By Bobby Marks | ESPN, 2025-06-09 20:00:00
由生成式人工智能翻译，译文内容可能不准确或不完整，以原文为准。
如果2025年的NBA休赛期能像本赛季的交易截止日一样精彩，那么我们一定不会缺少重磅故事。
本赛季早些时候，在2月6日之前的一周时间内，全明星球员卢卡·东契奇 (Luka Doncic)、吉米·巴特勒三世 (Jimmy Butler III)、扎克·拉文 (Zach LaVine) 和迪亚伦·福克斯 (De’Aaron Fox) 都被交易。现在，焦点转向密尔沃基雄鹿队的大个子扬尼斯·阿德托昆博 (Giannis Antetokounmpo)、菲尼克斯太阳队的前锋凯文·杜兰特 (Kevin Durant) 以及许多前途未卜的球星。
雄鹿队和太阳队是我们今夏密切关注的10支球队之一——这份名单也包括2024年总冠军波士顿凯尔特人队——它们可能会改变休赛期的格局。
跳转到球队：
凯尔特人 | 篮网 | 掘金
勇士 | 火箭 | 湖人
雄鹿 | 魔术 | 太阳 | 马刺
波士顿凯尔特人队
“劳资协议已广为人知多年。在某些薪资水平上会有相应的惩罚，我们深知这一点。你只需权衡利弊，权衡我们所处的位置，权衡一切，然后做出决定。”
—— 布拉德·史蒂文斯 (Brad Stevens)，2025年5月
凯尔特人队的篮球运营总裁布拉德·史蒂文斯 (Brad Stevens) 深知他们预计5亿美元的总薪资以及超出工资帽第二土豪线所带来的阵容限制。
然而，与上赛季赢得NBA总冠军证明了其高额薪资的合理性不同，本赛季波士顿的阵容在季后赛第二轮出局后受到了严格审视，期间超级巨星杰森·塔图姆 (Jayson Tatum) 撕裂了跟腱。
凯尔特人队目前超出第二土豪线2300万美元，除非布鲁克林篮网队愿意吸收中锋克里斯塔普斯·波尔津吉斯 (Kristaps Porzingis) 价值3070万美元的到期合同，否则无法通过一笔交易直接降至线以下。削减薪资可能需要多笔交易完成。
考虑到杰森·塔图姆、杰伦·布朗 (Jaylen Brown) 和德里克·怀特 (Derrick White) 的合同至少持续到2028-29赛季，波士顿必须在削减成本和实现总冠军目标之间取得平衡。
如果凯尔特人队保持在第二土豪线以上，其阵容限制包括无法：
- 在交易中打包多份合同
- 使用超过100%的交易特例
- 送出现金
- 使用现有交易特例
- 签下薪资至少为1410万美元的被裁球员
如果凯尔特人队在2025-26赛季结束后仍处于第二土豪线以上，他们的2033年首轮选秀权将被冻结（其2032年的选秀权已经冻结）。
布鲁克林篮网队
“如果你追逐的是顶薪级别的天才球员，那么他们必须能够自动且彻底地改变你球队的轨迹。这不能像我们去签下某个球员，然后把自己困在6-7号种子的位置。当我们全力以赴时，就是要去最高水平的竞争，并争夺总冠军。”
—— 肖恩·马克斯 (Sean Marks)，2025年4月
篮网队在这个休赛期拥有其他球队不具备的两样东西：6月份的四个首轮选秀权以及超过4000万美元的薪金空间。
然而，与2019年休赛期凯文·杜兰特 (Kevin Durant) 和凯里·欧文 (Kyrie Irving) 以自由球员身份签约时不同，目前的阵容即使补充一名最佳阵容级别球员，也尚未具备争冠实力。
因此，布鲁克林篮网队有可能会用溢价合同签下自由球员（类似于印第安纳步行者队在2023年对待布鲁斯·布朗 (Bruce Brown) 的做法），通过吃下合同来换取选秀权，并寻求通过报价合同争取受限制自由球员。
布鲁克林篮网队不允许在常规赛中使用大部分可用薪金空间。球队必须在常规赛首日之前支出工资帽的90%。包括其四个首轮选秀权在内，篮网队的薪资总额为7900万美元，还需要额外支出6000万美元。
丹佛掘金队
“我们确实需要想办法提升阵容深度。拥有更长轮换、更深板凳的球队似乎更具赢球能力，比如步行者、雷霆和森林狼。”
—— 尼古拉·约基奇 (Nikola Jokic)，2025年5月
这位三届MVP的言论并未让掘金队总裁乔什·克伦克 (Josh Kroenke) 感到意外。“我清晰地听到了约基奇的评论。我的意思是，在他说出那些话之前，我就已经这么想了，”他上个月表示。
约基奇的合同还剩三年，球队提升阵容，特别是替补席的紧迫感很强。根据ESPN研究数据，掘金队的首发阵容常规赛场均得到94.4分，是1986-87赛季以来所有球队中最高的。
