RealGM Basketball Wiretap

17 October 2025

• Bucks Sign Jeremiah Tilmon; Waive John Butler, Stephen Thompson

  The Milwaukee Bucks have waived John Butler and Stephen Thompson. The Bucks also signed Jeremiah Tilmon. All three players were signed to Exhibit 10 contracts. Butler, Thompson and Tilmon are all expected to join the Wisconsin Herd for the upcoming G League season.

  Tilmon played for teams in China and South Korea last season. The 6-foot-10 big man averaged 5.8 points and 4.4 rebounds in 36 games across all competitions last season.

  The Bucks also completed the previously reported Exhibit 10 signing of veteran guard Johnny Davis.

• Bucks Agree To Deal With Johnny Davis

  The Miwaukee Bucks agreed to a contract with Johnny Davis on Wednesday.

  Davis, who was traded from the Wizards to the Grizzlies last year, finished the season with the Westchester Knicks.

  Davis averaged 2.4 points and 1.1 rebounds in 34 games last season with the Wizards.

  With two roster openings, the Bucks do not need to waive another player to sign Davis.

• AJ Green, Bucks Agree To Four-Year, $45M Deal

  AJ Green and the Milwaukee Bucks have agreed to a four-year, $45 million contract extension that is fully guaranteed. Green went undrafted out of Northern Iowa in 2022.

  Green is now under contract through the 2029-30 season.

  Green averaged 7.4 points, 2.4 rebounds and 1.5 assists in 22.7 minutes while shooting 42.7 percent on three-pointers last season.

• NBA Team Valuations Reach $5.51 Billion Average, Up 20 Percent From 2024

  The average NBA team is now worth $5.51 billion, up 20 percent year-over-year and 113 percent since 2022, according to Sportico's calculations. The collective value of all 30 franchises reached $165 billion, driven by a landmark $76 billion media rights agreement and strategic arena investments.

  Rick Welts, newly appointed Dallas Mavericks CEO, called the current moment unprecedented for league growth.

  "Never had a moment like this where you could be as optimistic as I am," Welts said in a video interview. "A lot of people are in this league, from an international perspective, from a media perspective, and I really feel like we have the best ahead of us."

  The Golden State Warriors maintained their five-year reign as the NBA's most valuable franchise at $11.33 billion, second globally only to the NFL's Dallas Cowboys at $12.8 billion. The Los Angeles Lakers jumped to second place at $10 billion after Mark Walter's pending acquisition at 16 times revenue, surpassing the New York Knicks at $9.85 billion. The average value-to-revenue multiple for the NBA is 13.5, ahead of the WNBA at 12.0, the NFL at 10.3 and MLS at 9.4.

  The Warriors' dominance stems from arena ownership, sponsorship revenue nearly double any other team, and their WNBA affiliate, the Golden State Valkyries, valued at $500 million. The Valkyries made history as the first expansion team to qualify for the playoffs in their inaugural season.

  The new media contract with Amazon, ESPN/ABC and NBC raises each team's annual television revenue from $103 million to $143 million, with seven-percent annual increases through 2036. The "get-in" price for franchise ownership-represented by the Memphis Grizzlies at $4 billion-has jumped 2.5 times since 2022, when it stood at $1.63 billion.

  Recent high-profile sales drove valuations across the board. The Boston Celtics sold for $6.1 billion in March, while the Lakers' pending deal at $10 billion set a new record for control sales in sports history. The Portland Trail Blazers agreement at $4.25 billion followed in August.

  The NBA is pursuing expansion in Europe in partnership with FIBA, potentially launching 16 teams with a fall 2027 tipoff. The league also plans to develop a Basketball Africa League with 12 teams and dedicated home arenas. Welts emphasized international opportunities as transformational for league economics.

  "The international opportunity is multiple of what the domestic U.S. sports market is," Welts said. "The technology will allow anybody, anywhere in the world to consume any NBA game."

