New Blockbuster Three-Team Trade Proposal Sends Trey Murphy to San Antonio, Hawks Acquire Jose Alvarado

Although they missed the playoffs entirely last season, the San Antonio Spurs are still in one of the best positions in the NBA. They already have their franchise player in center Victor Wembanyama, drafted the 2025 Rookie of the Year in Stephon Castle and will likely add Rutgers point guard Dylan Harper to their roster with the second overall pick in the 2025 NBA Draft. Going forward, they still have ample draft picks to add cost-controlled talent around Wembanyama. Some of that was used in the deal to bring De'Aaron Fox to San Antonio, but they still have plenty of picks.

In their pursuit of making the playoffs in 2025-26, the Spurs have been linked to established names like Kevin Durant and even Giannis Antetokounmpo. However, it might be better for their long-term future if they stayed away from the bigger names and pursued younger options still establishing themselves in the league. One of the most interesting candidates for them to pursue is Pelicans forward Trey Murphy III. Once untouchable, it seems that the new regime in New Orleans has made Murphy avaliable for the right price. Per NBA insider Kevin O'Connor of Yahoo Sports, there are no true untouchables on New Orleans' roster.

The New Orleans Pelicans don’t have any untouchable players on their roster, per @KevinOConnorNBA

“There are no untouchables in New Orleans. League sources say the Pelicans are gauging the market for everyone on their roster. They very well could end up keeping their core… pic.twitter.com/gdDoUjNFwq
— NBACentral (@TheDunkCentral) May 30, 2025

If the Spurs make a compelling enough offer, it's not unreasonable to think they could land Murphy. However, the Pelicans are surprisingly close to the luxury tax line despite not being anywhere close to contending as currently constructed. They are $11.8 million below the threshold and could use the inclusion of a third team to take on contracts and make the deal easier. Atlanta could be that third team.

The Hawks have a ton of financial flexibility this summer, which they can use to address their needs at interior defense, front court depth, shooting, and maybe a backup lead guard/ball handler. NBA insider Marc Stein has already reported that Atlanta could also look to be facilitators this summer in the trade market due to their financial flexibility, depending on if the team brings back any of Caris LeVert, Clint Capela, or Larry Nance.

Given the needs of all three teams, what would a trade between them look like? Here is one possible framework for a deal.

It should be noted that this is just a speculative and fun exercise to see what kind of moves can be made, not what I think the Hawks or any other teams should do or will do. That is all.

Atlanta Hawks Receive: Jose Alvarado

San Antonio Spurs Receive: Trey Murphy III

New Orleans Pelicans Receive: Keldon Johnson, Jeremy Sochan, Dominick Barlow, 2025 1st round pick (via ATL, from SAS, #14), 2027 2nd round pick (via CLE, from ATL), 2029 1st round pick (via SAS, unprotected), 2029 2nd round pick (via ATL)

Why the Hawks would do this deal: Atlanta has put a ton of minutes on Trae Young and it has been a while since he had a true backup who could run the offense in his absence. Accordingly, the Hawks would add one of the best backup point guards in the league on a great contract). Alvarado averaged a career-high 10.6 points per game and a career-best 4.6 assists on an AST% of 27.3%. Despite his size, he's a disruptor on defense and would pair nicely with Dyson Daniels on that end. He finished in the 88th percentile across all guards with a STL% of 2.2%, so he is more than capable of holding his own against opposing ball-handlers. For only two second-round picks, this move would be of little risk for the Hawks.

Why the Hawks would not do this deal: Alvarado isn't the most durable player and hasn't played in 65+ games in any season of his career. That could be a problem if he needs to stay ready as a reserve for Young. Furthermore, he isn't really a high-volume shooter. This season, he set a career-best by taking 5.5 threes per game, but he only hit 35.9% of them.

Why the Spurs would do this deal: A torn labrum and rotator cuff injury limited Murphy to 53 games, but he made a significant jump as a scorer from last season. This year, he averaged a career-best 21.2 points on 45.4/36.1/88.7% shooting splits while also taking strides as a ball-handler. He posted a career-best AST% of 15.9% and averaged 3.5 assists per game. Murphy is also a solid defender and would likely take even more strides surrounded by Castle and Wembanyama. At only 25 years old and already locked up on a long-term contract, he is a rare example of a wing who can dribble, pass and shoot. If he continues to develop, he could quickly outplay his contract and turn into a critical part of San Antonio's long-term future.

Why the Spurs would not do this deal: Sending out two unprotected first-round picks and two wings who seem poised to be effective role players at the very least in Sochan and Johnson is a hefty price to pay and it could quickly backfire if Murphy does not fit. Johnson is a good player to have in the rotation due to his hustle on defense while Sochan has taken strides in each season of his career and has turned into an excellent isolation defender. Any deal that sends out this type of draft capital has to be carefully scrutinized and it would still be a risk for the Spurs to do this deal, even if they do have a lot of picks to spare. Murphy also hasn't been the most durable player throughout his career.

Why the Pelicans would do this deal: While Johnson doesn't stand out in one particular area, he does a lot of things well as a part of San Antonio's rotation. He's a solid sixth man who finishes well in the paint, shooting 57.3% on two pointers. Although he isn't an elite defender, he's solid on that end and would be able to replace a little bit of the defense lost by dealing Murphy. The really interesting part of the move would be the long-term future of Sochan. Sochan is up for a contract extension and it's easy to see how he might fit into the Pelicans' long-term plans. He is a great wing defender and cutter who can work well off of someone like Zion Williamson. Sochan's main weakness is his shot as he hasn't shot above 31% in his career for an entire season, but he did post a career-high TS% of 58.9% despite being a non-shooter. He also has the versatility to play as a small ball center, which could be an interesting look for the Pelicans to go to. Furthermore, they add two unprotected first-round picks that can be used to add more talent as new president of basketball operations Joe Dumars builds out the roster in his vision.

Why the Pelicans would not do this deal: Trading away a player as useful as Trey Murphy is always a difficult prospect because the odds of drafting and developing a player like him are unfavorable. Wings who can create their own offense and hold their own on defense are incredibly valuable. It's hard to project that the Pelicans will be able to find a player who can match or exceed what Murphy brings and the risk of that cannot be ignored. Johnson seems to have topped out as a role player while Sochan's jump shot needs to be fixed before considering higher-end outcomes for him. Both are intriguing talents, but neither can step into the role Murphy occupied for New Orleans.

More Atlanta Hawks News:

New Blockbuster Three-Team Trade Proposal Sends Sexton and Kessler to Magic, Hawks Add Backup Center and Wing Depth

2025 NBA Mock Draft: Latest Mock Gives Hawks "Best Fit" and "Best Value" For Both First Round Picks

Report: Atlanta Brings In Multiple Players For Pre-Draft Workout Including Two Potential Lottery Picks

New Blockbuster Three-Team Trade Proposal Sends KD to Wolves, Rudy Gobert to Suns, Hawks Add New Sixth Man