掘金队有三个选择来加强阵容深度。
- 将选秀旧将贾伦·皮克特 (Jalen Pickett)、佩顿·沃特森 (Peyton Watson)、朱利安·斯特劳瑟 (Julian Strawther)、亨特·泰森 (Hunter Tyson) 和达隆·霍姆斯 (DaRon Holmes) 培养成稳定的轮换球员。
- 通过交易。由于丹佛掘金队目前只有一个2031年或2032年的首轮选秀权可供交易，其唯一有价值的资产是小迈克尔·波特 (Michael Porter Jr.)。这位前锋本赛季场均得到生涯新高的18.2分，未来两个赛季的薪资分别为3830万美元和4080万美元。掘金队还拥有齐克·纳吉 (Zeke Nnaji) 和达里奥·萨里奇 (Dario Saric) 薪资总额为1350万美元的合同。由于掘金队预计将成为一支第一土豪线球队，他们不允许在交易中吃下更多薪资。
- 通过自由球员市场。这条路径似乎不太可能，因为掘金队的薪资结构过于集中，约基奇、贾马尔·穆雷 (Jamal Murray)、波特和阿隆·戈登 (Aaron Gordon) 的薪资占据了总薪资的82%。此外，穆雷续约合同的第一年将使掘金队再次超过第一土豪线。除非有交易能够清出薪资空间，否则掘金队只剩下老将底薪特例可以使用。
金州勇士队
“我们擅长不惜一切代价。这取决于我们认为这能让球队变得多好。我认为抵押未来的唯一问题就是你不想被套牢。我不想陷入那种我们放弃了一切，孤注一掷，结果赛季打了10场就遭遇了毁灭性伤病，无路可走，然后被困住四五年的境地。”
—— 小迈克·邓利维 (Mike Dunleavy Jr.)，2025年5月
金州勇士队总经理小迈克·邓利维 (Mike Dunleavy Jr.) 拥有足以孤注一掷的选秀资产。
勇士队被允许从选秀夜开始交易多达四个首轮选秀权：2026年、2028年、2030年（如果顺位在1-20之间）和2032年。如果其2030年的选秀权在前20顺位，他们还有权在未来七年内互换首轮签。
但问题在于，勇士队能否在不包括德雷蒙德·格林 (Draymond Green) 或吉米·巴特勒三世 (Jimmy Butler III) 的情况下，组建一个足够丰厚的薪资包来完成交易。库里、巴特勒和格林的薪资占据了勇士队总薪资的85%。其余六名有合同在身的球员下赛季总共将赚取3000万美元。薪资限制是乔纳森·库明加 (Jonathan Kuminga) 在勇士队休赛期扮演关键角色的原因。
勇士队预计将向他开出790万美元的为期一年的资质报价，使其成为受限制自由球员。由于布鲁克林篮网队是唯一能够提供2000万美元或更高起薪的球队（金州勇士队拥有匹配权），最好的选择可能是探索先签后换。
除了库明加必须签下一份至少三年且首年保障的合同外，先签后换还面临两个挑战。首先，在交易中库明加离队薪资的50%才计入交易，而不是全额（例如，如果首年薪资为3000万美元，则只有1500万美元计为离队薪资，而对于引进球队来说则计为3000万美元）。
金州勇士队目前还低于第一土豪线2500万美元。除非包含额外的薪资，否则他们将不被允许交易获得薪资超过该金额的球员。
休斯顿火箭队
“我认为为了连续性而追求连续性并非我们所图。连续性固然重要，但最终目标是打造一支总冠军球队。如果我们认为某笔交易或一系列操作能让我们更有可能实现这一目标，那么我们就会放弃连续性，并执行这些操作。”
—— 拉斐尔·斯通 (Rafael Stone)（通过《休斯顿纪事报》）
如果火箭队总经理拉斐尔·斯通 (Rafael Stone) 愿意为了获得一名最佳阵容级别球员而放弃连续性，那么预计他们将在今夏采取积极行动。
休斯顿火箭队具备了引进超级巨星的三个最重要条件：
- 选秀资产： 休斯顿火箭队在未来七年内拥有五个可交易的首轮选秀权，包括今年选秀的10号签，以及2027年（菲尼克斯）和2029年（菲尼克斯或达拉斯）的无保护首轮签。火箭队还可以交易2028年、2030年和2032年的首轮选秀权。
- 可控合同： 火箭队有五名球员——小贾巴里·史密斯 (Jabari Smith Jr.)、塔里·伊森 (Tari Eason)、里德·谢泼德 (Reed Sheppard)、卡姆·惠特莫尔 (Cam Whitmore) 和阿门·汤普森 (Amen Thompson)——处于首轮新秀合同期。
