Zion? Trey Murphy? NBA trade deadline is nearing; how should Pelicans approach?

The noise is picking up around the New Orleans Pelicans, and it’s only going to get louder.

As if the Pelicans didn’t have enough rock-bottom moments during the first six weeks of their NBA season, they added one more to the list Saturday afternoon following a lifeless 119-101 loss to a five-win Brooklyn Nets team.

It was the kind of loss that adds injury to insult for a team that holds the worst record in the league, but it also adds something else to the NBA discourse: trade chatter.

The vultures are already circling the Pelicans (3-21) with two months remaining before the NBA trade deadline, and the rumor mill is swirling with folks around the league wondering how much it would take to pry away some of the more prominent names from a team that desperately needs assets to prepare for an inevitable rebuilding process.

Multiple league sources have already told The Athletic that the Pelicans have not engaged in any trade discussions involving Zion Williamson, Trey Murphy or Herb Jones. But will that remain the case leading up to the Feb. 5 trade deadline? And what about some of the other interesting names on the roster?

Let’s look at how the Pelicans should approach the constant trade rumors that will only increase if losses pile up over the next few months:

Zion Williamson

Even though he’s proving his detractors right once again by derailing another Pelicans season with his constant injury issues, Williamson’s name will be the most popular among potential trade candidates out of New Orleans because his talent is so intriguing.

While some of his efficiency numbers were down during the 10 games he was healthy this season, Williamson is still capable of being a dominant offensive force whenever he is on the court.

After missing time earlier this season with a grade 1 left hamstring strain, Williamson is expected to be sidelined for an extended period once again after being diagnosed with a grade 2 right hip adductor strain. The Pelicans have not officially released a timetable for Williamson’s return, but team sources told The Athletic that Williamson will be re-evaluated after three weeks.

At the earliest, that would mean his potential return would be somewhere close to Christmas. But there are people around the organization who are expecting he won’t be back before the start of January.

Considering how disastrous this season has been for Williamson after Pelicans lead executive Joe Dumars re-committed to him as the face of the franchise last summer, it seems as if it’s only a matter of time before Williamson’s time in New Orleans finally comes to an end.

While some people in New Orleans would happily take whatever return to be done with the Zion drama, I highly doubt the Pelicans front office will approach this situation with that mindset.

First off, Williamson has to get back on the court and prove he can actually get a few weeks of healthy basketball under his belt before anyone throws a serious offer out to acquire him. While there are some general managers who wouldn’t shy away from a potential Williamson reclamation project, Williamson has to do the work to show he’s committed to getting — and staying — healthy.

While I expect there to be some interest around Williamson leading up to the trade deadline, pulling off such a deal with another team willing to put enough contracts together to match the $39.4 million he makes this season won’t be easy. But more than anything, the Pelicans need draft assets; are there any teams willing to give up valuable draft assets to take on the risk of Williamson and his long injury history?

My guess is that a deal this complicated won’t be completed until the summer, but there may be a team desperate enough to take a shot at a Williamson trade before the deadline. I do think anyone who believes the Pelicans are going to give him up for the first shiny object that gets thrown their way is mistaken. With all the criticism this front office has received dating back to last offseason, they must be very strategic about how they handle this situation, knowing that whatever they decide will draw a visceral response from the fan base.

Trey Murphy and Herb Jones

If the Pelicans front office is on a mission to build up its draft capital for the future, its best chance will be seeing what other teams are willing to give up for Murphy and Jones. After giving away their unprotected 2026 first-round pick last June to acquire Derik Queen, the Pelicans most likely will be doing all they can to jump back into a loaded 2026 draft to add more young building blocks to the roster.

Murphy and Jones are entering the prime ages of their careers, and they’re under long-term contracts that will be increasingly affordable as the salary cap goes up over the next few seasons. But while there will be tons of intrigue surrounding both of these guys, I would be surprised if the Pelicans seriously entertain moving either one unless they are blown away by offers they can’t refuse.

Murphy, in particular, is a player who brings tremendous value as a 25-year-old with elite athleticism and 3-point shooting ability. After this season, Murphy is still under contract for three more years and $87 million. That’s a tremendous bargain for a player with his skill set. If anything, the franchise has probably learned this season that asking Murphy to be the No. 2 option on a winning team may be too much. But that doesn’t take away the great value he brings as an offensive weapon.

Jones is another player who brings a skill set that would make him a prime target for playoff-contending teams, but his presence in the locker room and being the best defender on the team make him a very difficult player to give away without quality compensation.

Remember, this same front office gave Jones a three-year, $68 million extension in July. After signing that deal, Jones won’t even be eligible to be included in a trade until Jan. 14.

The Pelicans have to start thinking about the future and what they want a roster centered around 2025 first-round picks Queen and Jeremiah Fears to look like. There isn’t anyone on the roster who fits better with Queen and Fears as a floor spacer and a big-time scoring option who can take some of the pressure off them.

While some folks are ready for the Pelicans to blow it up and start from scratch, this organization has shown in the past that it doesn’t have much of a desire to toss away players as valuable as Jones and Murphy just to get a fresh start. Some would say it would do them no good to take such a drastic tanking measure, because tanking won’t benefit them this season.

If I were to guess who’s more likely to be traded between Murphy and Jones, I’d say Jones because there will be teams willing to give up at least one first-round pick to add an elite defensive player once he gets healthy. Murphy will have a much higher price tag, and how many teams will be open to giving up that kind of haul for a player who’s probably best suited as a No. 3 scoring option on a really good team?

With Jones, the Pelicans will have to answer some difficult questions about a guy who has been the heart and soul of this team in the past. He has missed the last eight games with a right calf strain, but all indications are that he’ll be back relatively soon.

Will this be the team’s best chance to cash in on Jones as a worthy trade piece? Or will keeping him and Murphy around put Fears and Queen in position to get back in the postseason picture much earlier than expected?

Expect to hear Murphy and Jones in the news a lot over the next two months.

Others to keep an eye on:

• I’d have veteran point guards Jordan Poole and Dejounte Murray high on the list of potential trade targets once they finally get healthy. Murray, who hasn’t played a game since tearing his Achilles on Jan. 31 last season, could be a sneaky trade target once he returns to the court and teams take a look at him. Poole’s name will also get thrown around a lot once he finally recovers from a quad injury that’s shockingly kept him sidelined for over a month.
• One other name I think will be really intriguing: Saddiq Bey. The veteran swingman has been a great pickup for the Pels, despite initially being viewed as a throw-in for salary purposes when the team acquired Poole over the summer in exchange for CJ McCollum. Bey has been fantastic for New Orleans this year, even though the results have been disastrous. Bey only makes $6.1 million this season and $6.4 million next season; that’s an extreme bargain for a 26-year-old averaging 14 points and six rebounds. There will be a smart contender who swoops in and attempts to acquire Bey at some point.
• Don’t forget Kevon Looney and his $8 million team option next season. I can certainly see teams pursuing the veteran center with the intention of declining his option in 2026 to open up some cap space on their future books. If they can turn what’s essentially an expiring Looney contract into anything of value, that would be a win for New Orleans, even if it means taking on someone else’s contract that might not be as desirable.