reading the tea leaves here, Ja Morant probably won’t be on the Grizzlies at the start of next season. Yet, credit Memphis for not caving in and forcing a deal when his value and market were entirely depressed.
The Grizzlies are rebuilding, so Morant and the $126.5 million he’s owed over the next three seasons don’t align. But suitors were wary about packaging assets for a player who has been injury prone, has seen his efficiency and production diminish and who has had off-court concerns.
Morant is once again sidelined with an elbow ligament issue, but when he returned from a calf injury for two games in the middle of January, he combined for 47 points on 50% shooting, adding 25 assists.
If Morant can return to form once he returns from that injury, it should increase his value, leading to a higher return when the Grizzlies ultimately decide to move on in the summer.
Boston Celtics
Quietly, the Celtics addressed their biggest need and shaved some salary in the process. Since Boston traded Kristaps Porziņģis and lost Al Horford in free agency, it has been looking for a reliable center who can stretch the floor. The Celtics leveraged backup guard Anfernee Simons’ recent hot play to land former Bulls center Nikola Vučević, who fits in perfectly with Boston’s high-volume perimeter shooting offense.
This comes as a huge relief for Jaylen Brown. And, with the Celtics (33-18) exceeding expectations, a potential Jayson Tatum return late in the season could make Boston an intriguing team to watch in the playoffs.
Charlotte Hornets
The hottest team in the NBA added more shooting and scoring in the form of Coby White from the Bulls on a relatively affordable deal, especially since White is already an upgrade from Collin Sexton.
There is a bit of risk here, as White is on an expiring deal, so Charlotte would be best suited to extend him. But since White is from North Carolina, and since he played at UNC, he may be inclined to stay close to home. He’s only 25, can play off the ball and should have plenty of chances to find a sustainable role.
LOSERS
Miami Heat
No team had more riding on Antetokounmpo and no team lost more than the Heat. Miami was the lone team in the Eastern Conference (and one of only three in the entire NBA) to fail to make a single trade before the deadline. Whether it was Kevin Durant, Donovan Mitchell, Kyrie Irving, Damian Lillard or a number of others, the Heat have been constantly linked to another white whale.
Yet, time and time again, this front office has failed to sell high on its assets and has therefore failed to stockpile the draft picks necessary to execute a trade for stars like these. Case in point: rather than flipping players like Tyler Herro, Kel’el Ware, Andrew Wiggins or Terry Rozier for picks, Miami is plodding forward under the assumption it can compete in the East with this roster. It cannot.
Golden State Warriors
Similarly, the Warriors were in on the Antetokounmpo sweepstakes, only to be left to pivot. Golden State’s reported offer was heavy in draft capital, but the Warriors lacked young players to send Milwaukee’s way.
So, the team had to acknowledge an organizational failure to develop Jonathan Kuminga, the No. 7 overall selection in the 2021 draft, and settle for Kristaps Porziņģis. In a vacuum, Porziņģis is a seamless fit. Perhaps more than any big in the NBA, he can stretch the floor with extensive range and the Warriors have had a massive void at center.
But can Porziņģis stay on the floor? He has been battling an autonomic nervous system condition and simply cannot be counted on as a regular presence in the lineup.
Kawhi Leonard
Just when the Clippers started to turn their season around, Los Angeles pivoted and retooled for the future. The Ivica Zubac trade may actually be quite fruitful for the Clippers, but it doesn’t do much for Leonard, who suddenly becomes the lone star on the team.
Darius Garland is a younger player, but he has been injury-prone, so he may not provide immediate help. Leonard, meanwhile, is entering the final season of his contract next season, so he could potentially be a trade candidate over the summer, right as he’s set to turn 35.
Chicago Bulls
They had lost five of their last six games and were likely looking at a slide the rest of the regular season, but the Bulls continue to make confounding moves. For one, the team made several moves to acquire guards and now has seven on the roster, with six of them having strong arguments to get burn in the rotation. Simply put: there’s not enough minutes to be had for so many guards.
The byproduct is that their depth at center is abysmal, with newly-acquired Nick Richards in line to replace Nikola Vučević. On top of it all, the Bulls failed to sell high on guards like Coby White and Ayo Dosunmu when their value was better than it was in this cycle.
Sacramento Kings
Not only was Sacramento unable to move some of its overpriced veterans like DeMar DeRozan and Zach LaVine, and not only were the Kings unable to flip Domantas Sabonis and Malik Monk for future assets, but they made a confusing trade for De’Andre Hunter. This is not an indictment on Hunter; he’s a solid wing, albeit one who’s probably overpriced.
Sacramento likely felt it needed to get a return on Keon Ellis, a solid guard who can knock down shots and defend with persistence. Ellis, for what it’s worth, was a player several contenders were eyeing. Which, as a quick aside, it’s usually a bad sign when savvy teams are targeting players that a franchise is devaluing.
What the Kings need to do is raze this build to the ground and stockpile as many assets as they can — not bring on more veterans, especially not ones who are modest upgrades, if they’re upgrades at all.