- 大额合同： 阿尔佩伦·申京 (Alperen Sengun) 和杰伦·格林 (Jalen Green) 去年10月签署了新秀续约合同。他们合同中的毒药合同条款将于7月1日解除，使其具备交易资格。这两名球员下赛季薪资都将达到3300万美元。迪伦·布鲁克斯 (Brooks) 的合同还剩两年（分别为2210万美元和2090万美元）。
火箭队还需在6月29日之前决定是否执行弗雷德·范弗利特 (Fred VanVleet) 价值4490万美元的球队选项。火箭队关于范弗利特的决定将在交易中的财政灵活性以及留住自由球员史蒂文·亚当斯 (Steven Adams) 方面发挥重要作用。
火箭队在首轮对阵金州勇士队的系列赛中，当亚当斯与申京搭档时表现最佳。本赛季季后赛，当这两名球员同时在场时，休斯顿火箭队每百回合净胜30.7分，常规赛则是净胜30分。
若包含范弗利特、阿隆·霍勒迪 (Aaron Holiday) 的球队选项和乔克·兰代尔 (Jock Landale) 的非保障合同，火箭队恰好处于第一土豪线附近。
洛杉矶湖人队
“我认为当你在截止日做出一笔大交易，用你的首发中锋换来一名控球后卫时，这当然会给阵容带来重大问题，我们也看到了其中一些问题的显现。我们知道这个休赛期，我们的首要目标之一将是在前场中锋位置增加尺寸。”
—— 罗勃·佩林卡 (Rob Pelinka)，2025年5月
湖人队总经理罗勃·佩林卡 (Rob Pelinka) 曾试图在交易截止日前引进夏洛特黄蜂队中锋马克·威廉姆斯 (Mark Williams)，以便为卢卡·东契奇 (Luka Doncic) 提供一个空接威胁点，并帮助填补交易走安东尼·戴维斯 (Anthony Davis) 留下的空缺。但该交易因体检未通过而被取消。
虽然湖人队没有薪金空间签下迈尔斯·特纳 (Myles Turner) 等自由球员，但洛杉矶湖人队确实拥有一个2031年或2032年的首轮选秀权、五年的选秀权互换、2024年首轮新秀道尔顿·克内希特 (Dalton Knecht) 以及超过7000万美元的到期合同（奥斯汀·里夫斯 (Reaves)、多里安·芬尼-史密斯 (Dorian Finney-Smith)、八村塁 (Rui Hachimura)、马克西·克莱伯 (Maxi Kleber) 和加布·文森特 (Gabe Vincent)），可用于交易。
湖人队将继续在勒布朗·詹姆斯 (LeBron James) 仍在阵中时兼顾“即战力”方针，同时围绕卢卡·东契奇建立可持续发展的未来阵容。东契奇有资格在8月2日签下一份为期四年、价值2.29亿美元的续约合同。
密尔沃基雄鹿队
“我没有第二个总冠军——我回顾我的职业生涯，每个人都可以说，‘哦，不可思议的职业生涯，现役名人堂成员，首轮票选入选，诸如此类。’但对我个人而言，如果我无法帮助我的球队赢得第二个总冠军，我就辜负了自己。”
—— 扬尼斯·阿德托昆博 (Giannis Antetokounmpo)，2025年4月（通过Thanalysis播客）
雄鹿队将因两个原因成为今夏NBA世界的焦点。
ESPN的沙姆斯·查拉尼亚 (Shams Charania) 在5月中旬报道称，扬尼斯·阿德托昆博 (Giannis Antetokounmpo) 正在考虑他长期来看最适合留在雄鹿队还是去其他地方。
阿德托昆博的合同还剩三年，其中2027-28赛季为球员选项。这位30岁的两届MVP将有资格在2026年休赛期签下一份为期四年、价值2.934亿美元的续约合同——无论是与雄鹿队还是新球队。
和任何休赛期一样，密尔沃基雄鹿队面临着为这位前MVP再添一枚总冠军戒指的紧迫任务。
今夏提升这种薪资结构过于集中的阵容可能会很困难。密尔沃基雄鹿队无法交易多个首轮选秀权，目前只能送出其2031年或2032年的选秀权。阿德托昆博、达米安·利拉德 (Damian Lillard) 和凯尔·库兹马 (Kyle Kuzma) 三人的薪资总额将达到1.3亿美元，占雄鹿队下赛季1.64亿美元总薪资的绝大部分。
达米安·利拉德将于7月年满35岁，在从跟腱撕裂中恢复的同时，未来两个赛季球队还需支付他1.13亿美元的薪资。布鲁克·洛佩兹 (Lopez)、鲍比·波蒂斯 (Bobby Portis)、塔乌林·普林斯 (Taurean Prince)、小凯文·波特 (Kevin Porter Jr.) 和小加里·特伦特 (Gary Trent Jr.) 都可能在今夏成为自由球员。（波蒂斯和小波特拥有球员选项。）然而，也有积极的一面。密尔沃基雄鹿队不再处于财政困境，可以通过自由球员市场或交易进行补强。他们还身处一个开放的东部联盟，下赛季没有明显的夺冠热门。
