How the Giannis Antetokounmpo trade moved the Miami Heat's championship odds

The Giannis Antetokounmpo sweepstakes finally came to an end late on Monday night, as the Milwaukee Bucks reached a deal to send him and Bobby Portis to the Miami Heat for a bevy of young players and draft capital, including three first-round picks.

Tyler Herro, center Kel'el Ware, forward Jaime Jaquez Jr. and second-year guard Kasparas Jakučionis are headed to Milwaukee, along with three first-round draft picks (including the No. 13 selection in the tonight's 2026 NBA Draft), one pick swap (2030) and a 2033 second-round selection.

The trade moved Miami into the upper tier of contenders by the odds, but oddsmakers have questions on the team's true contender status.

The Heat had 30-1 odds to win the 2026-27 NBA championship at multiple sportsbooks, and moved up to 18-1 after the deal. That moves them squarely into the fifth-best odds to win the title, behind favorites San Antonio and Oklahoma City (+260), Boston (+650) and the New York Knicks (+750). The Detroit Pistons, Denver Nuggets and Los Angeles Lakers are behind them at 25-1.

"I think the Heat have some more moves to do," Halvor Egeland, BetMGM risk manager, told Yahoo Sports. "The spacing will be tough on Bam [Adebayo] and Giannis. They've certainly become contenders in the East, but they'll need to figure out that roster ahead of the season if they want to be a legitimate title contender."

Miami moved to third-best odds (+650) to win the East, behind the Celtics (+240) and Knicks (+275). Boston's title odds were already high at sportsbooks, so the Celtics not landing Antetokounmpo only moved them back slightly from +550 to +650.

"I think it was a good deal for both the Heat and Bucks," Thomas Gable, sportsbook director at The Borgata in New Jersey, told Yahoo Sports on Tuesday morning. "The Heat have a formidable starting five now. Bucks have to rebuild and received plenty of picks and could always move Herro as well."

Antetokounmpo is tied with Anthony Edwards (14-1) for the fifth-best odds to win NBA MVP next season.