What happened: AJ Johnson and Taj Gibson head to New Orleans in return. Johnson joined Memphis in July, while Gibson signed in February.
Why it matters: Memphis adds two perimeter players and more draft flexibility for 2026-27. New Orleans takes back a 21-year-old guard and a 41-year-old forward.
By the numbers: Hawkins and Peavy combined for 112 appearances and 520 points in 2025-26. Hawkins averaged 5.1 points and shot 34.8% from three; Peavy averaged 4.3 points and shot 25.9% from deep.
What to watch: Watch how Memphis divides minutes between Hawkins and Peavy and whether Johnson earns a rotation role in New Orleans.