By NBA insiders | ESPN, 2026-01-08 20:00:00
周三晚间，NBA 的一个最大悬念终于揭晓：
谁将完成 2025-26 赛季的首笔交易？
没错，亚特兰大老鹰队将四届全明星后卫特雷·杨 (Trae Young) 送至华盛顿奇才队，已经正式拉开了交易季的序幕。但随着联赛日益临近 2 月 5 日的截止日，这笔交易会引发更多连锁反应吗？联盟中一直不乏其他流言——其中最引人关注的，莫过于围绕扬尼斯·阿德托昆博 (Giannis Antetokounmpo) 的未来以及安东尼·戴维斯 (Anthony Davis) 的潜在下家所产生的更多戏剧性传闻。
在我们等待本赛季第二笔交易发生的同时，还有哪些操作可能会实现呢？ESPN 的扎克·克拉姆 (Zach Kram) 和凯文·佩尔顿 (Kevin Pelton) 为我们构想了六笔交易，它们能够补强争冠球队并改变季后赛席位之争的格局。同时，NBA 前线办公室内部人士鲍比·马克斯 (Bobby Marks) 则会分析这些交易将如何影响各支球队的未来。
让我们直奔主题，看看这些交易提案，首先从密尔沃基雄鹿队围绕其两届 MVP 打造另一套冠军阵容的最新尝试开始。
跳转至交易提案：
雄鹿为扬尼斯寻得又一位明星搭档
湖人补充急需的投射能力
勇士为库明加找到交易方案
森林狼得到心仪的控球后卫
马刺为文班身后增添更多帮手
猛龙向西寻求内线支援
雄鹿围绕扬尼斯·阿德托昆博进行补强
密尔沃基雄鹿队得到：
小迈克尔·波特 (Michael Porter Jr.)
布鲁克林篮网队得到：
凯尔·库兹马 (Kyle Kuzma)
托里恩·普林斯 (Taurean Prince)
2031 年首轮选秀权 (来自雄鹿)
底特律活塞队得到：
科尔·安东尼 (Cole Anthony)
现金补偿
对于密尔沃基而言，没有比小波特更好的截止日引援了。他将扮演类似克里斯·米德尔顿 (Khris Middleton) 曾经在雄鹿队中担任的角色，并使球队在阿德托昆博下场休息时更具竞争力。
由于密尔沃基的薪资总额远低于奢侈税线，他们可以轻松增加约 800 万美元的薪水，将三名表现不佳或无法出战的球员（普林斯在 11 月接受了颈部手术，很可能赛季报销）换成一位值得入选全明星的球员。
这笔交易换来的季后赛深度，是否足以证明密尔沃基放弃其仅剩的可交易首轮签是值得的？或许并非如此，但如果雄鹿队致力于围绕阿德托昆博加固阵容，这笔交易堪称最佳选择。
从篮网队的角度来看，这将是一笔载入史册的操作。在休赛期那笔获得小波特的交易中，布鲁克林还从丹佛掘金队得到了一个无保护的首轮签，而现在他们将从另一支为赢在当下而投入巨大的球队那里再添一枚未来的选秀权。
交易电话中未言明的是：如果篮网队有兴趣在未来某个时间点——从现在到 2027 年截止日之间——参与到有关阿德托昆博的交易中，那么手握雄鹿队的选秀权将是一个理想的起点。
活塞队作为第三方参与进来，纯粹是因为他们可以清理出一个阵容名额，并且薪资距离奢侈税线还很远。他们将获得现金来支付安东尼的薪水，并且如果愿意，可以立即将他裁掉。-- 佩尔顿
马克斯的分析： 篮网队处境微妙，可以说，球队应该送走队内最好的球员，以确保在六月的选秀中获得更高的顺位，从而推动重建进程。在从休斯顿火箭队重新获得自己 2025 年和 2026 年的首轮签后，如果小波特留在阵中并延续其生涯最佳表现，篮网队将面临再次跌出选秀前五顺位的风险。通过交易小波特，布鲁克林可以带着薪金空间和大量的首轮选秀权进入休赛期。
除非阿德托昆博在截止日前请求交易，否则雄鹿队将继续在现有阵容上加倍投入。尽管交易掉他们唯一可用的首轮签看似孤注一掷，但请记住，从选秀大会当晚开始，密尔沃基将被允许交易他们 2026 年和 2033 年的首轮签。如果阿德托昆博真的提出离队，密尔沃基很可能会在一笔交易中收回多个首轮签。
湖人为卢卡·东契奇和勒布朗·詹姆斯增添一名“神射手”
洛杉矶湖人队得到：
基翁·埃利斯 (Keon Ellis)
萨克拉门托国王队得到：
道尔顿·克内克特 (Dalton Knecht)
2032 年次轮选秀权
埃利斯是湖人队的天然拼图，他们的防守效率排名联盟第 23 位，自 12 月初以来更是跌至第 29 位。他本赛季的三分球有所退步（命中率 35.5%，而此前生涯命中率为 42.9%），但正是这种进攻端的不足，使得这位作风强硬的防守者或许可以通过这样一笔小规模交易得到。
国王队似乎也并不十分看重埃利斯，因为他的上场时间持续波动：在过去 10 场比赛中，埃利斯有两次出场时间至少 30 分钟，四次则在 10 分钟或以下。考虑到这位年轻后卫将在今年夏天成为自由球员（他也可以在此之前签下续约合同），萨克拉门托或许认为，现在用他换来一个次轮签和克内克特是明智之举。后者是 2024 年的首轮秀，能为球队的侧翼轮换带来投射能力和不错的身材。
