Giannis Antetokounmpo and the Milwaukee Bucks saga keep on rolling. He has flirted with a move away from the Fiserv Forum all season, and it did not begin with this season’s spiral. It reportedly began in May 2025, when Antetokounmpo and his agent, Alex Saratsis, privately told the organization that the time had come for him to move on, and management shut the door.

ESPN’s Shams Charania, on Wednesday, on First Take, framed the entire 11-month saga as a crisis that could have been avoided, saying: “John Horst, the general manager, Doc Rivers, the head coach, team ownership, they were aligned,” Charania said, “because the leadership of that organization had convinced ownership that we have a contending roster. We have a team that can compete and win.” Last summer, general manager Jon Horst and head coach Doc Rivers tried to sell Antetokounmpo and team ownership on the idea of contending in the Eastern Conference after they waived Damian Lillard, and stretched the remaining $113 million on Lillard’s contract over five seasons to bring in Myles Turner on a four-year, $108 million deal.

The tension that defined the Bucks and Giannis this season, Charania said, can be traced directly to that moment. “As much as Giannis made it very clear in his private conversations with John Horst, the general manager of the team, that he had serious doubts about this team’s ability, of this team’s talent, of this team’s culture to actually win,” Charania said, “they decided to rebuke his trade efforts to keep him.” After the Bucks dropped to 9-13 in December, Antetokounmpo and Saratsis reopened those conversations with Horst, where they reasserted the message they had delivered since the previous May: the time had come to part ways.

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After back-and-forth discussions, which included a meeting in Antetokounmpo’s native Greece in late July, the New York Knicks became the only team he’d play for outside of Milwaukee. However, the Bucks refused to move him, and he then agreed to give the new roster a chance. That commitment broke quickly, as within two weeks, the Bucks lost humiliating games in Washington and Brooklyn, and the franchise was once again on the clock with their franchise icon. One team source laid out the core dynamic that Charania cited on First Take: “When you have a star player, that’s one foot in, one foot out, you’re just not going to win.”

Charania: Giannis Has “Publicly and Privately” Sparked an Investigation Into His Own Team

Charania’s account on First Take went beyond the blocked trade request. He argued that what Antetokounmpo has done since he went public with his desire to play actively invited league scrutiny of his own organization, which represents something the NBA has rarely seen at his level. “You have a top three to five player in the world right now that has publicly and privately sparked and created and promoted an investigation into his own team,” Charania said. “That I think speaks volumes across the NBA.”

The NBA opened an investigation into the Bucks under its Player Participation Policy after Antetokounmpo and the organization gave the league conflicting accounts. The two-time MVP informed the Bucks and the league that he wanted to play, but the team will not medically clear him, while Milwaukee told the league that it does not believe he is ready and actually wants to play.

Furthermore, the Bucks told investigators that he declined the opportunity to participate in 3-on-3 scrimmages as part of his return-to-play protocol. Giannis Antetokounmpo, on the other hand, told the league that he is healthy enough to resume action. He addressed reporters directly before a 133-101 home loss to the Celtics on Friday: “I’ve never seen a case of a player saying, my caliber of player, that’s like — I’m saying it publicly — I want to play. So, if there needs to be an investigation, great.” The situation also drew a statement from the National Basketball Players Association, which implied Milwaukee was “tanking” and damaging the league’s integrity.

One source described the environment to Charania plainly: “This is as toxic of a team situation as any in the league. They waited until the very end on Giannis, and now everyone knows.” Bucks ownership has since come to terms with the likelihood of a trade coming to fruition this offseason. Antetokounmpo will become eligible for a four-year extension worth up to $275 million in October, and if he does not sign it, an exit becomes the most probable outcome for both sides.