奥兰多魔术队
“我们已准备好翻开重建的篇章，进入球队的下一个阶段，并以更注重‘即战力’的视角来看待问题。”
—— 杰夫·威尔特曼 (Jeff Weltman)，2025年4月
我们不想称杰夫·威尔特曼 (Jeff Weltman) 是保守的，但奥兰多魔术队的篮球运营主管最近一直试图在选秀、培养、留住人才以及竞争东部前六种子方面，小心翼翼地寻求平衡。
自2021年以来，奥兰多魔术队一直通过选秀进行建设。魔术队拥有联盟中选秀球员数量最多的球队（9名），而只有温德尔·卡特 (Wendell Carter Jr.) 和加里·哈里斯 (Gary Harris) 两名球员是通过交易获得的。这一策略暂时奏效，奥兰多魔术队连续两个赛季进入季后赛首轮。但他们两次都未能晋级，并且随着弗朗茨·瓦格纳 (Franz Wagner) 和杰伦·萨格斯 (Jalen Suggs) 续约合同即将生效的第一年，魔术队预计将超出奢侈税线和第一土豪线。
魔术队如何迈出下一步取决于杰夫·威尔特曼在球队保持健康情况下的调整，以及奥兰多魔术队能否竞争东部前四的种子席位。魔术队整个常规赛都遭遇伤病困扰，他们的四名主要得分手——保罗·班凯罗 (Paolo Banchero)、杰伦·萨格斯、弗朗茨·瓦格纳和莫里茨·瓦格纳 (Moritz Wagner)——每人至少缺席了20场比赛。以班凯罗、萨格斯和瓦格纳为核心的球队只共同出战了六场比赛，仅占魔术队总回合数的3%。
如果需要外部帮助，魔术队拥有选秀资产和合同，可以在今夏采取积极行动。魔术队成为自2016-17赛季俄克拉荷马城雷霆队以来，首支三分命中率联盟垫底却仍能进入季后赛的球队。他们不仅在今年选秀中有两个首轮签，并且未来七年内有能力交易多达四个首轮签。他们还有权每年互换首轮签。
菲尼克斯太阳队
“我希望我的职业生涯能以我的方式结束，这是唯一的事情。这是我唯一担心的事情。因为我看到很多球员没有得到那个机会，所以我希望继续努力，自己做出选择。”
—— 凯文·杜兰特 (Kevin Durant)，通过“德雷蒙德·格林 (Draymond Green) 与巴伦·戴维斯 (Baron Davis) 秀”
如果扬尼斯·阿德托昆博 (Giannis Antetokounmpo) 是今夏各队引援愿望清单上的1A，那么凯文·杜兰特 (Kevin Durant) 就是紧随其后的1B。
这位37岁的老将上赛季场均26.6分，位列NBA第六，生涯中除了新秀赛季，只有一次场均得分低于25分。
在经历两个表现不佳且代价高昂的赛季后，太阳队可能会重塑阵容，首先就是探索交易这位全明星球员。凯文·杜兰特正处于合同的最后一年，如果没有续约或交易，太阳队下赛季面临着白白失去他的风险。
有三个因素可能会影响菲尼克斯太阳队可能获得的交易包裹：
- 菲尼克斯太阳队能否降至第二土豪线以下，从而打包送出多份合同？或者降至第一土豪线以下，从而使用超过100%的交易特例？太阳队预计超出第二土豪线2500万美元，但如果科迪·马丁 (Cody Martin) 被裁（870万美元）、瓦西里耶·米西奇 (Vasilije Micic) 810万美元的球队选项被拒绝、以及布拉德利·比尔 (Bradley Beal) 的合同被买断，太阳队可以削减大量薪资。同样的土豪线规则也适用于有意引进凯文·杜兰特 5460万美元薪资的球队。
- 凯文·杜兰特是否愿意与他的新球队签下一份为期两年、价值1.12亿美元的续约合同？
- 交易得到凯文·杜兰特的球队是否仍有能力争夺总冠军？
圣安东尼奥马刺队
“这表明他们不想浪费时间，他们愿意及时迈出下一步。我们正在向前发展。我认为这是我们未来建设过程中的一个好开端。”
—— 文班亚马 (Victor Wembanyama)，2025年2月
与休斯顿火箭队类似，圣安东尼奥马刺队也符合引进第三位球星的要求——拥有选秀资产、年轻球员、大额合同以及注重“即战力”的阵容——以便在文班亚马 (Victor Wembanyama) 和迪亚伦·福克斯 (De’Aaron Fox) 身边再添一名明星球员。
圣安东尼奥马刺队不仅拥有两个乐透签，包括榜眼签，而且马刺队还有权在2026年与亚特兰大老鹰队互换首轮签，拥有老鹰队2027年无保护首轮签以及多个其他选秀权互换权利。马刺队还被允许交易其自身的两个首轮选秀权（2029年和2031年，或2030年和2032年）。马刺队拥有17个可交易的次轮选秀权。