如果萨克拉门托为埃利斯的合同设定更高的价码，湖人队可能难以满足：2032 年的选秀权是他们唯一可交易的次轮签，而他们很可能希望将唯一可交易的首轮签（2031 或 2032 年）留给一个更大的目标。并且，许多其他需要外线防守帮助的球队也应该会在截止日对埃利斯感兴趣。-- 克拉姆
马克斯的分析： 除了基冈·默里 (Keegan Murray) 和尼克·克利福德 (Nique Clifford) 之外，埃利斯是国王队阵容中备受其他球队高管青睐的球员。埃利斯填补了湖人队的需求，后者将获得他下赛季的鸟权。更重要的是，埃利斯 240 万美元的自由球员薪资占位，让湖人队可以在自由球员市场上使用薪金空间来填充阵容，并且仍然能超出工资帽来签下这位后卫。克内克特将连续第二个赛季被交易，但与他在夏洛特黄蜂队的短暂经历不同，这次交易将真正完成。他将在萨克拉门托获得一个全新的开始和充足的上场时间，融入一支正在重建的球队。克内克特的合同将持续到 2027-28 赛季，并有资格在 2027 年休赛期续约。考虑到埃利斯很可能在自由球员市场离开萨克拉门托，为国王队锁定像克内克特这样一位合同可控的球员至关重要。
勇士为乔纳森·库明加找到新东家
金州勇士队得到：
乔丹·霍金斯 (Jordan Hawkins)
特雷·墨菲三世 (Trey Murphy III)
新奥尔良鹈鹕队得到：
乔纳森·库明加 (Jonathan Kuminga)
摩西·穆迪 (Moses Moody)
2026 年首轮选秀权 (来自勇士)
2028 年首轮选秀权 (来自勇士，前 10 顺位保护)
2030 年首轮选秀权 (来自勇士，如果顺位在 5-20 之间)
犹他爵士队得到：
凯文·卢尼 (Kevon Looney)
2031 年次轮选秀权 (来自猛龙)
2032 年次轮选秀权 (来自鹈鹕)
现金补偿
勇士队一直与市场上更大牌的球员联系在一起，但考虑到他们的财务状况，墨菲是更合理的选择。他正处于一份四年 1.12 亿美元续约合同的第一个赛季，其本赛季的工资帽冲击值不到安东尼·戴维斯的一半。金州勇士队完成这笔交易后，实际上可以节省 2500 万美元的奢侈税。
在球场上，墨菲将为勇士队提供另一位能在斯蒂芬·库里 (Stephen Curry) 身边拉开空间的恐怖射手。墨菲生涯三分命中率达到 38%，近几个赛季场均能命中三记三分。而穆迪场均命中 2.1 记三分，已经是本赛季金州勇士队内第二多的球员。作为这种类型的球员，墨菲在勇士队的侧翼防守端也能独当一面，并在德雷蒙德·格林 (Draymond Green) 打中锋时顶到大前锋位置。
由于鹈鹕队并无迫切交易墨菲的需要，金州勇士队要得到这些好处就必须付出代价。这笔交易最多会送出他们可交易的四个首轮签中的三个，但保护条款可以防止他们在今年之后送出高顺位选秀权。新奥尔良承担了一定的风险，因为这笔交易可能最终只换来一个首轮签，但如果运气好，也可能带来三个乐透签。
鹈鹕队还得到了两名实用的年轻球员。库明加的比赛风格应该会引起新奥尔良管理层的兴趣。而穆迪则能为鹈鹕队提供一名射手，以弥补墨菲离开后的空缺。新奥尔良还能摆脱霍金斯在 2026-27 赛季 700 万美元的薪水，他本赛季场均仅得 4.5 分。
爵士队则利用交易特例接纳卢尼，作为促成交易的一方参与进来。在本赛季剩余时间里，他很可能成为犹他队中锋位置上的一名轮换球员。-- 佩尔顿
马克斯的分析： 考虑到金州勇士队阵容未来的不确定性，这笔交易存在风险。除了新加入的墨菲，当送往新奥尔良的 2028 和 2030 年首轮签兑现时，勇士队现有阵容中将没有任何球员身背合同。但与密尔沃基对待阿德托昆博的方式类似，勇士队有义务在库里和吉米·巴特勒三世 (Jimmy Butler III) 尚在阵中时，最大化冠军窗口期。而三个首轮签的报价，即使需要送出墨菲，对于新奥尔良来说也难以拒绝。
在将自己的 2026 年首轮签交易给亚特兰大老鹰队以选中德里克·奎恩 (Derik Queen) 之后，鹈鹕队将凭借勇士队的选秀权重新回到当年的选秀大会。库明加下赛季拥有 2430 万美元的球队选项，新奥尔良可以利用接下来的四个月来评估是否让他进入自由球员市场。随着墨菲在这笔交易中被送走，外界的焦点将转向蔡恩·威廉森 (Zion Williamson) 是否会成为下一个倒下的多米诺骨牌。犹他队作为交易的促进方，通过接手卢尼 800 万美元的薪水（含 2026-27 赛季的球队选项）而获得了两个次轮签，从中受益。
森林狼填补最大短板
