Jose Alvarado Is the Most Likely Pelican to Be Traded Before the Deadline

The New Orleans Pelicans have a logjam at guard, leaving Alvarado as most likely to be traded before February 5.

Jan 21, 2026; New Orleans, Louisiana, USA; New Orleans Pelicans guard Jose Alvarado (15) reacts to a play from the sidelines against the Detroit Pistons during the second half at Smoothie King Center. Mandatory Credit: Stephen Lew-Imagn Images | Stephen Lew-Imagn Images

Despite the New Orleans Pelicans' two-game winning streak, they remain in the Western Conference cellar with a 12-36 record. The NBA Trade Deadline is a little more than a week away, and the Pelicans desperately need to make some moves to add a little light to this bleak season. Some rumors have suggested the Pelicans would be major players at the deadline, most likely selling and letting some players go to stockpile future assets.

There has been much speculation about who those players would be, with names like Herb Jones, Jordan Poole, and Zion Williamson circulating in the rumor mill. One player who most likely will be dealt is a fan favorite in Jose Alvarado.

The Pelicans may have to part ways with their beloved player to secure some draft capital in the future. Reportedly, contending teams like the New York Knicks and Houston Rockets have expressed interest in the backup point guard's availability.

Alvarado went from an undrafted guard to a local cult figure for his scrappy play and high-energy motor night in and night out. The former Georgia Tech guard signed a two-year extension last offseason that includes a player option worth about $4.5 million next year. His increased production on the court has other teams taking notice of how he can potentially help down the road. This season, Alvarado is averaging 7.9 points, 3.2 assists, and 2.9 rebounds in 21 minutes of action.

JOSE ALVARADO.

YES. SIR. pic.twitter.com/V4JJkl4ywy

— New Orleans Pelicans (@PelicansNBA) November 5, 2025

Jose Alvarado May Be the Odd Man Out in New Orleans at Trade Deadline

The Brooklyn native signed a two-way deal with the Pelicans in 2021, splitting time with the G League affiliate Birmingham Squadrons and New Orleans. Alvarado appeared in 54 games in his rookie season, garnering the nickname ‘Grand Theft Alvarado’ because of his ability to steal the ball. He averaged 1.3 steals per game in his first year in the league before improving his offensive game, especially from the three-point line. Alavarado averaged a career-best 37.7% shooting from beyond the arc during the 2023-2024 season, while also earning votes for Sixth Man of the Year that season. He would seem like a valuable asset to keep, but the guard room is awfully crowded in New Orleans.

The Pelicans acquired Jordan Poole this past offseason to help jump-start their backcourt's offense. While Poole has been inconsistent at best, his massive contract seems unlikely to move before the deadline. Dejounte Murray has yet to play a game this season after injuring his Achilles last year, and it’s uncertain what his market value is coming off such a major injury. Murray may return before the season’s end to boost his trade value in the offseason. The Pelicans have started employing a no-point-guard starting lineup, opting for Herb Jones or Zion Williamson to bring the ball up the court to initiate offense.

New Orleans also used their first-round pick this year to draft former Oklahoma Sooner star Jeremiah Fears with the No. 7 overall pick. Fears has shown promise offensively this year, averaging 13.7 points, 3.7 rebounds, and 3.1 assists per game. The 19-year-old won’t turn 20 until next NBA season, so getting him as much playing time as possible is beneficial for his future growth. That seems to leave Alvarado out for the team's immediate future.

Compensation from a rival would most definitely come in the form of draft capital. The Pelicans do not have a second-round pick until 2030, so recouping a couple of picks during that slot would be ideal for the team. Many fans would hate to see Alvarado go, but New Orleans must do anything and everything to climb back to a level of respectability in the league, even if it means letting go of a favorite like Alvarado.