  New arenas are under construction in Oklahoma City ($900 million, opening 2028) and Philadelphia (2030), with the Dallas Mavericks scouting sites following 24 years at the shared American Airlines Center.

  2025 NBA Team Valuations

  Rank	Team	2025 Valuation	1-Year Change
  1	Golden State Warriors	$11.33B	+24%
  2	Los Angeles Lakers	$10B	+24%
  3	New York Knicks	$9.85B	+19%
  4	Los Angeles Clippers	$6.72B	+18%
  5	Boston Celtics	$6.35B	+12%
  6	Brooklyn Nets	$6.22B	+9%
  7	Chicago Bulls	$6.12B	+10%
  8	Miami Heat	$6.03B	+21%
  9	Philadelphia 76ers	$5.61B	+23%
  10	Houston Rockets	$5.53B	+16%
  11	Dallas Mavericks	$5.24B	+17%
  12	Toronto Raptors	$5.22B	+12%
  13	Phoenix Suns	$5.09B	+18%
  14	Atlanta Hawks	$5.02B	+23%
  15	Sacramento Kings	$5B	+22%
  16	Cleveland Cavaliers	$4.86B	+23%
  17	Denver Nuggets	$4.8B	+18%
  18	Washington Wizards	$4.78B	+20%
  19	Indiana Pacers	$4.76B	+27%
  20	Milwaukee Bucks	$4.54B	+16%
  21	San Antonio Spurs	$4.5B	+19%
  22	Oklahoma City Thunder	$4.34B	+22%
  23	Utah Jazz	$4.27B	+16%
  24	Portland Trail Blazers	$4.25B	+18%
  25	Minnesota Timberwolves	$4.24B	+29%
  26	Orlando Magic	$4.21B	+22%
  27	Detroit Pistons	$4.17B	+21%
  28	Charlotte Hornets	$4.13B	+22%
  29	New Orleans Pelicans	$4.02B	+30%
  30	Memphis Grizzlies	$4B	+31%

• Chris Livingston Waived By Bucks

  Chris Livingston has been waived by the Milwaukee Bucks. Livingston had signed a guaranteed $2.3 million contract with the Bucks in the offseason, but the team has been facing a roster crunch before finalizing their 15-man roster.

  Amir Coffey is on a camp deal with the Bucks, while Andre Jackson Jr.'s contract becomes fully guaranteed if not waived by the start of the regular season.

  Livingston appeared in 21 games with the Bucks last season, averaging 1.4 points and 1.7 rebounds in 5.0 minutes. Livingston appeared in two preseason games where he averaged 8.5 points and 2.0 rebounds in 9.8 minutes.

  Livingston, who is represented by Brandon Cavanaugh and Rich Paul, was the 58th overall pick in 2023 out of Kentucky.

• Giannis Antetokounmpo Plans To Play 5-7 More NBA Seasons, Return To Greece Before Retiring

  Giannis Antetokounmpo has said he plans to play in the NBA another five to eight seasons before returning to Greece to finish his basketball career before retirement. Antetokounmpo is at a career crossroads as he enters his 13th season with the Milwaukee Bucks amid reports he could consider leaving the franchise via trade during the 2026 offseason depending on how competitive the team is in the Eastern Conference.

  "I'm 30 years old, I can play in the NBA until I'm 36-38. I'd like to end my career in a Greek team, why not?" Antetokounmpo said on ANT1's "The 2night Show," according to a translation by BasketNews. "I don't want to live in the United States. As soon as I leave the NBA, I want to return to Greece.

  "I could end my career here, whether this team is called Filathlitikos, Olympiacos, Panathinaikos, or Aris, I'm talking about all the teams now."

  Antetokounmpo can become a free agent in 2027.

• Bucks Waive Cormac Ryan

  The Milwaukee Bucks waived guard Cormac Ryan. The Bucks had signed Ryan to a non-guaranteed Exhibit 10 contract. Ryan is expected to join the Wisconsin Herd for the upcoming G League season.