明尼苏达森林狼队得到：
特雷·琼斯 (Tre Jones)
芝加哥公牛队得到：
罗伯·迪林厄姆 (Rob Dillingham)
小特伦斯·香农 (Terrence Shannon Jr.)
森林狼队在控球后卫位置上不需要进行重磅引援，因为安东尼·爱德华兹 (Anthony Edwards) 作为组织者的能力在持续进步。但是，一位称职的中坚力量组织者，对于这支在该位置存在漏洞的球队来说将大有裨益。琼斯是明尼苏达本地人，也是前森林狼后卫泰厄斯·琼斯 (Tyus Jones) 的弟弟，他完全符合这个要求。
特雷·琼斯身高 6 英尺 1 英寸，三分球不太稳定，但他正是明尼苏达需要的那双“稳定之手”。自从上赛季交易截止日，在一笔将德阿隆·福克斯 (De’Aaron Fox) 带到圣安东尼奥马刺队的三方交易中加盟芝加哥以来，琼斯场均贡献 11.9 分和 5.1 次助攻，而失误仅为 1.1 次。考虑到明尼苏达在关键时刻的失误率是全联盟最差的，琼斯的控球稳定性将是一次重大升级。
虽然琼斯可以帮助一支争冠球队，但迪林厄姆和芝加哥本地人香农对于一支能够给予他们成长时间的球队来说价值更大。这两位 2024 年的首轮秀在森林狼主教练克里斯·芬奇 (Chris Finch) 的轮换阵容中位置不断下滑，合计场均仅得 8.2 分。尽管是 2024 年的 8 号秀，迪林厄姆整个赛季只有一场比赛出场时间达到 20 分钟。
可以把这笔交易看作是公牛队亚历克斯·卡鲁索 (Alex Caruso) 与约什·吉迪 (Josh Giddey) 互换的“轻量版”，即把一名经验丰富的粘合剂型球员送到争冠球队，同时换回更具潜力的新秀，但不涉及选秀权。目前完成这笔交易的唯一障碍可能是芝加哥希望留住琼斯，直到吉迪从腿筋拉伤中恢复。-- 克拉姆
马克斯的分析： 在这笔交易中，森林狼队着眼于未来。是的，考虑到明尼苏达与马刺队交易了 2030 年的首轮互换权以及一个 2031 年的无保护首轮签，与马刺队关于迪林厄姆的交易最终变成了一场灾难。但森林狼队急需一名控球后卫来减轻爱德华兹的负担。琼斯在休赛期与芝加哥签下的三年 2400 万美元的合同被认为是性价比最高的合同之一。然而，我不看好这笔交易对芝加哥的意义。迪林厄姆虽然只有 21 岁，但他在夏季联赛、季前赛和常规赛的两年表现表明，他目前还不是一名轮换球员。香农本被期望填补尼基尔·亚历山大-沃克 (Nickeil Alexander-Walker) 签约亚特兰大后留下的空缺，但这名前锋在夏季联赛表现出色后投篮一直挣扎，并且正受左脚伤病困扰。
马刺再添一名法国大个子
圣安东尼奥马刺队得到：
盖尔雄·亚布塞莱 (Guerschon Yabusele)
2026 年次轮选秀权 (来自太阳)
纽约尼克斯队得到：
卡姆·惠特莫尔 (Cam Whitmore)
华盛顿奇才队得到：
杰里米·索汉 (Jeremy Sochan)
马刺队在交易截止日有一个有趣的机会来升级阵容，他们手握索汉和凯利·奥利尼克 (Kelly Olynyk) 这两份总计 2000 万美元的到期合同，而这两名球员目前处于球队轮换的边缘。圣安东尼奥或许也能从增加一名合同持续到 2026-27 赛季的球员中受益，以备球队今年夏天需要为一笔重磅交易整合薪资。
找到合适的球员并不容易，因为马刺队在全员健康时的轮换阵容一直很强大。另一位侧翼射手，比如凯文·许尔特 (Kevin Huerter)，可能是不错的选择，但圣安东尼奥最大的弱点在于当维克托·文班亚马 (Victor Wembanyama) 和卢克·科内特 (Luke Kornet) 都不在场时。根据 Cleaning the Glass 的数据，这种阵容每 100 回合净负 7.6 分。
于是亚布塞莱进入了视野，他虽然在尼克斯队难以获得上场时间，但既有与文班亚马在法国国家队并肩作战的经历，也曾担任过空间型五号位。马刺队还得到了一个很可能落在第二轮中段的选秀权，可以在截止日的其他操作中加以利用。
对于奇才队来说，这是一次着眼于天赋的运作，就像去年夏天得到惠特莫尔一样。索汉是 2022 年的乐透秀，换个环境，加上与精英组织者特雷·杨和能拉开空间的 7 英尺长人亚历克斯·萨尔 (Alex Sarr) 一起打球，或许能帮助他释放潜力。惠特莫尔在被诊断出深静脉血栓病而缺阵之前，在华盛顿的效率一直不佳。
纽约的动机在于财务。签下亚布塞莱让尼克斯队被硬性限制在第二奢侈税线，使他们无法填满阵容名单。将他交易换来一份更小的薪水，将使纽约能够立即签下第 15 名球员。尼克斯队能从惠特莫尔那里得到的任何产出都算是额外收获。-- 佩尔顿