他们还在财政灵活性方面具有优势，可以打包送出合同并在交易中吃下更多薪资。进入休赛期，圣安东尼奥马刺队分别低于两条土豪线3200万美元和4400万美元。不包括福克斯和文班亚马，马刺队有10名球员的薪资介于300万至2700万美元之间。
点击查看原文：NBA offseason 2025 - 10 teams to watch this summer
NBA offseason 2025 - 10 teams to watch this summer
If the 2025 NBA offseason resembles this season’s trade deadline, then there will be no shortage of storylines.
Earlier this season, in a one-week period leading into Feb. 6, All-Stars Luka Doncic, Jimmy Butler III, Zach LaVine and De’Aaron Fox were all traded. Now, the focus turns to Milwaukee Bucks big man Giannis Antetokounmpo, Phoenix Suns forward Kevin Durant and a number of stars with uncertain futures.
The Bucks and Suns are among the 10 teams we’re watching closely this summer – a list that also includes the 2024 champion Boston Celtics – that could change the landscape of the offseason.
Jump to a team:
Celtics | Nets | Nuggets
Warriors | Rockets | Lakers
Bucks | Magic | Suns | Spurs
Boston Celtics
“The CBA has been well known for years. So there are penalties associated with being at certain levels, and we know that. You just weigh that. You weigh where we are. You weigh everything else, then you make those decisions.”
– Brad Stevens, May 2025
Stevens, the Celtics’ president of basketball operations, is well aware of their $500 million projected payroll and the roster restrictions that come with being over the salary cap’s second apron.
However, unlike last season, when winning an NBA championship justified its high payroll, Boston’s roster is under the microscope after losing in the second round of the playoffs, during which superstar Jayson Tatum tore his Achilles.
The Celtics are $23 million over the second apron, and unless the Brooklyn Nets are willing to absorb the $30.7 million expiring contract of center Kristaps Porzingis, there is no direct path to getting under it with one singular trade. Shedding salary will likely happen in multiple moves.
