Almost three months after Damian Lillard requested a trade from the Portland Trail Blazers, he's finally on the move.
And he's not heading to the Miami Heat.
ESPN's Adrian Wojnarowski broke the news of the Milwaukee Bucks' acquisition on Wednesday.
The full details of the trade, later reported by Shams Charania of The Athletic and Stadium, revealed all the players and picks headed to the three (yes, three) teams involved.
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Portland Trail Blazers receive: Jrue Holiday, Deandre Ayton, Toumani Camara, a 2028 first-round pick swap from Milwaukee, a 2029 first-round pick from Milwaukee and a 2030 first-round pick swap from Milwaukee
- Milwaukee Bucks receive: Damian Lillard
- Phoenix Suns receive: Jusuf Nurkić, Nassir Little, Keon Johnson and Grayson Allen
In an effort to sort through all the moving pieces, we'll dole out letter grades for everyone involved (and even one team that was almost involved).
Portland Trail Blazers

Portland Trail Blazers receive: Jrue Holiday, Deandre Ayton, Toumani Camara, a 2028 first-round pick swap from Milwaukee, a 2029 first-round pick from Milwaukee and a 2030 first-round pick swap from Milwaukee
Lillard is 33. Three years from now, he'll be starting the final season of his current contract. His salary (assuming he picks up that last-year player option) will be $63.2 million.
Given that reality, it's tough to give Portland anything less than some form of an A.
No, this return doesn't really have a surefire, blue-chip prospect. Deandre Ayton is 25 and has never really been close to All-Star consideration. Toumani Camara is a 23-year-old rookie who was taken at the end of the second round of the draft. And Jrue Holiday, of course, is nowhere near the rebuilding Blazers' developmental timeline. Portland is reportedly (and unsurprisingly) looking to redirect him to another team.
But this deal unloads Jusuf Nurkić's and Lillard's contracts, clears rotational minutes for Scoot Henderson, Shaedon Sharpe and Anfernee Simons and keeps the door open for more assets. Holiday was a borderline top-20 player last season. He can still help a contender.
The biggest win for the Blazers, though, is those picks.
In six years, when that first pick swap comes up, Lillard could be retired. Giannis Antetokounmpo will be 34, and he's already struggled a bit with availability over the last four years (he's at 63.5 appearances per season in that stretch).
All three of those draft assets could have a lot of value by that time. If Henderson, Sharpe and company are winning games, the picks could be used in trades. If not, they can be used to stockpile young talent.
This obviously isn't the kind of pick-heavy trade package we saw the Utah Jazz get for Rudy Gobert or the Brooklyn Nets get from the Phoenix Suns for Durant, but it clearly improves the Blazers' long-term outlook.
Grade: A-
Milwaukee Bucks
Milwaukee Bucks receive: Damian Lillard
The Bucks feel like they're in a position awfully similar to the Cleveland Cavaliers prior to LeBron James' first departure.
Giannis is in his prime. He's already putting pressure on the organization to make win-now moves. And front-office vultures seem to be swirling for the moment Antetokounmpo asks out.
The win-now moves of each organization look quite a bit different, though.
In 2009-10, the Cavs added Antawn Jamison midseason. He was a perfectly fine offensive player, but he obviously wasn't enough to put Cleveland over the top in the title hunt. And he didn't prevent LeBron's departure to Miami the following summer.
Lillard, on the other hand, enters Milwaukee ahead of training camp. He and Giannis will have an entire season to develop chemistry with each other. And unlike Jamison in 2010, Lillard is a perennial All-NBA candidate.
For the Bucks' purposes, his age isn't as daunting as it would've been for other teams. He just led the league in offensive estimated plus-minus (one of the most trusted catch-all metrics in NBA front offices). And Milwaukee is very much on the contenders' tier with him for the next couple years.
The fit between Lillard and Giannis seems obvious too. The former is one of the most dangerous way-behind-the-three-point-line threats of all time, which commands defensive attention 30-plus feet from the hoop. The latter is a bullet train when he finds a slashing lane to exploit. The potential symbiosis here, especially when you factor in floor spacing from Khris Middleton and Brook Lopez, should terrify most of the league's defenses.
