What happened: Trade interest followed Trey Murphy III through the offseason and into talks between Golden State and New Orleans. The Pelicans have resisted offers while preparing to compete in 2026-27.
Why it matters: Murphy’s four-year, $112 million contract gives New Orleans long-term control. Meeting the reported price would require Golden State to commit substantially more future capital.
By the numbers: Murphy averaged 21.5 points, 5.7 rebounds, 3.8 assists and 1.5 steals in 2025-26, shooting 47.0% from the field and 37.9% from three.
What to watch: Watch whether either side revises its package before training camp.