Considering that Tatum, Jaylen Brown and Derrick White are under contract through at least the 2028-29 season, Boston has to balance cutting costs with its championship goals.
Boston’s roster restrictions if it remains over the second apron include the inability to:
- Aggregate contracts sent out in a trade
- Use more than 100% of the traded player exception
- Send out cash
- Use a preexisting trade exception
- Sign a waived player with a salary of at least $14.1 million
The Celtics’ 2033 first-round pick will become frozen (their 2032 pick is already) if they finish the 2025-26 over the second apron.
Brooklyn Nets
“If you’re going after max-level talent, they have to automatically and absolutely change the trajectory of your team. This can’t be like let’s go get this [guy] and lock ourselves into being a 6-7 seed. When we go all-in, you’re going in to compete at the highest level and contend.”
– Sean Marks, April 2025
The Nets have two things no other team has this offseason: four first-round picks in June and more than $40 million in cap space.
However, unlike the 2019 offseason when Durant and Kyrie Irving signed as free agents, the current roster is not championship ready, even with the addition of an All-NBA player.
Therefore, Brooklyn is a candidate to sign free agents to bloated contracts (similar to what the Indiana Pacers did with Bruce Brown in 2023), take back salary in exchange for draft picks and target restricted free agents with an offer sheet.
Brooklyn is not allowed to use most of its available cap space in the regular season. Teams have to spend 90% of the salary cap by the first day of the regular season. Including its four firsts, Brooklyn has $79 million in salary and will need to spend an additional $60 million.
Denver Nuggets
“We definitely need to figure out a way to get more depth. It seems like the teams that have longer rotations, the longer benches, are the ones who are winning. Indiana, OKC, Minnesota.”
– Nikola Jokic, May 2025
Comments from the three-time MVP did not catch Nuggets president Josh Kroenke off guard. “I heard Jokic’s comments loud and clear. I mean, I think that I was thinking that before those words came out of his mouth,” he said last month.
Jokic has three years left on his contract, and there’s a sense of urgency to improve the roster, specifically the bench. The Nuggets’ starters averaged 94.4 points in the regular season, the most by any team since the 1986-87 season, per ESPN Research.
The Nuggets have three options to strengthen their depth.
- Develop former draft picks Jalen Pickett, Peyton Watson, Julian Strawther, Hunter Tyson and DaRon Holmes into consistent rotational players.
- Via trades. Because Denver has one first-round pick in 2031 or 2032 available, its lone tangible asset is Michael Porter Jr. The forward averaged a career-high 18.2 points this season and is owed $38.3 and $40.8 million, respectively, in the next two seasons. Denver also has the combined $13.5 million in salary of Zeke Nnaji and Dario Saric. Because Denver is projected to be a first apron team, it’s not allowed to take back salary in a trade.
- Via free agency. This path seems unlikely as the Nuggets are top heavy with the salaries of Jokic, Jamal Murray, Porter and Aaron Gordon comprising 82% of their total payroll. Plus, the first year of Murray’s extension puts Denver over the first apron again. Unless a trade materializes to clear out salary, Denver has only the veterans minimum exception available.
Golden State Warriors
“We’re good at giving up whatever it takes. It just depends on how good we think that will make our team. I think the only issue with mortgaging the future is you just don’t want to get caught. I don’t want to get caught in a situation where we give up a ton, put all our chips in, and then 10 games into the season, we have a catastrophic injury, there’s nowhere to go and then we’re stuck for four or five years.”
– Mike Dunleavy Jr., May 2025
Golden State general manager Dunleavy has the draft assets to go all-in.
The Warriors are allowed to trade up to four first-round picks starting the night of the draft: 2026, 2028, 2030 (if 1-20) and 2032. They also have the right to swap firsts in the next seven years if their 2030 pick is in the top 20.
But the issue will be whether the Warriors can put together a salary package that is substantial enough for a trade without including Draymond Green or Jimmy Butler III. Curry, Butler and Green comprise 85% of Golden State’s payroll. The remaining six players under contract will earn a total of $30 million next season. The salary constraints are why Jonathan Kuminga plays a critical part in the Warriors’ offseason.
The Warriors are expected to tender him a $7.9 million one-year qualifying offer, making him a restricted free agent. With Brooklyn as the only team to offer a starting salary of $20 million or more (Golden State would have the right to match), the best option could be exploring a sign-and-trade.