马克斯的分析： 对于马刺队和奇才队来说，这是一个低成本的选择。上赛季场均出战 30 分钟的索汉，如今已被主教练米奇·约翰逊 (Mitch Johnson) 摁在板凳席上。他得到了在华盛顿为赛季后半段试镜的机会。如果索汉表现足够好，奇才队可以在休赛期为他提供一份一年 960 万美元的资质报价，使他成为一名受限制自由球员。与索汉类似，亚布塞莱上赛季在费城 76 人队场均出战 27 分钟，得到 11.0 分，但在纽约他的上场时间急剧下降。亚布塞莱下赛季拥有 580 万美元的球员选项。
“水花大山”北上多伦多
多伦多猛龙队得到：
布鲁克·洛佩斯 (Brook Lopez)
洛杉矶快船队得到：
奥侪·阿巴基 (Ochai Agbaji)
贾米森·巴特尔 (Jamison Battle)
2026 年次轮选秀权 (来自湖人)
猛龙队在中锋位置上有一个巨大的空缺，因为雅各布·珀尔特尔 (Jakob Poeltl) 自 12 月 21 日以来就因背伤缺阵。即便能够出场，这位 30 岁的球员本赛季也显示出明显下滑的迹象，这让人们质疑球队在休赛期为他提供一份昂贵的提前续约合同的决定。
在珀尔特尔缺席期间，多伦多一直依赖身材偏矮的中锋桑德罗·马穆克拉什维利 (Sandro Mamukelashvili) 和新秀科林·默里-博伊尔斯 (Collin Murray-Boyles)。这支令人惊喜的竞争者需要一位体型更大、更稳健的内线坐镇。让情况变得复杂的是，猛龙队的五名首发球员是队内仅有的本赛季薪资超过 640 万美元的球员，这意味着他们要么需要失去一名核心球员，要么就得寻找廉价合同。
后一个选项可能指向菲尼克斯太阳队的尼克·理查兹 (Nick Richards) 或布鲁克林的戴’隆·夏普 (Day’Ron Sharpe)。37 岁的洛佩斯也提供了一个引人注目的选择，他是一位久经考验的季后赛球员，在经历了 2025-26 赛季惨淡的开局后状态回暖。他的三分命中率达到 36%，并且仍然是一名高效的内线防守者。洛佩斯本赛季在篮下的防守让对手的命中率仅为 55%，而多伦多所有大个子的这项数据为 64%。
对于快船队来说，这笔交易将为他们带来阿巴基的潜在上升空间——这位前乐透秀将在明年夏天进入受限制自由球员市场——以及一个第二轮中段的选秀权。目前来看，快船队在 2026 年的选秀中可能一个选秀权都拿不到，这取决于复杂的选秀权保护条款以及科怀·伦纳德 (Kawhi Leonard)/Aspiration 调查的进展。-- 克拉姆
马克斯的分析： 得到洛佩斯将为多伦多的前场提供一份保险。但猛龙队的老板是否满足于放弃 1410 万美元的税收分红？多伦多目前超出奢侈税线 96.7 万美元，而这笔交易将增加 50 万美元的薪水。为了签下第 14 名球员并保持在第一档硬工资帽之下——这笔交易将使猛龙队的薪资空间距离硬工资帽还有 50 万美元——多伦多需要第三方球队送出额外的薪水。对于快船队这支 NBA 最年长的球队而言，引进阿巴基（25 岁）和巴特尔（24 岁）将使球队变得更年轻。交易洛佩斯也将为 22 岁的新秀中锋雅尼克·科南·尼德豪泽 (Yanic Konan Niederhauser) 腾出上场时间。
对全联盟影响最大的交易是……
这六笔交易都提出了令人信服的理由，从金州勇士和密尔沃基雄鹿及其当家球星试图保持冠军窗口期，到明尼苏达森林狼为控球后卫位置找到永久解决方案。
虽然特雷·墨菲三世交易至金州勇士的方案会抢占头条并提升阵容实力，但特雷·琼斯加盟明尼苏达和基翁·埃利斯登陆湖人的交易同样不容忽视，这两笔交易都填补了巨大的阵容漏洞，并可能轻易影响通往季后赛乃至更远的路程。
正如卢卡·东契奇 (Luka Doncic) 在达拉斯独行侠的日子所证明的，任何由东契奇领导的进攻体系若想被视为冠军级别，可靠的三分射手都是必需品。而如果明尼苏达能连续第三次闯入西部决赛，任何潜在的截止日控卫交易都可能成为这支球队最终突破至 NBA 总决赛的关键。– 马克斯
由生成式人工智能翻译，译文内容可能不准确或不完整，以原文为准。
点击查看原文：NBA trade deadline: Six offers that reshape the playoff chase
NBA trade deadline: Six offers that reshape the playoff chase
Wednesday night provided the answer to one of the NBA’s biggest questions:
Who will make the first trade of 2025-26?
