The Bucks tip off in Washington over the $165.0M cap and below the $200.4M tax, with Pete Nance's $2.5M the latest addition. The harder questions are a year out: Ryan Rollins's future, Lillard's stretched money and a set of picks built mostly on swaps.
This summer
This cap sheet was drawn up in June. On June 23 Milwaukee sent Giannis Antetokounmpo and Bobby Portis to Miami for Tyler Herro, Jaime Jaquez Jr., Kel'el Ware and Kasparas Jakucionis. Herro now carries the top salary at $33.0M. Myles Turner came over from Indiana at $26.6M. He was signed with room freed by stretching Damian Lillard, whose $22.5M, listed with a player option, is still the third-largest figure on the books.
October 17-19
Cutdown week cleared roster spots, not necessarily dollars. Milwaukee waived Jake Stephens, Johni Broome and Nance on October 17, then let Porter go on October 19. Porter's $5.4M, marked as a player option, still appears on the 2026-27 sheet, along with Vasilije Micic's $0.7M, though neither player is on the current roster.
October 20
Nance came back, and Hoops Rumors reported that he re-signed on two-way terms. His $2.5M left payroll at $191.4M: over the $165.0M cap, under the $200.4M tax line, with the first apron at $209.0M and the second at $221.7M. That is a real cushion but a modest one for a club that Jake Fischer reported on October 15 is exploring trades.
October 21
Ryan Rollins, last season's leading scorer at 17.3 points, earns $4.0M this season. Jim Owczarski wrote in the Milwaukee Journal Sentinel that because Rollins's deal gives him a player option, he cannot be extended early and will reach unrestricted free agency. The 2027-28 sheet shows that option at $4.0M. Pricing him correctly may be the decision this cap sheet is judged on.
Next summer
The 2027-28 sheet lists no figure for Herro, Kuzma, LeVert or Jaquez Jr. Turner rises to $27.9M, Lillard's $22.5M stays, Gary Trent Jr. climbs to $16.4M and AJ Green to $10.8M. The picks offer little help. Every first-rounder from 2027 through 2030 is a swap, the 2030 second is owed to Orlando, and only the 2027 second is fully Milwaukee's.
Are the Bucks over the luxury tax in 2026-27?
No. Payroll is $191.4M, over the $165.0M salary cap but under the $200.4M luxury tax line.
Does Milwaukee own its future first-round picks?
Not outright. Each Bucks first-rounder from 2027 through 2030 is listed as a swap, and the 2030 second-rounder is owed to Orlando.
