Hook: The empty seat on the flight to Crete

In early September 2026, when the Olympiacos team plane landed on the island of Crete for a preseason friendly tournament, one seat was empty. Giannoulis Larentzakis, the 32-year-old Greek point guard, was not on the passenger list. Rumors spread quickly: negotiations to terminate his contract with the EuroLeague champions were nearing completion. For Greek basketball fans, this was not just a routine transfer; it was the end of a seven-year chapter and the beginning of an emotional homecoming story.

Context: The backdrop of a farewell

Larentzakis joined Olympiacos in 2026 after leaving AEK Athens, where he had made his name and become one of the top guards in the Greek League. Over six seasons with Olympiacos, he won the EuroLeague title in 2026 and multiple domestic championships. However, at 32, his performance has begun to show signs of decline, and his current contract runs until summer 2026. According to Greek sources, Olympiacos and Larentzakis' representatives are negotiating an early contract termination, allowing him to become a free agent and return to AEK – the club he left seven years ago.

Meanwhile, George Papas, another Greek guard, has impressed in preseason friendlies, including a game against Promitheas Patras where he was Olympiacos' top scorer. Papas, a former youth player for Olympiacos who later left, is now being considered by the coaching staff to fill the void left by Larentzakis. This is a tactical move to maintain stability and strengthen the Greek identity of the roster.

Core: Tactical analysis and roster impact

Larentzakis' departure is not a major tactical shock, but it leaves a gap in experienced ball-handling. Olympiacos, under head coach Georgios Bartzokas, typically operates an offense based on tempo control and veteran guard decision-making. Larentzakis, while past his physical peak, still brings composure and reliable three-point shooting (37% in the 2026-25 EuroLeague season). However, the emergence of Papas – a younger, quicker, and more versatile scorer – could bring fresh energy to the attack.

Preseason data shows Papas has a high usage rate and strong pick-and-roll creation. Against Promitheas Patras, he scored 22 points, 4 assists, and 3 rebounds in 28 minutes, with an estimated PER above 25. This suggests he can adapt immediately to the first-team pace. However, it is worth noting that the opponent was a mid-tier Greek team, not a true test against EuroLeague powerhouses like Real Madrid or Fenerbahçe.

For AEK, bringing Larentzakis back is a strategic move. AEK is rebuilding after losing several key players, and the return of an experienced veteran will help stabilize the locker room. At 32, Larentzakis can still contribute 15-20 minutes per game, especially in clutch situations. AEK also hopes he will inspire young players and attract fan attention.

Contrarian: Is Papas really a long-term solution?

Despite Papas' impressive preseason performances, rushing him into a starting role could be a double-edged sword. First, Papas has never played in the EuroLeague; his experience is limited to the Greek League and lower-tier European competitions. The pressure of thousands of fans at the Peace and Friendship Stadium could affect his form. Second, Olympiacos already has a deep backcourt with guards like Thomas Walkup and Isaiah Canaan. Papas will have to compete directly with these players, and if he fails to adapt quickly, he may be relegated to a bench role.

Moreover, letting Larentzakis go without an equally quality replacement could weaken Olympiacos' ball movement in tight games. Last season, Larentzakis averaged 5.8 assists per 36 minutes, third-highest on the team. If Papas does not meet expectations, Olympiacos may need to look for another option on the transfer market – a difficult task as the summer window closes.

Takeaway: A dynasty falls not with thunder, but with a slip in stoppage time

Larentzakis' departure is not the end for Olympiacos, but it is a reminder that even the greatest teams must face change. For AEK, this is a chance to rewrite history – bringing a prodigal son back home. For Papas, it is the moment to prove he is not just a preseason star but can shine under the EuroLeague lights. As a basketball saying goes: “You cannot step into the same river twice, but you can choose where the next current takes you.”

This article is based on Greek media reports and preseason game data. All transfer information is still under negotiation.