Pelicans Trade Deadline FAQ: Picks, Assets, Cap Space, and Potential Deals

The New Orleans Pelicans won impressive back-to-back games but remain in last place in the Western Conference. They have a long way to go before they can feel good about the current season and their future. As it's often the case with bad teams, all eyes will be on the Pelicans as we approach the February 5 trade deadline.

Contending teams will look to the Pelicans to see if they can acquire any of their valuable veterans. So far, the front office in New Orleans doesn't seem too interested in selling off. Between now and the deadline, however, plenty can change. Before the trade buzz starts picking up, let's look at the big picture in New Orleans.

What Is the Pelicans' Salary Cap Situation?

The Pelicans are once again avoiding the luxury tax. This time, it is completely understandable, considering where the team is in the standings. The Pelicans are $1.9 million under tax and are $3.6 million away from the first apron. They are currently hard-capped at the first apron, so they can't take back more than $3.6 million more than they send in salary in any trade they make before February 5.

How Many Draft Picks Do the Pelicans Currently Have?

The Pelicans owe their 2026 first-round pick to the Atlanta Hawks, but have control over the rest of their future first-rounders. They don't have a pick in the 2026 NBA Draft and don't have any additional incoming first-round picks. The Pelicans also don't have any second-rounders until the 2030 NBA Draft.

In total, they have six first-round and four second-round picks between now and the 2032 NBA Draft, not an impressive asset coffers for a rebuilding team.

Do the Pelicans Have a Roster Spot?

New Orleans is using all 15 roster spots and three two-way contract spots. To be able to sign anyone mid-season, they will have to move on from a player on a guaranteed deal.

Which Pelicans Are on the Trade Block?

The Pelicans are reportedly not interested in trading Zion Williamson, Trey Murphy, Herb Jones, Derik Queen, and Jeremiah Fears. Williamson may still be moved, but the rest should be considered untouchable.

Jordan Poole is firmly on the trade block, but he is unlikely to have suitors because of his albatross of a contract. Dejounte Murray is available but has yet to make his season debut this season. Jose Alvarado and Yves Missi are generating the most trade buzz, and the Pelicans are reportedly willing to listen to offers on both backups. Saddiq Bey should have plenty of interest, but there hasn't been any trade chatter surrounding him.

Who Is the Most Likely Pelican to Be Traded?

Jose Alvarado. He may become a free agent by declining his $4.5 million player option for next season, making him a flight risk. The Pelicans have Jeremiah Fears and may be stuck with Jordan Poole and Dejounte Murray for now. Instead of giving Alvarado a multi-year deal, they will likely consider getting a few second-round picks for him at the deadline.

If a team is willing to give up a decent first-round pick for Missi, the Pelicans are also seemingly interested in moving him.

What Do the Pelicans Need at the Trade Deadline?

The Pelicans need better guard play, more shooting and more defense.

Most importantly, however, they need to get as many future assets as possible. Whether it's second-round picks or young players of intrigue, the Pelicans have to replenish their coffers. Without trading Murphy, Williamson, or Jones, the Pelicans will almost certainly not be able to add a future first-round pick, but they will presumably try to add a pick in the 2026 NBA Draft.

If they can get out of Dejounte Murray or Jordan Poole's contract, the Pelicans will be very interested in making those trades.

Any opportunity to buy low on a talented young player, or an intriguing potential that can be a long-term piece next to Fears, Queen, and Murphy, could be worthwhile for the Pelicans.

Who Are the Pelicans Reportedly Interested In?

Ja Morant has been a name that is getting thrown out, but how far those trade talks have advanced is unclear. The Pelicans likely don't want to give up a first-round pick to acquire Morant, and the Grizzlies probably don't love the idea of trading their franchise star without significant draft capital, especially if they are also getting the negative-value contract of Dejounte Murray or Jordan Poole.

Ben Mathurin-for-Yves Missi trade with the Pacers has also been speculated, but nothing has come to fruition so far.

More important than the actual players will be the draft capital the Pelicans are able to add at the deadline. If they can't add at least a few second-round picks, Pelicans fans can consider this transaction window a failure.