As the NBA trade deadline approaches on February 5, 2026, the Golden State Warriors are at the center of intense speculation regarding a potential blockbuster trade for Milwaukee Bucks superstar Giannis Antetokounmpo, while also grappling with the implications of Jimmy Butler’s recent season-ending injury. This dual storyline has raised critical questions about the team’s immediate competitiveness and long-term direction, with front-office decisions in the coming days likely to shape the franchise’s future.
The Warriors, currently holding a 27-22 record and sitting eighth in the Western Conference, face a pivotal week as the deadline nears. General manager Mike Dunleavy acknowledged that Butler’s ACL tear, suffered in late January, has shifted the team’s focus from fringe contention to a more future-oriented approach, though they remain active in exploring roster upgrades. This injury has forced a reassessment of trade priorities, with the Warriors now weighing aggressive moves against preserving assets for the post-Stephen Curry era.
Central to the trade rumors is Giannis Antetokounmpo, whose potential availability has become a league-wide topic after ESPN reported that Bucks GM Jon Horst is now willing to entertain offers. The Warriors have expressed firm interest in the two-time MVP, with league sources indicating they are prepared to offer a substantial package, including up to four first-round picks and young players like Jonathan Kuminga. However, Milwaukee is in no rush to deal, considering whether to act now or wait for a broader market in the offseason, where teams like the New York Knicks and Miami Heat could become more formidable suitors.
Butler’s injury has complicated the Warriors’ calculus, as his contract—valued at over $20 million annually—could serve as a key salary match in any Giannis trade. Dunleavy has stated that trading Butler is not envisioned, but in a scenario involving Antetokounmpo, everything is on the table. The team plans to keep Butler for his rehabilitation and return next season, believing he can still contribute to a contender, but his absence has reduced the urgency for win-now deals that might have been pursued earlier.
The Warriors’ trade assets include valuable draft picks, such as unprotected first-rounders in 2026, 2028, and 2032, along with controllable contracts like Kuminga and Brandin Podziemski. Kuminga, despite previous trade interest, may see an increased role post-Butler injury, as coach Steve Kerr confirmed he will have regular minutes in the rotation. Milwaukee has shown past interest in Kuminga, making him a potential centerpiece in any return package, though rival teams offer more established young talent.
If a Giannis deal fails to materialize, the Warriors are unlikely to pursue other blockbuster moves, with team sources downplaying interest in mid-tier players such as Michael Porter Jr. or Andrew Wiggins. Instead, they might focus on smaller adjustments, with New Orleans Pelicans wing Trey Murphy III mentioned as a target, though talks have stalled. The organization remains protective of draft picks beyond Curry’s career but is open to using them for a transformative player like Antetokounmpo, reflecting the high-stakes nature of this deadline.
The situation casts a shadow over the closing chapter of the Curry-Steve Kerr era, with Curry turning 38 in March and Kerr in the final year of his contract. Kerr has emphasized the importance of supporting Curry with additional help if possible, but cautions against sacrificing future flexibility for marginal gains. The Warriors’ performance in the coming weeks could influence off-season decisions, including Kerr’s future and the team’s strategic direction amid an evolving Western Conference landscape.
Amid this speculation, the NBA trade market is heating up, with today’s news including a three-team deal sending Dennis Schröder and Keon Ellis to the Cleveland Cavaliers, highlighting the flurry of activity as the deadline approaches. For the Warriors, the next few days will be critical in determining whether they secure a franchise-altering star in Giannis or pivot to a more conservative path, balancing immediate needs with long-term planning in a high-risk, high-reward environment.