Yes, the Atlanta Hawks dealing four-time All-Star guard Trae Young to the Washington Wizards has officially kick-started trade season. But will it spark more moves as the league inches closer to the Feb. 5 deadline? There have been plenty of other rumblings – chief among them, more drama surrounding Giannis Antetokounmpo’s future and potential landing spots for Anthony Davis.
As we await the second trade of the season, what else could get done? ESPN’s Zach Kram and Kevin Pelton map out six moves that could bolster contenders and alter the race to the postseason, while NBA Front Office Insider Bobby Marks examines how the deals would impact each franchise’s future.
Let’s get to the trades, starting with the Milwaukee Bucks’ latest attempt to build another championship roster around their two-time MVP.
Jump to a trade proposal:
Bucks land another Giannis co-star
Lakers add much-needed shooting
Warriors find a deal for Kuminga
Timberwolves get their point guard
Spurs add more help behind Wemby
Raptors look west for big-man help
Bucks build around Giannis Antetokounmpo
Milwaukee Bucks get:
Michael Porter Jr.
Brooklyn Nets get:
Kyle Kuzma
Taurean Prince
2031 first-round pick (via Bucks)
Detroit Pistons get:
Cole Anthony
Cash considerations
For Milwaukee, no player is a better deadline addition than Porter, who would fill a role similar to what Khris Middleton once played for the Bucks and make them far more capable of succeeding when Antetokounmpo sits.
Because Milwaukee is so far below the luxury tax line, it could comfortably add about $8 million in salary, converting three players who have been ineffective or unavailable (Prince underwent neck surgery in November that will likely end his season) into a player who deserves All-Star consideration.
Would that result in a deep enough playoff run to justify Milwaukee giving up its lone remaining tradable first-round pick? Probably not, but if the Bucks are committed to fortifying the roster around Antetokounmpo, this deal is tough to top.