There are two challenges in a sign-and-trade besides Kuminga having to sign at least a three-year contract with the first season guaranteed. First, only 50% of Kuminga’s outgoing salary is used in a trade, not the full amount. (For example, if the salary in the first year is $30 million, $15 million counts as outgoing salary and $30 million is incoming for the acquiring team.)
Golden State is also $25 million below the first apron. It would not be allowed to trade for a player earning more than that amount unless additional salary is included.
Houston Rockets
“I think continuity for continuity’s sake isn’t what we’re trying to achieve. Continuity is great, but the goal ultimately is to build a championship team. And if we think that there’s a move or a series of moves that make it more likely we will be that then, then we would ignore continuity, and we do those moves.”
– Rafael Stone (via Houston Chronicle)
If the Rockets’ GM is willing to forsake continuity to acquire an All-NBA player, then expect them to be aggressive this offseason.
Houston checks the three most important boxes to acquire a superstar:
- Draft equity: Houston has five tradeable firsts in the next seven years, including the 10th pick in this year’s draft and unprotected firsts in 2027 (Phoenix) and 2029 (Phoenix or Dallas). The Rockets can also trade first-round picks in 2028, 2030 and 2032.
- Controllable contracts: The Rockets have five players – Jabari Smith Jr., Tari Eason, Reed Sheppard, Cam Whitmore and Amen Thompson – on first-round rookie contracts.
- Sizable contracts: Alperen Sengun and Jalen Green signed rookie extensions last October. The poison pill restriction in their contracts gets lifted July 1, making them trade eligible. Both players are set to earn $33 million next season. Brooks has two years left on his contract ($22.1 million and $20.9 million).
The Rockets also have until June 29 to exercise Fred VanVleet’s $44.9 million team option. Houston’s decision on VanVleet will play an important role in its financial flexibility in trades and retaining free agent Steven Adams.
The Rockets were at their best in their first-round series against Golden State when Adams was paired with Sengun. When both players were on the court this postseason, Houston was a plus-30.7 points per 100 possessions compared to plus-30 in the regular season.
Houston is right at the first apron when including the team options of VanVleet, Aaron Holiday and non-guaranteed contract of Jock Landale.
Los Angeles Lakers
“I think when you make a huge trade at the deadline where you trade your starting center for a point guard, of course, that’s going to create significant issues with the roster, and we saw some of those play out. We know this offseason, one of our primary goals is going to be to add size in our frontcourt at the center position.”
– Rob Pelinka, May 2025
Lakers GM Pelinka tried to acquire Charlotte Hornets center Mark Williams at the deadline to provide Luka Doncic with a lob threat and help fill the hole made by trading away Anthony Davis. But the trade was rescinded after a failed physical.
While the Lakers do not have cap space to sign free agent Myles Turner, for example, Los Angeles does have a 2031 or 2032 first-round pick, five years of pick swaps, 2024 first-round pick Dalton Knecht and over $70 million in expiring contracts (Reaves, Dorian Finney-Smith, Rui Hachimura, Maxi Kleber and Gabe Vincent) to use in a trade.
The Lakers will continue to juggle a win-now approach with LeBron James on the roster and building a sustainable roster for the future centered around Doncic. He is eligible to sign a four-year, $229 million extension on Aug. 2.
Milwaukee Bucks
“Me not having a second championship – I look back at my career and everybody can say, 'Oh, incredible career, active Hall of Famer, first ballot, whatever. But me, my personal goal, if I am not able to help my team win a second ring, I’m letting down myself.”
– Giannis Antetokounmpo, April 2025 (via Thanalysis podcast)
The Bucks will be the center of the NBA universe this offseason for two reasons.
ESPN’s Shams Charania reported in mid-May that Antetokounmpo is open to exploring whether his best long-term fit is remaining with the Bucks or elsewhere.
Antetokounmpo is under contract for the next three seasons, with 2027-28 as a player option. The 30-year-old two-time MVP will be eligible to sign a four-year, $293.4 million extension in the 2026 offseason – either with the Bucks or a new team.
And like any offseason, Milwaukee is on the clock to put a championship around the former MVP.
Improving the top-heavy roster could prove difficult this summer. Milwaukee cannot trade multiple first-round picks and currently can move only its 2031 or 2032 pick. Antetokounmpo, Damian Lillard and Kyle Kuzma will earn a combined $130 million of the Bucks’ $164 million in payroll next season.
