Knicks Add Depth in Deadline Trade With Pelicans

The New York Knicks made their first additive trade of the season mere hours before the deadline, bringing Jose Alvarado over from the New Orleans Pelicans to bolster their existing rotation.

Just in: The New Orleans Pelicans are trading Jose Alvarado to the New York Knicks, sources tell ESPN. Homecoming for the Pelicans guard. pic.twitter.com/OEG3GVFX05
— Shams Charania (@ShamsCharania) February 5, 2026

The longtime Pelicans defender and irritant won't cost much, with the Knicks essentially forwarding the Guerschon Yabusele trade package over to New Orleans in exchange for the backcourt depth piece. Dalen Terry, the returning player from Yabusele's deal, as well as two second-round picks and cash considerations ended up forming the necessary asset bundle.

Alvarado, a native New Yorker, was reportedly one of the Knicks' favorite trade targets long before the swap was announced. Their defense has turned a page amidst their eight-game win streak, but if there was any doubt over the intensity that they've provided, or how sturdy their guard options will fare on that end of the floor, Alvarado is just what they need for a little extra insurance.

He's spent the entirety of his career on the Pelicans to this point, scrapping his way into the league as an undrafted free agent during the 2021-22 season and making a name for himself as a wild-talking pest. Alvarado's token move, retreating to a corner of the court and poaching the inbounds pass from unsuspecting ball-handlers, became a regularly-recognized tactic of his over an eventful rookie season.

Garden gonna go CRAZY for Alvarado’s first “hide ‘n sneak” steal pic.twitter.com/CvXSeEPT1Z
— Brett Hanfling (@Brett_Hanfling) February 5, 2026

Fit on the Knicks

He didn't peak as a one-and-done gimmick player, though, finishing as a high-on-the-ballot Sixth Man of the Year candidate during the 2023-24 season and averaging a career-high 10.3 points just last year.

But unlike the listless Pelicans, stuck between building up their next generation of draft prospects while still looking to move away from any older guys with residual value, the Knicks already have a ready-made rotation waiting for Alvarado. That includes plenty of guard depth, with Jalen Brunson closely joined by a combination of Miles McBride, Josh Hart and Landry Shamet as the regularly-used options in head coach Mike Brown's backcourt.

New York Knicks Guards Josh Hart and Jose Alvarado — Feb 25, 2023; New York, New York, USA; New Orleans Pelicans guard Jose Alvarado (15) drives past New York Knicks guard Josh Hart (3) at Madison Square Garden. Mandatory Credit: Wendell Cruz-Imagn Images | Wendell Cruz-Imagn Images

Alvarado should fall no further in New York's depth chart, with the erratic Jordan Clarkson currently stapled to Brown's bench while Tyler Kolek regularly bounced in and out of impact opportunities.

His jumper comes and goes, but the 36.5% mark he's posted over three years of nearly five 3-point attempts per game inspires the belief that he can fit in alongside Brunson as an off-ball guy, and the 3.3 assists he's averaged over that span aren't nothing. He can move the ball, and he's notably unafraid in big games.

More than anything, though, his defense is his meal ticket as a potential Madison Square Garden favorite. Alvarado loves chippy play and dirty work, just what the already-grooving Knicks could use a little bit more of. He may not be a household name, but consider this another indication that the Knicks and their steadily-deepening rotation should be taken seriously as contenders.

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