NBA Mock Trade: Houston Rockets Acquire New Orleans Pelicans Star

The Rockets can improve multiple systemic weaknesses with one big trade.

May 1, 2026; Houston, Texas, USA; Houston Rockets guard Reed Sheppard (15) handles the ball against the Los Angeles Lakers during the first quarter game six of the first round of the 2026 NBA Playoffs at Toyota Center. Mandatory Credit: Erik Williams-Imagn Images | Erik Williams-Imagn Images

With the NBA offseason officially here, stars are on the move, and trade buzz is heating up as July approaches. The Houston Rockets are one of many teams thrown around in rumors and reports, as they could be making major roster changes to compete for a championship in 2027.

While Giannis Antetokounmpo (now with the Miami Heat) and Jaylen Brown (on the trade block) have been stealing headlines. One Western Conference guard has been subtly included in rumors as of late.

Trey Murphy III is one of the better two-way players in the NBA right now, having averaged 21.5 points, 5.7 rebounds, 3.8 assists and 1.5 steals per game on 47-38-89 shooting splits this past season. The New Orleans Pelicans are not in a position to contend for the playoffs, which has opened up the floodgates for trade negotiations.

The Rockets, although not officially reported as a team engaged with the Pelicans, have the ammunition to make a sustainable offer and improve their team. Murphy has the perfect mix of youth and two-way skills, plus a relatively cheap contract.

Houston Rockets receive: Trey Murphy III, 2027 second-round pick (via HOU), 2031 second-round pick (via TOR)

New Orleans Pelicans receive: Reed Sheppard, Dorian Finney-Smith, 2027 first-round pick (via PHX), 2028 first-round pick, 2030 first-round pick, 2032 first-round pick swap

This trade would do wonders for the Rockets, acquiring a 26-year-old star with elite two-way abilities. Murphy could fit in as a third option alongside Kevin Durant and Alperen Sengun, able to knock down shots off the catch and finish at the rim.

As a small token of insurance, Houston would receive two second-round picks, one of which was its own for the 2027 NBA Draft. Murphy's contract is one of the best in the league, with just $87 million owed over the next three seasons. Meanwhile, the Rockets would also be moving off of Dorian Finney-Smith's contract, one that is widely regarded as the worst signing of 2025.

The Pelicans would bring back a reasonable haul for a player many teams value. Reed Sheppard is coming off a season in which he averaged 13.5 points, 3.4 assists and 1.5 steals per game off the bench, and would have an opportunity to grow in New Orleans.

The big prize that makes this all worth it for the Pelicans comes in the draft compensation. They'd get three first-round picks, one of which comes from the Phoenix Suns in 2027. With the new lottery rules, that could end up being much higher than people expected, with teams in the middle of the standings having the best odds at No. 1.

New Orleans would also get Houston's picks in 2028 and 2030, plus a pick swap in 2032. It's a haul for the Pelicans, but the Rockets would still have one first-round selection in 2027 (swap with BKN), two in 2029 (via PHX and DAL) and one in 2031. That's still a solid outlook.