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Stephen A. Smith believes the Oklahoma City Thunder should think about a trade that sends Chet Holmgren and draft compensation to the Milwaukee Bucks in exchange for Giannis Antetokounmpo.

The Oklahoma City Thunder are looking for a second-straight NBA championship. However, the San Antonio Spurs are in the way and stole Game 1 of the Western Conference Finals.

A sense of panic may ensue in the Thunder organization. All of the high praise for the franchise over the past two seasons will come down to the matchup, and in Game 1, Chet Holmgren was quiet. In 41 minutes, Holmgren was limited to eight points, eight rebounds, and two blocks in the loss.

Could this call for the Thunder to re-address the five-year, $239.25 million extension that will activate starting next season for Holmgren? ESPN’s Stephen A. Smith believes they should and took the conversation to First Take on Tuesday morning.

Trade Pitch: Chet Holmgren to the Milwaukee Bucks in Exchange for Giannis Antetokounmpo

On First Take, Stephen A. Smith addressed Chet Holmgren’s struggling performance in Game 1 of the Western Conference Finals. Maybe the Thunder will be calling the Milwaukee Bucks this offseason if they are unable to advance to the Finals?

“In the event that Oklahoma City gets knocked off this postseason, primarily because of Chet Holmgren, who is due for a huge raise – he’s making $13 million now, and his new salary kicks in at $41 million next season,” Smith said. “What if I told you Oklahoma City would be willing to move Holmgren and one of those young guys – whether it’s Ajay Mitchell, Cason Wallace, Isaiah Joe, or someone else?”

“If anybody can afford to give up rotation players, it’s Oklahoma City. Add in two first-round picks and two second-round picks for Giannis Antetokounmpo – what would you say to that?”

Depth isn’t an issue for the Thunder, who had eight different players who played 20 or more minutes per game during the 2025-26 regular season. Adding Giannis Antetokounmpo to the roster in exchange for three Oklahoma City players would improve their already stacked roster.

The two-time NBA MVP is coming off an injury-riddled season but still averaged 27.6 points, 9.8 rebounds, and 5.4 assists per game in 36 contests. Numbers that still keep him among the top players in the league.

Understanding the Financial Side of a Deal Involving Giannis Antetokounmpo and Chet Holmgren

It’s already known that the Milwaukee Bucks are willing to take trade offers for Giannis Antetokounmpo, according to ESPN’s Shams Charania.

The Bucks superstar’s contract would be the complicated part of a deal like this. He’s in line for $58.45 million in 2026-27. That’s nearly $17 million more than Holmgren’s. However, adding an Ajay Mitchell, Cason Wallace, or Isaiah Joe would make for a smaller difference.

Draft assets, specifically two first-round and two second-round picks, would be icing on the cake for a potential Thunder-Bucks deal. Milwaukee is in line for a rebuild if Giannis Antetokounmpo is moved to a new team this summer.

Adding future draft picks is just as valuable as anything else. Oklahoma City, which holds the No. 12 and No. 17 overall selections in the 2026 NBA Draft, also holds multiple others for years to come.

Now, this is all hypothetical. What if Chet Holmgren and the Thunder can come back from the Game 1 loss, advance to the Finals, and win a second-straight championship? In that case, there would be no reason for Thunder general manager Sam Presti to try to fix something that isn’t broken.

Until then, it appears that Chet Holmgren may be on the hot seat. Adding Giannis Antetokounmpo to an already impressive Thunder roster is a compelling conversation that seems increasingly realistic.