For over a week now, the Kevin Durant sweepstakes have been stuck in neutral. Multiple league sources say Phoenix has recently softened its asking price after initially demanding multiple unprotected firsts and a young All-Star-caliber player—suggesting they’ve come to terms with Durant’s declining leverage. But, the Phoenix Suns and Houston Rockets haven’t spoken since last week—and according to Sam Amick of The Athletic, that lone conversation didn’t go particularly well. The Suns weren’t impressed with Houston’s “firm offer,” and the Rockets? Well, they’re not interested in getting hustled out of their entire youth movement for a 37-year-old star. In fact, Houston insiders believe the front office is split: with GM Rafael Stone more open to a blockbuster deal, while ownership prefers a patient build around Amen Thompson and Cam Whitmore. So what’s next?

According to recent insider chatter and mock-up proposals, the most realistic path forward may not be a straight-up swap, but a carefully crafted three-team deal involving the San Antonio Spurs and the Charlotte Hornets. This specific structure, first floated by cap analyst Yossi Gozlan, hinges on the Spurs absorbing Durant using cap space created by waiving Devonte’ Graham’s non-guaranteed $12.7 million deal and offloading Doug McDermott’s expiring contract. And the most exciting part? This actually fits Kevin Durant’s trade wish list.

So let’s face it: the Suns aren’t going to get a Godfather offer from a team not on Durant’s shortlist (Houston, San Antonio, and Miami). But there’s still a way to check all boxes—youth, picks, and financial flexibility—by roping in a third team that has something valuable to offer up without needing KD in return. Of note, the Hornets are reportedly open to moving down from No. 2 if it means acquiring a long-term frontcourt partner for LaMelo Ball—making Mark Williams expendable in this scenario.

In the proposed three-team deal, San Antonio gets Kevin Durant and the No. 4 pick. Phoenix receives Harrison Barnes, Keldon Johnson, Jeremy Sochan, Mark Williams, pick No. 14, and future firsts. Charlotte gets the No. 2 pick, along with 2026 and 2028 second-rounders from the Spurs.

Each team walks away with a prize they can build around—and it all hinges on the fact that the Suns are finally willing to drop the idea of a perfect one-on-one swap and embrace something more creative. But here’s the part that gets interesting: while everyone’s been focusing on the stalled negotiations between the Suns and Rockets, the Spurs have quietly emerged as the most logical destination for Kevin Durant.

Not only is San Antonio on his shortlist, but reports say it’s actually his top preference. Pairing Durant with Victor Wembanyama would instantly give the Spurs the most lethal frontcourt in the league. According to ESPN’s Brian Windhorst, Durant’s camp has privately expressed admiration for San Antonio’s developmental culture and front office stability—especially under GM Brian Wright. Throw in some rumblings about the Spurs pursuing De’Aaron Fox, and you’re looking at a team jumping from rebuilding to legitimate Western Conference contenders in a single summer.

Better yet, San Antonio has the cap space and the draft capital to make it all work without breaking up their core. Unlike Houston or Miami, the Spurs can make this deal with a smile.

Houston’s Offer Was Firm—but Far From Final

Now let’s talk Rockets. Houston came in strong with a reported offer built around Jalen Green and the No. 10 pick, but Phoenix didn’t bite. Instead, the Suns wanted more—allegedly pushing for Jabari Smith Jr., Tari Eason, and potentially more firsts.

That’s where things fell apart. Houston knows that giving up too many young assets for a player entering the final guaranteed year of his deal—who might not sign an extension—is a huge gamble. The Rockets are betting on time, hoping Phoenix gets desperate before the June 25 draft. But if this three-team route heats up and Kevin Durant makes it clear San Antonio is his move, Houston may be left holding the bag entirely. What else?

Miami is the third name on Durant’s trade list, but their offer hasn’t exactly turned heads. Reports suggest they’ve floated a package including Andrew Wiggins and future picks, but Phoenix sees that as underwhelming at best.

At this point, the Heat are more of a safety net—a fallback if both San Antonio and Houston flame out. But with the Spurs offering a real rebuild opportunity for the Suns, and Durant clearly showing interest, it feels like Miami’s chances are fading fast.

Here’s the key deadline: June 25.

If Phoenix wants to turn this Durant trade into usable draft capital, they need to strike before the first round begins. Otherwise, any acquired draft rights shift to other teams, limiting flexibility and making it harder to reshape the roster.

That’s why these next few days are crucial. Either Phoenix gets the deal it wants—and grabs a player like Sochan, the No. 14 pick, and multiple future assets—or they risk dragging this into a situation where Durant starts training camp in the Valley… again. And let’s not forget the bigger picture here: Kevin Durant turns 37 in September. He’s still elite—averaging nearly 28 points per game last season—but the end is closer than ever. Wherever he lands next could be the final jersey he wears.

That’s why this trade has such massive stakes. Durant wants to compete for another ring. San Antonio can give him the perfect stage. The Suns want flexibility and assets. A 3-team deal can make that happen. And teams like Houston and Miami need to decide if they’re in or out—fast.

The Durant Watch is reaching its boiling point. Whether it ends with a splash or a stalemate, everyone’s eyes are locked on the Suns. The next move is theirs.