From the Nets’ standpoint, this would be an all-time piece of business. In the offseason deal to acquire Porter, Brooklyn also got an unprotected first-round pick from the Denver Nuggets and would add a second future pick from another team that is highly leveraged to win now.
Left unsaid on the trade calls: If the Nets are interested in getting in on an Antetokounmpo deal at some point between now and the 2027 deadline, having Milwaukee’s pick to offer would be an ideal starting point.
The Pistons are involved as a third team solely because they can clear a roster spot and are nowhere near the luxury tax. They’d get cash to cover Anthony’s salary and could waive him immediately, if they want. – Pelton
Marks’ analysis: The Nets are in an interesting position, as a case can be made that the franchise should move off its best player to help secure a higher pick in June’s draft and further its rebuild. After reacquiring their own 2025 and 2026 first-round picks from the Houston Rockets, the Nets risk drafting outside the top five once again if Porter is on the roster and sustains his career-best play. In trading Porter, Brooklyn could enter the offseason with cap space and a plethora of first-round picks.
Unless Antetokounmpo asks for a trade before the deadline, the Bucks will keep doubling down on their roster. While trading their only available first-round pick seems desperate, keep in mind that starting the night of the draft, Milwaukee will be allowed to trade their 2026 and 2033 first-rounders. If Antetokounmpo does ask out, Milwaukee will likely recoup multiple first-round picks in a deal.
Lakers add a ‘laser’ for Luka Doncic and LeBron James
Los Angeles Lakers get:
Keon Ellis
Sacramento Kings get:
Dalton Knecht
2032 second-round pick
Ellis is a natural fit for the Lakers, who rank 23rd in defensive rating and an even worse 29th since the start of December. His 3-point shot has regressed this season (35.5%, versus 42.9% in his career prior), but that lack of offensive oomph is precisely why the hard-nosed defender might be attainable in a small-scale deal like this.
The Kings also don’t seem to value Ellis very highly, given his minutes keep fluctuating: Within his past 10 games, Ellis has played at least 30 minutes twice and 10 minutes or less four times. With the young guard set to reach free agency this summer (he also can sign an extension before then), Sacramento might think it makes sense to cash in now for a second-round pick and Knecht, a 2024 first-rounder who’d bring shooting and decent size to the roster’s wing rotation.
If Sacramento sets a higher price point for Ellis’ contract, the Lakers could struggle to bridge the gap: The 2032 pick is their only tradable second-rounder, and they likely would prefer to save their only tradable first-rounder (in 2031 or 2032) for a bigger target. And many other teams in need of perimeter defensive help should be interested in Ellis at the deadline. – Kram
Marks’ analysis: Outside of Keegan Murray and Nique Clifford, Ellis is the one player on the Kings’ roster whom team executives covet. Ellis fills a need for the Lakers, who would acquire his Bird rights for next season. More importantly, Ellis’ $2.4 million free agent hold allows the Lakers to use cap space in free agency to fill out their roster and still exceed the cap to sign the guard. Knecht would be traded for a second straight season, but unlike his short tenure with the Charlotte Hornets, this trade would actually go through. He would have a blank slate in Sacramento and ample playing time on a roster that is rebuilding. Knecht is under contract through the 2027-28 season and extension-eligible in the 2027 offseason. Considering Ellis was likely going to leave Sacramento in free agency, identifying a player on a controllable contract such as Knecht is important for the Kings.
Warriors find a new home for Jonathan Kuminga
Golden State Warriors get:
Jordan Hawkins
Trey Murphy III
New Orleans Pelicans get:
Jonathan Kuminga
Moses Moody
2026 first-round pick (via Warriors)
2028 first-round pick (via Warriors, top-10 protected)
2030 first-round pick (via Warriors, if No. 5 to 20)
Utah Jazz get:
Kevon Looney
2031 second-round pick (via Raptors)
2032 second-round pick (via Pelicans)
Cash considerations
The Warriors have been linked to bigger names on the market, but for their financial situation, Murphy makes more sense. He is in the first season of a four-year, $112 million extension with a cap hit less than half of Anthony Davis’ this season. Golden State could make this trade and actually save $25 million in luxury tax.
On the court, Murphy would give the Warriors another feared shooter to play off Stephen Curry. Murphy has made 38% of his career 3s, hitting three per game in recent seasons. Moody, at 2.1 made treys per outing, is the second-leading Golden State player this season. For that archetype, Murphy would hold his own defensively on the wing for the Warriors and slide to power forward when Draymond Green is at center.
