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Value wise Milwaukee has to ask for Edgecombe but I think it's going to end up being an issue of leverage, and I think Milwaukee is going to be in a weak position here. Every Giannis injury ups the risk factor, and as mentioned only a few teams can match the salary to make this work. Maybe there are some 4-5 team combos that help reroute salary, but that also kills your leverage as you beg a team to help you match salary.
If Philly wants to win now and they only have to give a single pick and Edgecomb to turn PG13 into Giannis, I think that is pretty good value, especially with how Embiid is playing. The counter to that is Embiid and Giannis are going to take up a ton of the same space. Maxey, Grimes, Oubre, Giannis, Embiid should be the favorites for the East.
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The only contending teams this year that I could see logically being interested in a Giannis trade are
NY (If they do it in the summer NY has another unprotected 1st they can trade)
They will only have one 1st and the butt end of some swaps and that first will be way too far off. They would have to hope that they could reroute OG Anunoby, Bridges, and/or KAT for more picks for that trade.
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Philly (I'd do it as long as I hang onto Edgecombe)
There's just no way I take on PG13's contract without massive draft capital or a legit good player like VJ. Give me the Clippers 28 and Clippers/76ers 29 picks as a very early starting point just on PG13's contract without taking into account selling Giannis.
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Portland (not sure if they can match the salary)
They can a couple ways. Picks + Jrue+Jerami+Thybulle for Giannis, Thannisis, and Kuzma. But then Milwaukee takes on Jrue and Grant's awful contracts. Also they could do Picks+Jerami+TimeLord+Thybulle for Giannis+Thannsis+Taurean Prince.
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Atlanta (Matching becomes harder here also, but a clear fit with Johnson, NAW and Daniels for a long athletic team, they are probably better off holding though and letting Milwaukee tank and using those picks themselves to build around Johnson and Daniels)
Matching is easy for Atlanta. Giannis+TA+minimum for Kristaps+Risacher+Asa Newell+Picks. I would also want to use the NO pick, but this is the deal I go to if I am Milwaukee, because then Milwaukee can have their own pick and NO's pick this summer, which is a really good chance of two top 4 picks in a great draft class. Plus you get Risacher/Asa and get off all the salary with Kristaps.
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Toronto (Quickley, Ingram and picks maybe? Gets you a Barnes, Giannis, Barrett core)
I just don't want to take on Quickley or Ingram if I am rebuilding. They have all their own picks, but I am not super excited about them. Better be a lot of picks. Quickley is a negative value contract.
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Past those teams, you have the crap teams like Charlotte, Washington, Utah, Brooklyn etc that do have the pick capital and could just send bad contracts plus picks.
Charlotte can actually match salary with just Miles Bridges and Sexton for Giannis+Thannisis. The question is would Milwaukee want Ball? Seems like an ideal tank commander. They also have extra picks of dubious value (Dallas 27, Miami, etc)
Wizards could do Tre Johnson, Malaki Branham and Khris for the brothers. Then sell out lots of picks. Sarr, Giannis, Bilal, KyShawn, Trae.
Nets could actually do picks + Cam Thomas + MPJ for the brothers. Then Milwaukee has a good trade asset in MPJ.
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All that to say, I think at the end of the day it's Philly, and it's either Embiid or PG13 plus 3 picks.
I think Atlanta is it if they will give up the Pelicans pick. I'm not sure I would if I am Atlanta, but also the draft gods hate them and their owners suck so get the sure thing? Giannis, Okongwu, Johnson, NAW, Dyson, CJ is a really good team. They still suck so bad on defense outside Giannis and Dyson.
How about this: Giannis, Thannsis, Jerico Sims, and Trent for Hartenstein, Wiggins, Kenrich, Jaylin and picks. OKC now has SGA, Giannis, Chet, JDub, Caruso, Dort, Joe, and Cason Wallace.
Houston: Jabari, FVV (team option next year), DFS (one more guaranteed year), Tari Eason and picks for the brothers. Houston has the 2027 Brooklyn 1st and the 2027 Phoenix 1st plus two most favorable picks of 2029 in Dallas, Houston, Phoenix. Then Houston has Sengun, Giannis, Durant, Amen, Sheppard, Okogie.
Jazz can't easily make salaries work without including Lauri.
If I am Milwaukee, the only route I want is that Hawks pick and Kristaps ending cap unless someone wants to go super heavy on good picks, but only a few teams can really do that.
The off the wall one from Bill Simmons is what if the Lakers moved Luka for Giannis, kept Reaves and tried to win with Giannis, LeBron, and Reaves this year. Giannis is the only two-way player the Mavs should have considered if that's what they wanted.