The Milwaukee Bucks are reportedly interested in Peyton Watson, but they are not prepared to sacrifice a first-round pick lightly as they continue reshaping the franchise following the blockbuster trade that sent Giannis Antetokounmpo to the Miami Heat.
According to Eric Nehm of The Athletic, Milwaukee is hesitant to include a first-round selection in any package for the Denver Nuggets forward. Nehm noted that the Bucks could face a difficult balancing act because their most attractive trade pieces differ from what rival teams may be willing to offer.
“Other teams interested in Watson might be giving up fringe rotation players with a first-rounder,” Nehm wrote. “The Bucks might need to include real rotation players to entice the Nuggets to consider their offer. Jaquez could be an interesting target … but he would ultimately need to be extended because next season is the final year of his rookie contract.”
That dynamic reflects Milwaukee’s new direction. After trading Antetokounmpo and Bobby Portis to Miami, general manager Jon Horst pivoted toward a long-term rebuild centered on young talent and future flexibility rather than immediate contention.
The Bucks acquired Jaime Jaquez Jr., Kel’el Ware, Tyler Herro, Kasparas Jakucionis and multiple first-round picks in the Antetokounmpo deal before adding lottery selections Brayden Burries and Nate Ament in the 2026 NBA Draft. Preserving those assets has become a priority as the franchise looks to build a sustainable contender.
Watson fits the profile of the type of player Milwaukee is targeting. The 23-year-old enjoyed a breakout 2025-26 campaign with Denver, averaging 14.6 points, 4.9 rebounds, 2.1 assists, 0.9 steals and 1.1 blocks in 54 games while shooting 49.1% from the field and an efficient 41.1% from three-point range. His combination of perimeter defense, athleticism and improved outside shooting has significantly increased his market value.
Denver, however, faces its own roster dilemma.
According to veteran NBA reporter Marc Stein, the Nuggets may need to make another trade if they retain Watson. The restricted free agent is reportedly seeking a contract closer to the five-year, $125 million extension Christian Braun received before the 2025-26 season, while Denver’s current offer is believed to be around five years and $70 million.
Stein said Denver’s preferred solution would be moving Zeke Nnaji’s contract to create financial flexibility, but accomplishing that may require attaching valuable draft compensation.