Since the Pelicans have no urgency to move Murphy, those benefits will cost Golden State. This deal moves up to three of the four first-round picks they can trade but protects them from giving up a top-four pick after this year. New Orleans is taking a risk that this trade might convey only one first-rounder, but it could yield three lottery picks if things hit right.
The Pelicans also get a pair of useful young players. Kuminga’s game figures to intrigue New Orleans’ front office. And Moody would give the Pelicans a shooter to help replace Murphy. New Orleans also benefits from getting off the $7 million 2026-27 salary for Hawkins, who is averaging just 4.5 points per game this season.
The Jazz jump in to facilitate by taking on Looney using a trade exception. He’d likely be a rotation player for Utah at center the rest of the season. – Pelton
Marks’ analysis: There is risk in this trade when considering the uncertain future of Golden State’s roster. Besides the newly acquired Murphy, there would be no current Warriors under contract when the 2028 and 2030 first-round picks sent to New Orleans get made. But similar to Milwaukee’s approach with Antetokounmpo, there is an obligation to maximize the championship window with Curry and Jimmy Butler III on the roster. And three first-rounders is too much of an offer for New Orleans to refuse, even if they have to include Murphy in the trade.
After trading their own 2026 first-rounder to the Atlanta Hawks to select Derik Queen, the Pelicans would reenter June’s draft with the Warriors’ pick. Kuminga has a $24.3 million team option for next season, and New Orleans can use the next four months to evaluate whether the team lets him hit free agency. With Murphy traded in this move, the focus would turn to whether Zion Williamson is the next domino to fall. Utah benefits as a facilitator with two first-round picks to take back Looney’s $8 million salary with a team option for 2026-27.
Timberwolves fill their biggest need
Minnesota Timberwolves get:
Tre Jones
Chicago Bulls get:
Rob Dillingham
Terrence Shannon Jr.
The Timberwolves don’t need a big swing at point guard, as Anthony Edwards continues to develop as a playmaker. But a competent midtier creator would do wonders for a team with a hole at the position. Jones, a Minnesota native and brother of former Wolves guard Tyus Jones, fits the bill.
Tre Jones is 6-foot-1 and has an iffy 3-point shot, but he is the steady hand Minnesota needs. Since moving to Chicago at last season’s trade deadline as part of the three-team deal that brought De’Aaron Fox to the San Antonio Spurs, Jones has averaged 11.9 points and 5.1 assists per game to just 1.1 turnovers. Given that Minnesota has the worst clutch turnover rate in the league, Jones’ ball security would offer a significant upgrade.
While Jones could help a contender, Dillingham and Chicago-native Shannon have much more value to a team that can give them time to develop. The two 2024 first-rounders have tumbled down Wolves coach Chris Finch’s rotation, averaging a combined 8.2 PPG. Dillingham has reached 20 minutes in just one game all season, despite being the No. 8 pick in the 2024 draft.
Think of this trade as the light version of the Bulls’ Alex Caruso-Josh Giddey swap, sending a veteran glue guy to a contender while returning higher-upside youngsters but no draft picks. The only hang-up to getting this deal done now might be Chicago’s desire to hold onto Jones until Giddey returns from a hamstring strain. – Kram
Marks’ analysis: In this deal, the Timberwolves are looking ahead. Yes, the Dillingham trade with the Spurs turned into a disaster when you consider Minnesota traded the right to swap firsts in 2030 and send a 2031 unprotected first-round pick with the Spurs. But the Wolves are in dire need of a point guard to alleviate the workload on Edwards. The three-year, $24 million contract Jones inked with Chicago in the offseason is considered one of the better value deals. However, I don’t like this trade for Chicago. Dillingham is only 21, but his two years in summer league, preseason and the regular season have shown he is not a rotational player right now. Shannon was expected to fill the void left when Nickeil Alexander-Walker signed with Atlanta, but the forward has struggled with his shot after a strong summer league and is dealing with a left foot injury.
Spurs add another French big man
San Antonio Spurs get:
Guerschon Yabusele
2026 second-round pick (via Suns)
New York Knicks get:
Cam Whitmore
Washington Wizards get:
Jeremy Sochan
The Spurs have an intriguing opportunity to upgrade at the deadline with $20 million in expiring salary between Sochan and Kelly Olynyk, who are at the fringes of the team’s rotation. San Antonio also might benefit from adding a player under contract through 2026-27 in case the team needs to aggregate salary for a blockbuster trade this summer.