Lillard will turn 35 in July and is owed $113 million over the next two seasons while recovering from a torn Achilles. Lopez, Bobby Portis, Taurean Prince, Kevin Porter Jr. and Gary Trent Jr. all could become free agents this summer. (Portis and Porter have player options.) There are positives, however. Milwaukee is no longer in financial purgatory and can add in free agency or via trade. It also plays in a wide-open Eastern Conference, where there is no prohibitive favorite next season.
Orlando Magic
“We’re ready to kind of turn the page on our rebuild and enter the next stage of our team and look at it through a more win-now lens.”
– Jeff Weltman, April 2025
We don’t want to call Weltman conservative, but Orlando’s head of basketball operations has attempted to thread the needle in drafting, developing, retaining and competing for a top-six seed in the Eastern Conference recently.
Since 2021, Orlando has built through the draft. The Magic have a league-high nine players selected in the draft and only two – Wendell Carter Jr. and Gary Harris – acquired via trade. The strategy has temporarily worked, with Orlando reaching the first round of the playoffs in consecutive seasons. But it has also failed to advance both times, and with the first years of Franz Wagner and Jalen Suggs’ extensions set to begin, the Magic project to be over the luxury tax and first apron.
How the Magic take the next step depends on Weltman’s adjustment when healthy, and whether Orlando can compete for a top-four seed in the Eastern Conference. The Magic went through the regular season with their top four scorers – Paolo Banchero, Suggs, Franz Wagner and Moritz Wagner – each missing at least 20 games. The team’s core of Banchero, Suggs and Wagner played just six games together and 3% of Orlando’s possessions.
The Magic have the draft assets and contracts to be aggressive this offseason if additional help is needed from the outside. The Magic became the first team since the 2016-17 Oklahoma City Thunder to rank last in 3-point percentage and reach the postseason. Not only do they have two firsts in this year’s draft, but the ability to trade up to four in the next seven years. They also have the right to swap firsts each season.
Phoenix Suns
“I want my career to end on my terms, that’s the only thing. That’s the only thing I’m worried about. 'Cause I see a lot of dudes that don’t get that opportunity, so I want to keep putting in that work to make that choice on my own.”
– Kevin Durant, via “The Draymond Green Show with Baron Davis”
If Antetokounmpo is 1A on teams’ wish lists this offseason, then Durant is a close 1B.
The 37-year-old averaged 26.6 points last season, sixth most in the NBA, and has averaged fewer than 25 points only once, his rookie season.
After two underachieving and expensive seasons, the Suns will likely reset their roster, starting with exploring trades for the All-Star. Durant is in the last year of his contract, and without an extension or trade, the Suns risk losing him for nothing next offseason.
There are three factors that could play a role in the trade package Phoenix could receive:
- Can Phoenix drop below the second apron to aggregate contracts sent out? Or below the first apron to use more than 100% of the traded player exception? The Suns are a projected $25 million over the second apron but could shed significant salary if Cody Martin ($8.7 million) is waived, Vasilije Micic’s $8.1 million team option is declined and Bradley Beal is bought out of his contract. The same apron rules apply to teams interested in acquiring Durant’s $54.6 million salary.
- Is Durant willing to sign a two-year, $112 million extension with his new team?
- Is the team trading for Durant still in position to compete for a championship?
San Antonio Spurs
“It just shows that they’re not here to waste time and they’re willing to take the next step on time. We’re moving forward. I think it’s a good step in the building of our future.”
– Victor Wembanyama, February 2025
Like Houston, San Antonio fits the requirements – draft assets, young players, sizable contracts and a win-now roster – to add a third star next to Wembanyama and De’Aaron Fox.
Not only does San Antonio have two picks in the lottery, including No. 2, but the Spurs also have the right to swap firsts with the Atlanta Hawks in 2026, the Hawks’ unprotected first in 2027 and multiple other pick swaps. The Spurs are also allowed to trade two of their own first-round picks (2029 and 2031 or 2030 and 2032). The Spurs have 17 second-rounders available to trade.
They also have an advantage of financial flexibility to aggregate contracts sent out and take back more salary in a trade. Entering the offseason, San Antonio is $32 and $44 million below both respective aprons. Not including Fox and Wembanyama, the Spurs have 10 players earning between $3 to $27 million.
By Bobby Marks | ESPN, via ESPN