The Bucks carry $191.4M across 19 contracts, clear of the $165.0M salary cap and short of a luxury tax set at $200.4M. The real flexibility arrives a season from now, when several of this year's largest salaries no longer appear on the books.
This summer
On June 23 Milwaukee sent Giannis Antetokounmpo to Miami and took back Herro, Jakucionis, Jaquez and Ware, the deal that shapes this payroll. Herro is now the top salary at $33.0M. Myles Turner, at $26.6M, came over from Indiana with room created by stretching Damian Lillard, whose $22.5M player option sits on this season's books and reappears at the same figure in 2027-28.
September 23
That day brought the first report of a league inquiry into the trade for Gary Trent Jr., and nothing new has surfaced since. Trent is the fifth-largest salary at $15.2M and rises to $16.4M next season. He is one of the multi-year deals Milwaukee carries forward, along with Turner, who climbs to $27.9M, and AJ Green, who moves from $10.0M to $10.8M.
October 19 to 24
The Bucks waived Kevin Porter Jr. on October 19, but his $5.4M player option remains on this season's sheet. Five days later hoopsrumors reported that Milwaukee had turned down a potential Porter trade with the Nuggets, with no terms given. In the same stretch, the Warriors were reported to have contacted the Bucks and other teams about Porzingis. Neither story has gone any further.
This week
Behind the Buck Pass wrote that Kyle Kuzma is quietly positioning himself as a trade deadline target. His $20.3M is the fourth-biggest salary on the roster, and he has no figure on the 2027-28 sheet, which makes his contract the easiest large one to move. Through four games he is averaging 12.5 points and 8.5 rebounds for a 1-3 club.
Next season
The 2027-28 sheet carries no figure for Herro, Kuzma, Caris LeVert ($14.8M), Jaquez, Porter, Jericho Sims or Pete Nance. Most of the flexibility is there. What it cannot do is speed up a rebuild through the draft: Milwaukee's first-rounders from 2027 through 2030 are all swaps, its 2027 second is its own, and its 2030 second belongs to Orlando.
Are the Bucks over the luxury tax in 2026-27?
No. Their $191.4M payroll is above the $165.0M salary cap but below the luxury tax at $200.4M, and well short of the first apron at $209.0M.
Do the Bucks own their future first-round picks?
Not outright. Their first-rounders from 2027 through 2030 are all swaps, and their 2030 second-rounder is owed to Orlando.