Finding the right player is tricky because the Spurs’ rotation has been so strong at full strength. Another wing shooter, such as Kevin Huerter, might make sense, but San Antonio’s single biggest weakness has been when neither Victor Wembanyama nor Luke Kornet is on the court. Such lineups have been outscored by 7.6 points per 100 possessions, according to Cleaning the Glass.
Enter Yabusele, who has struggled to find the court with the Knicks but has history in both playing alongside Wembanyama with the French national team and as a stretch-5. The Spurs also get a pick likely to fall in the middle of the second round to utilize in other deadline moves.
For the Wizards, this is a talent play, just as acquiring Whitmore was last summer. Sochan was a lottery pick in 2022, and it’s possible a change of scenery, plus playing with an elite facilitator in Trae Young and a floor-stretching 7-footer in Alex Sarr, could help unlock his game. Whitmore struggled with his efficiency in Washington before being diagnosed with deep-vein thrombosis, which has him sidelined.
The motivation for New York is financial. Signing Yabusele hard-capped the Knicks at the second luxury tax apron, giving them no ability to fill out their roster. Moving him for a smaller salary would enable New York to sign a 15th player immediately. Any production the Knicks get from Whitmore is a bonus. – Pelton
Marks’ analysis: This is a low-cost option for the Spurs and the Wizards. After averaging 30 minutes per game last season, Sochan has been buried on coach Mitch Johnson’s bench and gets an opportunity to audition in Washington for the second half of the season. If Sochan plays well enough, the Wizards can make him a restricted free agent by tendering a one-year, $9.6 million qualifying offer in the offseason. Similar to Sochan, Yabusele averaged 27 minutes and 11.0 points last season with the Philadelphia 76ers, but he has seen his minutes plummet with New York. Yabusele has a $5.8 million player option for next season.
‘Splash Mountain’ heads north
Toronto Raptors get:
Brook Lopez
LA Clippers get:
Ochai Agbaji
Jamison Battle
2026 second-round pick (via Lakers)
The Raptors have a giant hole at center, as Jakob Poeltl hasn’t played since Dec. 21 due to a back injury. Even when available, the 30-year-old showed signs of significant decline this season, calling into question the team’s decision to offer him a pricey early extension in the offseason.
In Poeltl’s absence, Toronto has been leaning on undersized centers Sandro Mamukelashvili and rookie Collin Murray-Boyles, and the surprise contender could use a bigger, steadier hand at the position. Complicating matters is that the Raptors’ five starters are their only players with a cap hit above $6.4 million this season, meaning they need to either lose a core player or look for bargain contracts.
The latter option could point to Nick Richards of the Phoenix Suns or Brooklyn’s Day’Ron Sharpe. The 37-year-old Lopez also offers an intriguing fit as a proven playoff performer who has perked up following a dismal start to the 2025-26 campaign. He’s making 36% of his 3s and remains an effective interior defender. Lopez has allowed just 55% shooting at the rim this season, as compared with 64% for all of Toronto’s bigs.
For the Clippers, this trade would give them potential upside in Agbaji, a former lottery pick who will enter restricted free agency next summer, and a mid-second-round pick. At the moment, it’s possible the Clips don’t end up with any picks in the 2026 draft, depending on how complex pick protections and the Kawhi Leonard/Aspiration investigation unfold. – Kram
Marks’ analysis: Adding Lopez would give Toronto an insurance policy for their frontcourt. But is the Raptors’ ownership content on forfeiting a $14.1 million tax distribution? Toronto sits $967,000 over the tax, and this deal would add $500,000 in salary. To sign a 14th player and remain below the first-apron hard cap – this trade would put the Raptors $500,000 below – Toronto would need a third team to send out additional salary. For the Clippers, the NBA’s oldest team would get younger with the additions of Agbaji (age 25) and Battle (24). And trading Lopez would open up minutes for 22-year-old rookie center Yanic Konan Niederhauser.
The deal with the biggest leaguewide impact is …
The six trades all make compelling arguments, from Golden State and Milwaukee and their franchise players trying to keep their championship windows open to Minnesota finding a permanent solution at point guard.
And while the Trey Murphy III trade to Golden State will steal the headlines and improve the roster, it is hard to ignore Tre Jones to Minnesota and Keon Ellis landing with the Lakers, both of which fill massive holes and could easily impact the road to the playoffs and beyond.
As Luka Doncic’s Dallas Mavericks days proved, reliable 3-point shooters are a must for any Doncic-led offense to be considered championship-caliber. And if Minnesota reaches its third consecutive Western Conference finals, any potential deadline deal for a point guard could be the difference in the franchise finally breaking through to its first NBA Finals. – Marks
By NBA insiders | ESPN, via ESPN