Examining Bucks' Salary Cap, Decisions for 2024 NBA Free Agency After Playoff Loss

It was a strange season for the Milwaukee Bucks, which ended with a first-round playoff exit against the Indiana Pacers.

In January, general manager Jon Horst made the unexpected decision to dismiss head coach Adrian Griffin shortly before the equally unexpected hiring of Doc Rivers. That series of events was preceded by a September trade for standout guard Damian Lillard.

Notable coaching and roster changes aside, though, the Bucks were always expected to be contenders with a healthy Giannis Antetokounmpo at the helm. Milwaukee couldn't match the consistency of the Boston Celtics, but it was still one of the conference's best teams during the regular season, finishing with the No. 3 seed.

Unfortunately, injuries to Giannis Antetokounmpo and Damian Lillard hurt the team's chances of a deep playoff run.

The 2024-25 season should carry high expectations, but now that Milwaukee's postseason is over, Horst and Rivers have work to accomplish.

Here, we'll dive into the Bucks' salary cap outlook, top impending contract decisions and some potential top targets for 2024 free agency.

The Bucks are set to enter free agency with 10 players under contract, including Antetokounmpo, Lillard, Khris Middleton and Brook Lopez. Malik Beasley is the only regular starter scheduled for free agency. He, Jae Crowder and Patrick Beverley are arguably the two most important.

While most of the Bucks' core is under contract, they're not keeping the band together at a bargain. Antetokounmpo is set to carry a cap hit of $48.8 million, while Lillard will be equally pricey if he opts in.

All of this leaves Milwaukee facing a $66.4 million practical cap deficit, though the Bucks do have some breathing room ($1.9 million) below the second luxury tax apron.

The latter piece is important because the new collective bargaining agreement includes trade restrictions for teams above the second apron that will go into effect this summer. This doesn't mean that the Bucks will be active in the trade market, but they won't be as limited as teams like Boston and the Denver Nuggets.

Milwaukee took care of its biggest contract decision when Antetokounmpo agreed to a three-year max extension in October. The 29-year-old superstar could have signed a four-year extension this summer had he waited, but he didn't.

"Milwaukee is where I started my career, it's our home, it's where we're raising our family, and it's where I'm going to continue to work hard every day to make Bucks fans proud," Antetokounmpo said in a statement.

With Antetokounmpo's future secured, the Bucks' biggest remaining decisions will involve Beverley, Crowder and Beasley.

Beverley, who was acquired in a deadline trade with the Philadelphia 76ers, is a fine role player but hasn't stuck with any one team in recent seasons. He and the 33-year-old Crowder may be viewed as expendable.

It's a different story for Beasley, however. He has given Milwaukee a premier range threat and won't turn 28 until November. Retaining the valuable floor-spacer would make plenty of sense, as he remains in his prime. However, it could be costly.

Beasley joined the Bucks on a one-year minimum deal, and he'll be due a substantial raise in free agency if he wants it. Of course, money was never his motivation for signing with Milwaukee.

"What I saw here was stability and a family type of vibe, and I wanted that from my own family, I wanted that from myself to become a better player," Beasley told the Thanalysis podcast (h/t Matthew Dugandzic of FanNation).

Ideally, the Bucks will convince Beasley to return on another team-friendly deal.

Horst is known for taking an aggressive approach to the offseason, but because of Milwaukee's cap situation, free agency may not be a thrilling time for fans.

Expect much of the focus to be on retaining players like Beasley and Beverley—Wesley Matthews and Thanasis Antetokounmpo are also impending free agents. Otherwise, the Bucks may be scouring the landscape for more players open to the veteran minimum, as Beasley was last offseason.

Ideally, Milwaukee will find some additional shooting and/or defense for its second unit. Phoenix Suns guard Eric Gordon, who has a player option for next season, could help with the former goal.

Gordon is still a solid spot-up shooter who can start in a pinch. He'll turn 36 in December and could be interested in joining a presumed title contender like Milwaukee. Gordon's player option has a base salary of just $3.4 million, so he may not be all that averse to opting out and signing a minimum contract.

Taurean Prince is a 3-and-D specialist who might also interest the Bucks as a Crowder replacement, and he's set to be an unrestricted free agent. After playing on a one-year, $4.5 million deal and having a fairly prominent role with the Los Angeles Lakers, though, the 30-year-old forward may be less open to a bargain contract.

Houston Rockets forward Jae'Sean Tate would likely interest Milwaukee because of his defense if he becomes available. However, Houston has a club option with the 28-year-old, so he may not be a viable target.

There will be options available for the Bucks, and playing alongside Antetokounmpo and Lillard will be a huge draw. However, fans probably shouldn't expect a major splash this offseason.

*Cap and contract information via Spotrac.