Pelicans Offseason Primer: Free Agents, Draft Capital, Cap Space, Trades

The New Orleans Pelicans had yet another disappointing season. All eyes are now on the offseason. The Pelicans desperately need to improve, but have frustratingly little resources to do so. Let's take a look at where they stand in terms of draft capital, assets, and cap space.

Draft Picks

The Pelicans don't have either of their picks in the 2026 NBA Draft, owing their first-rounder to the Hawks or the Bucks, and their second-rounder to the Bulls. The only pick they have is the 58th-overall selection they acquired in the Jose Alvarado trade. Unless the Pelicans can find a way to trade back into the draft, they won't have a pick until the very end.

Going forward, the Pelicans' asset coffers are not as full as they should be given where they are as a franchise. They have the more favorable of their and Milwaukee's 2027 first-round pick and control their own pick until 2032. However, they don't have any additional first-rounders. They also only have four second-round picks in the next six years.

Salary Cap

The Pelicans are currently $4.8 million under the luxury tax and $6 million below the first apron for next season. By turning down Kevon Looney's $8 million team option, they could create more cap space to be active in free agency.

By trading some of their high-salary players, the Pelicans can create even more cap space. As things stand now, however, the Pelicans are projected to have access to partial non-taxpayer midlevel exception in free agency.

Pelicans Free Agents

DeAndre Jordan
Kevon Looney ($8 million team option)
Karlo Matkovic ($2.3 million team option)

DeAndre Jordan will be a free agent. The Pels have team options for $2.3 million for Karlo Matkovic and $8 million for Kevon Looney. There are 12 players under contract for next season. Assuming that the Pelicans would have a lot of interest in bringing back Matkovic, the roster may not change too much via free agency this summer.

Extension Candidates

Zion Williamson, Saddiq Bey, and Dejounte Murray are eligible for an extension this offseason.

The Pelicans would love to give Bey a new, multi-year deal as he has significantly outplayed his current contract. He is still in his prime and is the type of player who will always have suitors around the league.

Murray and Williamson's situations are more complicated. Murray is due $32.7 million next season and has a player option for $30.7 million in the 2027-28 campaign. If the Pelicans can get a team-friendly extension done, they could be interested. However, it may be more beneficial to both sides to play out the rest of his contract and explore trade possibilities while doing so.

Williamson's extension decision will be a fascinating one. He is under contract for two more seasons, so it's not pressing to get a deal done. If the Pelicans feel like they can get a bargain deal, significantly lower than Williamson's max, perhaps they sign under the dotted line. Whether it's a good idea for the organization to commit more long-term money is another question.

Potential Free Agent Targets

The Pels have plenty of weaknesses that they will presumably want to fix. The most notable hole is at center. An interior presence who can protect the rim and rebound could do wonders for this team. Mitchell Robinson and Robert Williams III can be acquired with the cap space New Orleans has.

If they look to add more shooting, a few backup options like Kevin Huerter, Tim Hardaway Jr., and Landry Shamet could help. To improve their point guard depth, the Pelicans could turn to the likes of Gabe Vincent, Aaron Holiday, and Jordan Goodwin.

Unless the Pelicans find a way to create significantly more cap space through trades, they won't be able to add multiple difference-makers in free agency.

Trade Candidates

Pretty much everyone not named Jeremiah Fears and Derik Queen should be available. In reality, it's difficult to imagine the Pelicans being willing to trade Trey Murphy and Saddiq Bey.

Zion Williamson remains the biggest domino to fall in New Orleans. There is a ton of uncertainty surrounding the star power forward. After having one of the healthiest seasons of his career, Williamson may have earned himself a contract extension with the Pelicans, but the front office would be wise to explore trade possibilities while his value is trending up again.

Jordan Poole will be an expiring contract, so perhaps another team would be interested in the veteran shooting guard, but his $34 million salary makes a potential trade complicated.

Dejounte Murray certainly helped his trade value with his end-of-season performance. If another team is willing to give up assets for Murray, the Pelicans would likely consider trading him.

Herb Jones has long had suitors around the league, but the Pelicans have shown no interest in moving him. At this point, however, he may be the best way for New Orleans to acquire high-level draft picks and future assets.

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