The 2026 trade deadline is in less than two months, and as of right now, there are no big-name stars available. The Toronto Raptors, as well as almost every other team in the league, are waiting to see if Giannis Antetokounmpo. If he does, you can't count out a trade to Canada. As Eric Koreen of The Athletic highlighted in a recent piece, the Raptors have total control of their first-round picks (subscription required).
Does that mean that Toronto should go all-in on Giannis? No. Koreen argued against a trade for Giannis or Anthony Davis (the latter should be obvious), saying the Raptors wouldn't be in a position to contend for a title right away with either player and would lose their depth.
Still, you can't rule Toronto out.
If Giannis formally requests a trade, which he hasn't done (yet), Milwaukee's goal will be to get the best return possible. Antetokounmpo will have a say in where he goes, considering he will be eligible to sign an extension during the offseason. That hasn't stopped the Raptors from making a big splash trade before, but who is to say the 31-year-old wouldn't be open to playing in Canada?
The Bucks will want the Raptors to call, mainly because of their picks, but also to maybe try to get Scottie Barnes.
Raptors have total control over their future first-round picks
None of this is to say that Toronto can make Milwaukee a better offer than any other team, as that title belongs to Oklahoma City, but the Thunder don't need Giannis with their 24-2 record. As Koreen pointed out, outside of Jakob Poeltl's $19.5 million salary, the Raptors lack the kind of contracts to make a star trade work. Also, why would the Bucks want Poeltl?
For the sake of not completely going down the Giannis trade rabbit hole, Toronto controlling its picks is more than enough of a factor for the Raptors to be a potential destination for any star. It doesn't have to be just Antetokounmpo, but as of right now, he's the most realistic star who could be traded.
Toronto made an unexpected splash at the trade deadline last year for Brandon Ingram, and the Raptors could try to do something similar between now and Feb. 5. The front office should want to wait to see how the next few weeks go and where the team is in the Eastern Conference standings.
Of course, Toronto isn't limited to making a trade before the deadline, as once the summer rolls around, who knows what other players could be available? Whatever happens, watch out for the Raptors.