The Milwaukee Bucks recently made a significant and unusual move by waiving guard Damian Lillard, who still had two years and $112.6 million left on his contract. They used the stretch provision, which means the team will spread out his remaining salary payments over the next five years. Lillard, who suffered an Achilles injury 65 days prior during the playoffs, is now set to become a free agent.
Simultaneously, the Bucks are reportedly signing center Myles Turner to a four-year contract worth $107 million (including a player option in the final year). Turner is expected to fill the void left by Brook Lopez, who reportedly signed with the Los Angeles Clippers. These transactions have major implications.
Understanding the Waive-and-Stretch Provision
The stretch provision is a mechanism teams use to gain immediate flexibility under the salary cap. It doesn`t reduce the total amount owed to a waived player but allows the team to spread the payments over a much longer period (more than twice the remaining contract years plus one).
Before this move, Lillard was due over $54 million next season and more than $58 million the following year (2026-27). Now, the Bucks will pay him $22.5 million annually until the 2029-30 season.
The Scale of Lillard`s Stretch: An Unprecedented Move
This move is highly unusual. It represents the largest waive-and-stretch transaction ever seen in the league.
Lillard`s contract was so large it nearly exceeded the limits of the stretch provision, which caps the amount at 15% of the salary cap for a given year (about $23.2 million in 2025-26). For example, the Phoenix Suns reportedly cannot stretch Bradley Beal`s contract unless he agrees to significantly reduce his pay, due to this limit.
A notable previous use of the stretch was by the Charlotte Hornets five years ago, who stretched Nicolas Batum`s final year ($27 million) into $9 million per season over three years, freeing up space to sign Gordon Hayward.
Is Turner the Key Addition Enabled by the Move?
Partially, yes. However, simply waiving Lillard wasn`t enough to create the necessary salary cap space for Turner`s contract. The Bucks also reportedly traded Pat Connaughton`s $9.4 million expiring contract and two future second-round picks (2031 and 2032) to the Charlotte Hornets for Vasilije Micić.
This trade appears contingent on Micić leaving the NBA for Europe and relinquishing a significant portion of his $8.1 million salary, allowing the Bucks just enough room under the cap to sign Turner. Reports suggest if Micić waives around $6 million, the Bucks can finalize the Turner signing, potentially even stretching Micić`s remaining minimal salary.
Lillard`s Future After Being Waived
While Lillard is unlikely to play next season due to injury, he is still eligible to sign with a new team this summer as a free agent.
Two years ago, before his trade to Milwaukee, his preferred destination was widely reported to be the Miami Heat. At that time, the Heat were fresh off an NBA Finals appearance, unlike their current situation (a losing record last season and no longer having Jimmy Butler). It`s unclear if Miami remains an attractive option for him or if the Heat view a player who will be 36 by the 2026-27 season as fitting their future plans. We should learn more soon.
This outcome is certainly not what Lillard expected for his time in Milwaukee. Despite the unusual circumstances, the positive aspect for him is the freedom to choose his next team. Because the Bucks are still paying him a substantial amount via the stretch provision, he isn`t financially pressured to sign with a team that has significant cap space. Reports indicate he is “elated” by the situation.
Assessing the Strategic Value for the Bucks
To evaluate this decision, consider the alternatives. Once Lillard suffered his Achilles injury, his trade value essentially vanished.
While some suggested a potential swap for Bradley Beal, Beal has a no-trade clause, and it`s uncertain if the Suns, aiming for competitiveness, would have considered such a deal. Assuming a trade wasn`t feasible, the Bucks faced difficulty replacing Brook Lopez immediately.
Although the team has reportedly made several other signings (Gary Harris, re-signing Gary Trent Jr., Taurean Prince, Bobby Portis, Kevin Porter Jr., and Jericho Sims), playing next season without both Lopez and Lillard would have left them severely lacking in rim protection, potentially hindering their competitiveness even in a weaker Eastern Conference.
Their options without this move would have included attempting to trade Lillard next summer, using the stretch provision then (which would spread payments over three years instead of five), or simply letting him play out his existing contract.
The rationale behind waiving Lillard and acquiring Turner is clear: Given reports that Giannis Antetokounmpo was “considering his future and whether his best fit was with the Bucks moving forward,” the team needed to make a significant move to demonstrate their commitment to competing and ensure the 2025-26 season wasn`t lost (the alternative being trading Giannis and rebuilding, which they reportedly don`t intend to do).
If they were going to make such a move, Turner is a logical fit alongside Antetokounmpo, offering valuable skills as a shot-blocking, floor-spacing center – a rare combination.
The Significant Risks Involved
This strategy carries immense risk. It`s notable that no team has ever voluntarily taken on this amount of “dead money” (salary paid to a player no longer on the roster).
The decision is even more surprising given that most NBA teams are being cautious with payroll due to the strict rules of the new collective bargaining agreement.
In a sense, the Bucks` move mirrors the Denver Nuggets` recent trade – both prioritized immediate competitiveness for their star player. However, the crucial difference is that Denver`s deal gained financial flexibility by trading a future draft pick, whereas Milwaukee gained short-term flexibility at the cost of significant long-term financial constraints.
This leads to the main critique of these moves: The Bucks might not be close enough to championship contention for this gamble to be worthwhile.
While the front office showed creativity in generating space to sign a key free agent like Turner seemingly out of nothing, there`s little concrete evidence that substituting Lillard and Lopez with Turner and Harris will elevate Milwaukee to title-winning status.
Last season, the Bucks finished 48-34 with a net rating (point differential per 100 possessions excluding garbage time) that ranked 12th in the league. While Turner`s skills allow the team to maintain a similar style of play to Lopez, his addition doesn`t guarantee improved performance.
The desperation evident in this move reflects the high stakes involved. If next season proves disappointing, the Bucks` future path becomes unclear.
The team must understand that if Antetokounmpo remains with the team in 2027-28 and beyond, the significant “dead money” payments to Lillard will severely limit their ability to build a strong supporting roster around him. Perhaps the team concluded that without making this bold move, there was already a high likelihood Antetokounmpo wouldn`t be with them long-term anyway.
Antetokounmpo`s Stance and Future Speculation
The Bucks` decision to make this move, despite its long-term financial implications, suggests they believe it will secure Antetokounmpo`s future with the team. However, reports on his reaction are mixed.
Chris Haynes reported that Antetokounmpo was unhappy with how Lillard`s waiving was handled, stating Giannis “just didn`t like how it was handled” and implying Lillard was blindsided by the news.
Conversely, ESPN reported that both Turner and Antetokounmpo appreciated the prospect of playing together.
As of Tuesday afternoon, Antetokounmpo`s only public comment was regarding Brook Lopez`s jersey retirement.
Even if he were to publicly express full support for the front office`s actions and commit to not requesting a trade this summer, it would likely only provide temporary calm. Speculation about his future is expected to resurface the moment the team faces difficulties.
Some teams hoping to acquire Antetokounmpo may now feel their chances have improved. A critical view of the Bucks` bold maneuvers is that they have merely postponed a potential Antetokounmpo trade while simultaneously making it more likely in the future.
Jasper Hawthorne