The Milwaukee Bucks are entering into a new era after trading Giannis Antetokounmpo and Bobby Portis to the Miami Heat. 

The Bucks got younger in the trade, acquiring Tyler Herro, Jaime Jaquez Jr., Kel'el Ware, and Kasparas Jakučionis. 

They also picked up the number 13 pick in the 2026 NBA Draft (used to select Nate Ament), unprotected first-round picks in 2031 and 2033, a 2030 first-round pick swap, and a 2033 second-round pick to help solidify their future after losing their franchise superstar. 

Milwaukee might not be done adding in the offseason, as they are reportedly one of the teams interested in Denver Nuggets restricted free agent Peyton Watson. 

According to Marc Stein of the Stein Line newsletter, the Bucks have been one of the teams that have shown interest in Watson. The Los Angeles Clippers and Atlanta Hawks have also shown interest in the Nuggets wing. 

ESPN's Shams Charania adds that the Nuggets have lowered their asking price to one "high-level player" and one first-round draft pick. 

As it currently stands, because they are operating under the second apron, Denver can't take back any salary in a sign-and-trade for Watson, meaning they can only take back draft picks. The Bucks do not have the cap room to acquire Watson, but they do have a trade exception worth $25.4 million courtesy of the Giannis trade. 

However, the Bucks probably won't be keen on giving up picks for Watson and taking on his new salary without giving any players back to shed salary, as that would put them into the second apron, assuming Watson is making more than $24 million, or cost ownership a high tax bill for a team that likely won't make the playoffs. 

There are trade restrictions on newly acquired and recently signed players, so they can't be traded until September or even later, in the case of Ousmane Dieng and Gary Trent Jr. 

That leaves Denver with about three options to choose from: Kuzma ($20.4 million, expiring contract), Myles Turner (making $26.5 million, two years and a player option left), and Kevin Porter Jr ($5.3 million, expiring contract). 

Porter Jr's salary won't be enough to match what Watson will most likely get, and though Milwaukee could use the Giannis trade exception, it's again unlikely ownership will want to spend the extra money for a non-playoff team unless other moves are made. 

Denver likely has no interest in Turner and his contract, given that he'd be an expensive backup. 

The most likely scenario is Milwaukee trading Kyle Kuzma and a draft pick for Watson, which would be a great move for Milwaukee, but Denver might not be as engaged. 

First, Denver has to get below the second apron for any player to be involved in a deal for Watson.