Pelicans’ Lost Season Fuels Trade Buzz Around Murphy, Jones, and Kuminga

The New Orleans Pelicans’ season has unraveled far faster than even pessimistic projections anticipated. At 5–22 despite a recent road win over the Chicago Bulls, New Orleans has fallen near the bottom of the league in the opening months of the 2025–26 campaign.

The struggles carry added weight because the franchise lacks a safety net. A prior draft-night trade with the Atlanta Hawks left the Pelicans without control of their 2026 first-round pick, limiting the benefits of a full rebuild and increasing pressure to extract value from the current roster.

While New Orleans was never widely viewed as a contender entering the season, the depth of the collapse has shifted the conversation quickly. Around the league, the Pelicans are increasingly seen as sellers rather than a team looking to stabilize and push forward.

As the trade deadline approaches, that perception has sparked renewed interest from playoff hopefuls, including the Golden State Warriors, who are closely monitoring several of New Orleans’ most valuable wings.

1. Golden State’s Longstanding Interest

According to reporting from The Athletic, the Warriors have maintained long-term interest in Pelicans forward Trey Murphy III. Murphy’s combination of size, shooting, and two-way potential makes him an attractive target for a team seeking versatility on the wing. Any serious talks, however, would hinge on Golden State’s willingness to include Jonathan Kuminga. The Warriors’ front office would need clarity on how New Orleans values the 23-year-old forward before moving further in negotiations. That valuation remains unclear. League feedback has been mixed, a dynamic that is common as the deadline nears and teams attempt to shape leverage through selective information. In addition to Murphy, other league observers have noted that Pelicans defensive standout Herb Jones could also draw interest from Golden State, given his ability to guard multiple positions and contribute without dominating the ball.

2. Kuminga’s Complicated Market

Kuminga’s trade value has fluctuated sharply this season. After a strong opening stretch that generated optimism around his development, his role has once again become inconsistent. Over the past several weeks, Kuminga has returned to the uneven usage that characterized much of his first four NBA seasons. That inconsistency has raised questions about his long-term fit in Golden State. Multiple recent DNP–coach’s decisions have further complicated his market appeal. As trade season intensifies, limited on-court visibility can make it difficult for teams to project immediate impact. This uncertainty echoes the offseason, when many around the league expected Kuminga to be moved before he ultimately reached a short-term contract agreement with the Warriors.

3. New Orleans’ Incentive to Act

From the Pelicans’ perspective, the incentive to explore trades is clear. With the season already drifting out of reach, the focus has shifted toward asset management rather than short-term results. Murphy and Jones represent two of the franchise’s most valuable trade chips, players capable of fitting seamlessly into competitive rotations elsewhere. Moving either would signal a significant pivot, but one that may be necessary given the standings. At the same time, New Orleans must be careful not to undersell its best pieces. Without control of its own future draft capital, missteps could deepen the franchise’s predicament. As the deadline draws closer, league executives expect conversations involving the Pelicans to grow louder and more frequent, with outcomes that could reshape multiple rosters.