Max Cap Room
$31.2 million

$8.8 million Room Mid-Level Exception

Potential Free Agents

• Khris Middleton ($36.5 million player option, Full Bird Rights, Unrestricted)

• Brook Lopez ($34.5 million cap hold, Full Bird Rights, Unrestricted)

• Bobby Portis ($13.4 million player option, Full Bird Rights, Unrestricted)

• Pat Connaughton ($9.5 million player option, Full Bird Rights, Unrestricted)

• MarJon Beauchamp ($4.8 million player option, Limited Bird Rights, Unrestricted)

• Gary Trent Jr ($2.3 million cap hold, Non-Bird Rights, Unrestricted)

• Taurean Prince ($2.3 million cap hold, Non-Bird Rights, Unrestricted)

• Delon Wright ($2.3 million cap hold, Non-Bird Rights, Unrestricted)

• AJ Green ($2.3 million non-guaranteed salary)

• Andre Jackson ($2.2 million non-guaranteed salary)

• Chris Livingston ($2.2 million non-guaranteed salary)

Summary
The Bucks technically could have a significant amount of cap space, but it would come at the cost of losing most, if not all, of their potential free agents, some of which are likely to opt in. Therefore, it's almost certain that the Bucks actually operate over the cap.

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If Green and Jackson are retained, the Bucks will have about $72 million below the luxury tax, $80 million below the first apron, and $90 million below the second apron, not including any of Middleton, Lopez, Portis, and Connaughton. 

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Depending on what happens with each of them, the Bucks could have the full $14.1 million Non-Taxpayer MLE and the $5.1 million Bi-Annual Exception to add talent if they can remain below the first apron. Otherwise, they may just have the $5.7 million Taxpayer MLE to add talent and stay below the 2nd apron. If their own free agents push them over the 2nd apron, they will only be able to offer minimum contracts to free agents.

Potential Free Agency Targets
Athleticism

• Jaxson Hayes

• James Wiseman

• Kenyon Martin, Jr.

Shooting

• Al Horford

• Tim Hardaway Jr.

• Sam Merrill

Bench depth

• Nic Batum

• Josh Richardson

• Dennis Schroder