Counting Bucks: Milwaukee Bucks 2025 Offseason Cap Sheet

Forbes

10-05-2025

MILWAUKEE, WI - JANUARY 27: Jon Horst speaks to the media during an introductory press conference of ... More Doc Rivers as the new head coach of the Milwaukee Bucks on January 27, 2024, at Fiserv Forum in Milwaukee, WI. (Photo by Larry Radloff/Icon Sportswire via Getty Images)
The Milwaukee Bucks aren't completely underwater when it comes to their salary cap this offseason—but they're definitely treading water. And there's not much room to come up for air.
General manager Jon Horst once again has a tricky puzzle in front of him. He'll need to get creative—maybe even surgical—to build a championship-caliber roster around Giannis Antetokounmpo, especially with Damian Lillard likely sidelined for all or most of the upcoming season.
Let's start from the ground up: who's under contract, how much space is left, and what tools are in the Bucks' front-office toolbox.
Guaranteed Contracts (4)
These four contracts already have the Bucks boxed into a corner—four players eating up nearly 86 percent of the salary cap. That leaves just $55.3 million to fill out the other 11 roster spots.
As I broke down in the Bucks' Offseason Checklist, here's how the rest of the roster shapes up:
Player Options (3):
Non-Guaranteed Contracts (3):
Unrestricted Free Agents (4):
Restricted Free Agent (1):
Portis is likely to opt out in search of a longer-term deal—either with Milwaukee or elsewhere. Kevin Porter Jr. could follow suit. Pat Connaughton, on the other hand, is expected to opt in; it's unlikely he'll see that kind of money on the open market.
Milwaukee has some easy calls to make with its non-guaranteed deals. AJ Green and Andre Jackson Jr. are no-brainers to retain at those numbers. Chris Livingston, however, has yet to move the needle and may not be worth keeping around.
As for the free agents? It's a wide-open field. Anything can happen, and how the Bucks navigate that space will be telling.
Cap Tools Available:
It's a better toolkit than they've had in recent offseasons—but every tool comes with its own set of rules. Horst will have to work around those restrictions to squeeze out maximum value.
For example, the Bi-Annual Exception can only be used if the Bucks don't dip into cap space. The Non-Taxpayer Mid-Level Exception can be split among multiple players (which could help retain Trent Jr., Porter Jr., and Rollins—a potential home run). But using either exception would hard-cap the team at the first apron.
Then there's the Trade Exception created in the Khris Middleton deal with Washington. Milwaukee can use it to bring in a player. In a trade, they can also aggregate contracts or even take back more money in a deal. If they find the right trade partner, this could be a key piece in reshaping the roster. Unfortunately, that's a big 'if'.
It's going to be a delicate dance for Horst—one that requires finesse, foresight, and maybe a bit of financial sleight of hand. He has to prove to Giannis that the front office isn't punting on 2025-26. And he has to do it while filling seven roster spots with limited cash and assets.
Whether it's a blockbuster swing or a bargain-bin rebuild, one thing's certain: the Bucks' offseason is bound to be anything but boring.