Damian Lillard waived by Bucks in massive shocking move as $113M contract gets stretched over 5 years

On Tuesday, ESPN's Shams Charania announced that the Milwaukee Bucks had waived Damian Lillard, stretching the remaining $113M left on his contract out over the next five years in order to clear up cap space.

Lillard, who tore his Achilles during the postseason, is likely to miss the entirety of the 2025-26 season, and with Milwaukee eager to remain competitive under Giannis Antetokounmpo, the team had to get creative.

After waiving Lillard, the team signed Myles Turner to a four-year deal worth $107 million, filling the gap left by Brook Lopez's departure.

Now, Lillard immediately becomes a free agent. While teams may look to hold off on finalizing a contract until the nine-time All-Star is ready to return from his Achilles tear, he could also wind up signing with a team to help mentor young players while rehabbing his way back to 100%.

Giannis Antetokounmpo reacts to Milwaukee Bucks' decision to waive Damian Lillard

Heading into the offseason, fans weren't sure whether two-time MVP Giannis Antetokounmpo would be around by the time the 2025-26 season started.

Initially, there was speculation that he could join the Houston Rockets or San Antonio Spurs, however, The Greek Freak made it clear that he wanted to remain with the Bucks.

In turn, the team opened up free agency with several big moves, waiving Lillard, signing Myles Turner, and re-signing several players on expiring deals.

On Tuesday morning, Giannis Antetokounmpo took to social media, sharing a screenshot of the Bucks' championship celebration in response to a busy start to the offseason from Milwaukee's front office.

Additionally, a report surfaced from Chris Haynes, indicating that Antetokounmpo was not happy with the Bucks' decision to waive Damian Lillard.

Although the move helps create around $30M for Milwaukee in each of the next two seasons, the $22M Damian Lillard is owed for the next five years will count against the team's cap, which could create a delicate situation for the team's front office to untangle down the road.

Whether the latest move by Milwaukee to waive Lillard winds up creating a rift between the front office and the longtime franchise star remains to be seen.