Examining Bucks' Salary Cap, Decisions for 2025 NBA Free Agency After Loss to Pacers

The Milwaukee Bucks rarely felt like legitimate title contenders this season. However, they did manage to make the playoffs for the ninth straight year—even if this wasn't the season most expected.

Last year's hiring of coach Doc Rivers brought plenty of excitement to Milwaukee, but that excitement quickly faded during the team's early struggles this season. Then a deep-vein thrombosis sidelined Damian Lillard late in the year. Lillard returned to the court for the playoffs, but all hope was essentially lost when the veteran suffered a torn Achilles against the Pacers.

Giannis Antetokounmpo, Kyle Kuzma, Brook Lopez and Co. were still enough to push Milwaukee into the postseason proper, but now that the Bucks' playoff run has ended, though, Rivers and general manager Jon Horst may face some tough offseason decisions.

Here, you'll find a look at the Bucks' salary cap situation entering the offseason, their biggest looming contract decisions and some potential players to target in 2025 free agency, which will begin on July 6.

Though Milwaukee has both Antetokounmpo and Lillard on max deals, it should have a fair amount of financial flexibility this offseason. In all, the Bucks are projected to be $28.2 million below the first luxury-tax apron and $40 million below the second apron.

The potential issue is that Horst may have to work to build a deep roster around Antetokounmpo and Kyle Kuzma, who was acquired in the Khris Middleton trade.

Aside from those two, plus the injured Lillard, the Bucks only have A.J. Green, Andre Jackson Jr., Chris Livingston and Tyler Smith under contract for next season. Jamaree Bouyea and Pete Nance are set to be on two-way contracts.

The February trade of Middleton erased his $34 million player option from the Bucks' books, but Milwaukee has three other impending player options to navigate, along with a handful of key free agents.

Keeping the proverbial band together could prove difficult this offseason. Brook Lopez headlines a noteworthy group of unrestricted free agents that also includes Gary Trent Jr., Taurean Prince and Jericho Sims.

Additionally, Pat Connaughton, Kevin Porter Jr. and Bobby Portis have player options for the 2025-26 season. Portis' situation could be particularly interesting, as he served a 25-game suspension after testing positive for the painkiller Tramadol but returned to give the Bucks a late-season boost.

"I think that he is a huge part of our identity, our mood and feeling out there on the court," Kuzma said after Portis' return, per Steve Megargee of the Associated Press. "I think he’s somebody that has just a certain amount of aura to him, tenacity that can ignite a group."

Portis' strong play down the stretch could give him an opportunity to cash in if he decides to opt out and test the market.

No matter what, the team will likely be hamstrung by the injury to Lillard, who will take up a big part of the salary cap without being able to contribute much, if anything, in 2025-26.

Milwaukee's flexibility in free agency will be heavily dictated by what happens with Porter and Lopez. Porter could get a sizeable extension if he opts out, and Lopez is likely to draw a lot of attention in free agency.

Lopez was the 10th-ranked player on B/R NBA analyst Eric Pincus' February list of top potential free agents.

Keeping both players shouldn't push the Bucks over the second apron, but it could put them in luxury-tax territory. If Horst is hoping to add another star to the mix, it'll likely need to happen via the trade market.

In free agency, Milwaukee should be interested in adding point-guard depth and another capable player to its frontcourt. Expect good role players like Tre Jones, Davion Mitchell (restricted), Trey Lyles and Thomas Bryant should draw interest from the Bucks.

Jaxson Hayes could be an interesting target following a strong campaign with the Los Angeles Lakers, and bringing back Malik Beasley for shooting help would be far from the worst idea.

Ultimately, a lot may hinge on whether the Bucks believe they can make a legitimate run next season. If not overly optimistic, Horst could make minimal moves while maintaining cap space for what is expected to be a stronger 2026 free-agent class.

*Cap and contract information via Spotrac.