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.

What to watch: Watch whether either side revises its package before training camp.