Pelicans 2026 Salary Cap Tracker: How Much Room, Flexibility Do They Have This Offseason

The New Orleans Pelicans wrapped up the 2025-26 campaign on Sunday night with their 56th loss of the season. Despite pushing to win as many games as possible due to their lack of incentive to tank, the Pelicans were not a threat to make the postseason at any point in the season. Their need to make sweeping changes to the roster is apparent, but they don't have a first-round pick in the 2026 NBA Draft. So, the best way the Pelicans can improve next season is through free agency and the trade market. But, how does their financial situation look? Will they have any cap space to be active on the market? Let's explore.

Pelicans Under Contract for Next Season

The Pelicans currently have 12 players under contract for next season. From the roster that finished this season, only Kevon Looney, Karlo Matkovic, and DeAndre Jordan are free agents. New Orleans has team options on Looney and Matkovic, for $8 million and $2.3 million, respectively.

It's safe to assume that the Pelicans would want to keep Matkovic on that salary, but should have little interest in retaining Looney after he spent most of the season out of the rotation. Jordan is a candidate to return on another one-year, veteran minimum contract. What the Pels will do with Matkovic and Looney will determine how much cap space they will have.

Pelicans' 2026 Offseason Cap Space

If the Pels exercise the team options on Looney and Matkovic, they will have $196.2 million on their books for next season. This puts them $4.8 million below the luxury tax and $6 million below the first apron. Since the Pels have never paid the luxury tax under this regime, it's safe to expect the same.

By turning down Looney's team option, the Pelicans can go $12.8 million below the luxury tax. This would give them access to the non-taxpayer midlevel exception available to them. This would allow them to be active in their pursuit of true difference-makers in free agency.

New Orleans can also open up more cap space via trades. The Pels would love to offload Jordan Poole's albatross of a deal that pays him $34 million next season. If they can get some savings there, the Pels could be even more active in free agency. Dejounte Murray, Zion Williamson, or Herb Jones trades shouldn't be ruled out, either.

Potential Free Agent Targets

The Pelicans will likely be on the market for centers. Mitchell Robinson, Rob Williams III, and Jusuf Nurkic are a few free agents who come to mind that may be available with the Pels' cap space.

There may be a need for more backcourt depth and quality as well. Collin Sexton, Anfernee Simons, Norman Powell, Quentin Grimes, and Coby White are some potential options in free agency who could be good fits in New Orleans.

Pelicans' Offseason Options

Right now, the Pelicans don't have a ton of cap space and flexibility. Their ability to be active in free agency will depend on what they do on the trade market. If they can fix their books by moving on from a few of their high-salary players like Williamson, Poole, and Murray, the Pelicans will have a better chance of building a sustainable winner in the future. If there isn't a big trade involving at least one of these players, it's hard to imagine the Pelicans being able to acquire an impactful player in the offseason.