  Milwaukee's roster stands at 20 players, after they waived Jamaree Bouyea from his two-way deal to sign Alex Antetokounmpo. The Bucks have Amir Coffey on a non-guaranteed Exhibit 9 contract. Milwaukee will also have to waive at least one player with a fully or partially guaranteed contract to get into regular season roster compliance.

• Bucks Sign Alex Antetokounmpo To Two-Way Deal, Waive Jamaree Bouyea

  The Milwaukee Bucks have agreed to sign Alex Antetokounmpo to a Two-Way contract and waive Jamaree Bouyea to create a roster spot. The Bucks now have Giannis, Thanasis and Alex Antetokounmpo on their roster, which is the first time three siblings have played together in NBA history.

  Alex Antetokounmpo, who is represented by Alex Saratsis, has been playing in Europe since 2024 after his time in the G League beginning in 2021. Alex Antetokounmpo has played for Raptors 905 and the Bucks' G League team.

  Alex Antetokounmpo had appeared in one game this season with Aris Midea Thessaloniki. Last season, Alex Antetokounmpo appeared in 29 games in Europe, averaging 1.6 points and 1.2 rebounds in 5.0 minutes.

  Giannis Antetokounmpo has an uncertain future with the Bucks as he enters the 2025-26 season, but he will have the opportunity to play two of his brothers.

• Knicks Made Jalen Brunson 'Untouchable' In Giannis Antetokounmpo Talks With Bucks

  The New York Knicks will not consider trading Jalen Brunson in any deal involving Giannis Antetokounmpo, sources have told Sam Amick of The Athletic. Brunson was deemed "untouchable" when the Knicks and Milwaukee Bucks spoke in August about a potential trade.

  Brunson signed with the Knicks during the 2022 offseason and became an All-NBA player and one of the most popular stars in franchise history. Brunson signed an extension in 2024 for approximately $113 million less than he could have signed for had he waited until 2025. The Knicks believe having Brunson on his discounted four-year, $156.5 million extension will allow them to outlast their rivals that are contending with second apron issues.

  Brunson's role could change this season under Mike Brown as the new head coach attempts to instill more ball movement and a more egalitarian offense compared to the way the point guard operated under Tom Thibodeau.

  The Knicks likely built their trade offer to the Bucks for Antetokounmpo around some combination of Karl-Anthony Towns, OG Anunoby and Mitchell Robinson. Mikal Bridges was ineligible to be traded in August, but could be part of their next conversations.

  Antetokounmpo has sent mixed messages about his future with the Bucks.

• Giannis Antetokounmpo Remains 'Locked In' With Bucks, Reserves Right To 'Change Mind' In Future

  Giannis Antetokounmpo was asked to respond to Shams Charania's report about him exploring his options beyond the Milwaukee Bucks this offseason and his interest in the New York Knicks.

  "First of all, I haven't read that story," said Charania. "When the season starts, I try to get off social media and I try to focus on my craft and the team, but yeah, I've said this many times, I want to be in a situation that I can win and now I'm here. I believe in this team. I believe in my teammates. I'm here to lead this team to wherever we can go and it's definitely going to be hard. We're going to take it day-by-day, but I'm here. So, all the other extra stuff does not matter.

  "I think I've communicated with my teammates, communicated with the people I respect and love that the moment I step on this court or in this facility I wear this jersey, the rest does not matter. I'm locked into whatever I have in front of me.

  "Now, if in six, seven months, I change my mind I think that's human too, you're allowed to make any decision you want, but I'm locked in. I'm locked in to this team. I'm locked in to these guys, to this group and to this coaching staff and to myself."

  Antetokounmpo will become eligible for a four-year, $275 million extension on October 1, 2026. Antetokounmpo can become a free agent in 2027 for the first time in his career if he does not sign an extension.