Nwora will probably be back. I think Connaughton may accept his player option but I am not sure on Portis. If the Bucks trade Lopez they will try and bring back Portis. If Connaughton declines his player option he is 100% gone. I don't see Thanasis turning down his option.
That leaves the Bucks with a 1st round pick that they can't afford. I think that will be traded during the draft whoever the Bucks take will be going to another team.
If the Bucks wanted to get real risky they could trade Middleton to Portland and do a sign and trade for Anfernee Simmons and Portlands 1st round pick. Simmons would be better than Allen which would move Allen to the bench. This would also get the Bucks a little bit more younger with only Giannis and Allen under the age of 30 who are signed beyond 2022. You could also possibly get Hart in this trade which would help a little bit.
I don't really like the trade as it would make the Bucks worse offensively and defensively in the 2022-2023 season. Still this would be a good trade for the Bucks in 2024 and beyond.
I think the best move would be to resign Portis and trade Lopez for future picks and an expiring or to the Clippers. Something like Powell for Lopez should work. I think that is about even for both teams though the Bucks would be adding another $3m to their cap number.
I really like this trade as it gives the Bucks another shooter to pair with Middleton. Powell would be a perfect addition to the Bucks and I think Lopez would help the Clippers out defensively. He would also help Kawhi in the paint and allow him to focus defensively around the perimeter which should keep him healthy. Offensively I like this for the Clippers also as Lopez should help free up Kawhi and George. Kawhi in the paint and George on the perimeter.
So if the Bucks do the Lopez for Powell trade that would give the Bucks a starting five of Holliday, Powell, Middleton, Giannis and Portis. The bench also becomes a little bit better with Allen, Nwora, Hill and whoever the Bucks trade their 1st for.