Summary
Connaughton has become a solid rotational wing for the Bucks, and he played a vital role in their championship run, particularly after the injury to Donte DiVicenzo. After only hitting 33% of his threes from 2017-2020, Connaughton shot 38% from outside in '20-'21, and even better in '21-'22 at 39%. He has even developed the ability to shoot off-the-catch without dipping the ball, allowing him to get shots off faster.

Even when he hasn't shot well from outside, Connaughton has been pretty efficient due to him never taking midrange shots and finishing well at the rim when he gets there. His 60.2% eFG% in '21-'22 was in the 93rd percentile for his position, according to Cleaning the Glass.

Connaughton rebounds well for his position on both ends of the court, and while his athleticism is overstated by his infamous combine vertical, he is still a very good athlete. He crashes often from the corner to get offensive rebounds.

He isn't an elite defender, and has benefitted from playing next to better defenders in Milwaukee, but he has some quickness and enough strength to guard multiple positions. He also has even started screening for Giannis at times, and has had success making plays as the roll man or popping out in that scenario.

Connaughton has shown he is a valuable rotation player, especially earlier in the season when he had to increase his minutes as the Bucks suffered through a lot of injuries and COVID absences. Since essentially every team is looking for quality wings, he could get a significant contract as a free agent in 2022.
 
Cap Considerations
Connaughton has a $5.7 million player option for next season, and if he declines that option he will be an unrestricted free agent with a $10.1 million cap hold and full Bird Rights, meaning the Bucks will have no restrictions on re-signing him. Since the Bucks will be operating over the cap, his cap hold is not really relevant.

Due to the Bucks' luxury tax concerns, re-signing Connaughton could cost them a lot in luxury tax penalties, so Connaughton could potentially be pulled away from Milwaukee without having to give him a huge offer.

Since Connaughton's starting salary will most likely fit within the $10.3 million Nontaxpayer Mid-Level Exception, teams without cap space will be able to sign him outright. However, if Connaughton demands offers above the $6.3 million Taxpayer MLE, teams above the apron would not be able to sign him.