What happened: The 2026 NBA free-agency window opened with a rush of blockbuster moves as the moratorium lifted. Giannis Antetokounmpo and Bobby Portis are headed to the Miami Heat from Milwaukee in a package built around Tyler Herro and multiple first-round picks, while Ja Morant lands in Portland and LaMelo Ball is dealt to Minnesota. Kristaps Porzingis, Isaiah Hartenstein, and Coby White headline a busy first wave of signings across the league.

Why it matters: The opening hours reset the balance of power in both conferences, with Miami betting its future on a Giannis core and Portland and Minnesota reshaping their rosters around new lead guards. Contenders and rebuilders alike moved aggressively, signaling an unusually active summer. The remaining board still holds franchise-altering names, so more contenders could reshape overnight.

What to watch: Suitors are still circling Kawhi Leonard, a Jaylen Brown trade could surface before week's end, and LeBron James, Jalen Duren, and Norman Powell remain among the top available names. Watch for the next reported deals as teams work through the board.