Most NBA front offices would have taken a completely different approach going into this offseason than the New Orleans Pelicans did. After winning 26 games and having a core that has had several seasons to produce winning basketball, most organizations would decide to finally pivot. With two bright rookies, the door was wide open for the Pelicans to enter a new era of basketball in New Orleans. Instead, they opted to run things back, and that decision could age horribly if the Pelicans once again disappoint in 2026-27.
This is something Yossi Gozlan pointed out on a recent episode of the Third Apron; he noted that the Pelicans' Trey Murphy III and Herb Jones is closing. I couldn’t agree more and have been kind of beating this drum since last deadline, when the Pelicans' only move was trading Jose Alvarado to New York for two second-round picks.
Entering this season, it feels like if the Pelicans don’t trade Murphy III or Jones at this deadline, the chance of netting a positive return is set to take a massive hit.
Time is ticking
Starting with Jones, who, in all honesty, the Pelicans may have missed their window to sell high on him already because of the way the last two seasons have gone for him.
After 2024-25, it felt like Jones' value still could’ve been high, as that was his first down year and he was dealing with injuries. But after last season, watching him shoot sub-40 percent from the field and 30.9 percent from three, while his defense took a step back, I’m not sure the Pelicans could even get a first-round pick for him. This whole equation with Jones only gets worse when you factor in that he’s got a three-year, $66-plus million extension that doesn’t even kick in till 2027-28.
Murphy III is still an interesting case because if he can have another year where he’s shooting above 37 percent from three and in that 20-21 point-per-game range, he’ll hold value. He’s on one of the best contracts in the NBA and is still in his prime while having a skill set that would fit practically any contender.
That said, one issue I see coming is that Dumars may never get an offer that matches the insane value he's placed on Murphy III in the past. We’ve heard rumored asking prices of three to even four first-round picks plus players for the 6-foot-7 wing. Now, don't get me wrong, There’s no reason for Dumars to sell low on arguably his most valuable asset, but he also needs to be realistic, and until that happens, I’m not sure Murphy III will be moved.
After seeing what happened to the Chicago Bulls at the 2026 trade deadline, the idea of the Pelicans missing their trade window with Murphy III and Jones is scary. If you need a reminder, the Bulls finally decided to sell and traded most of their pieces for second-round picks. The Pelicans can’t let that happen, and if another down year unfolds, it’s time to act before their value diminishes any more.