Some of the things holding this back from being an A or A+ have been talked about all summer. If the Bucks don't win a championship soon, Lillard's contract could age poorly. In six or seven years, Milwaukee could really want all that draft capital back. And while Lillard does raise the team's ceiling, Holiday has had an overwhelmingly positive impact in the regular season. Losing his defense and playmaking, as well as Grayson Allen's shooting, hurts the team's depth. And for an older squad, reliable depth is important.
Grade: A-
Phoenix Suns
Phoenix Suns receive: Jusuf Nurkić, Nassir Little, Keon Johnson and Grayson Allen
Last week, PHNX's Gerald Bourguet reported that the Suns had emerged as a "dark horse" to facilitate the Dame trade. And their swooping in almost certainly improves their prospects for both the short- and long-term future.
Almost immediately after Phoenix added Bradley Beal earlier this summer, a Deandre Ayton trade felt inevitable. Four max contracts and 10-plus players on veteran minimum deals just isn't a smart way to field a team. Turning Ayton into some depth was the obvious play, given how limited his role was going to be on a team with Beal, Devin Booker and Kevin Durant.
And this trade accomplishes that short-term goal.
Nurkić is a better (and more willing) passer than Ayton. That will be important on a team with so much usage tied up in three wings. He's a sturdy rebounder, too. And as a fourth option, he'll have some games when his post scoring will stand out.
Getting Allen will help too. In fact, that may be the most underrated aspect of the deal. He already knows how to thrive as the fifth starter on a title contender, and his 40.4 three-point percentage over the last two seasons could come in handy for a team with tons of inside-the-arc scoring.
Frank Vogel could certainly choose to start a more defensive-minded player like Josh Okogie on the wing, but offense-heavy lineups with Beal, Allen, Booker, Durant and Nurkić will be a nightmare to defend.
Nassir Little and Keon Johnson are less likely to contribute this season, but they're 23 and 21, respectively. There's still upside to discover from both.
Turning Ayton and (with all due respect to Toumani Camara) a complete unknown into two rotation players and two potential rotation players is a clear win.
Grade: A
Damian Lillard
The only way to knock this move for Lillard is by pointing out it's not the one destination he'd approved. Not getting exactly what he wanted is a minor victory for teams in the ongoing struggle with "player empowerment."
But even if this wasn't what Lillard envisioned as his next stop, going to an immediate title contender with a two-time MVP and a decent amount of shooting around them has to be a positive.
This situation is tailor-made for Lillard to show up, improve a mediocre offense and make it harder for opposing teams to scheme for Giannis in the postseason.
Grade: B+
Dishonorable Mention: Miami Heat
Miami Heat receive: Nada
All summer, it felt like the Heat winding up with Dame was inevitable.
He and his camp seemingly made it clear that Miami was the only place he wanted to go. As recently as Wednesday, mere hours before Wojnarowski broke the trade, Sportsnet's Michael Grange posted that there was a "growing consensus from around league that Miami will indeed be destination for Dame."
Tyler Herro, who presumably would've been part of a deal landing Lillard in Miami, was posting cryptic messages to social media over the last couple weeks that had fans connecting dots (or at least looking for dots to connect).
The departures of starters (Max Strus and Gabe Vincent) felt negligible, considering Dame's imminent arrival.
But in the end, much like the New York Knicks were left hanging in the Donovan Mitchell sweepstakes, the Heat have emerged from this saga without their guy.
A Big Three of Jimmy Butler, Bam Adebayo and Damian Lillard would've been a top-tier contender in the East.
Now, Miami feels like a one-year-older and slightly less deep version of last year's team that will probably enter the season behind multiple foes in the conference's pecking order.
In the wake of today's news, the Heat's title odds cratered.
Still, even without Dame and with Herro reporting to a potentially awkward situation, there's a world in which this turns out OK for Miami.
New York, of course, went on to eliminate Mitchell from the postseason almost a year after it missed out on trading for him. And now, the countdown on Mitchell's time with the Cleveland Cavaliers is seemingly on.
If Lillard struggles to stay healthy, live up to his contract throughout its duration or things otherwise flame out for Milwaukee, the Heat could look back on this summer with gratitude for not giving up their future for an aging star.
Grade: D+
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