Wednesday night provided the answer to one of the NBA’s biggest questions:
Who will make the first trade of 2025-26?
Yes, the Atlanta Hawks dealing four-time All-Star guard Trae Young to the Washington Wizards has officially kick-started trade season. But will it spark more moves as the league inches closer to the Feb. 5 deadline? There have been plenty of other rumblings — chief among them, more drama surrounding Giannis Antetokounmpo’s future and potential landing spots for Anthony Davis.
As we await the second trade of the season, what else could get done? ESPN’s Zach Kram and Kevin Pelton map out six moves that could bolster contenders and alter the race to the postseason, while NBA Front Office Insider Bobby Marks examines how the deals would impact each franchise’s future.
Let’s get to the trades, starting with the Milwaukee Bucks’ latest attempt to build another championship roster around their two-time MVP.
Jump to a trade proposal:
Bucks land another Giannis co-star
Lakers add much-needed shooting
Warriors find a deal for Kuminga
Timberwolves get their point guard
Spurs add more help behind Wemby
Raptors look west for big-man help
Milwaukee Bucks get:
Michael Porter Jr.
Brooklyn Nets get:
Kyle Kuzma
Taurean Prince
2031 first-round pick (via Bucks)
Detroit Pistons get:
Cole Anthony
Cash considerations
For Milwaukee, no player is a better deadline addition than Porter, who would fill a role similar to what Khris Middleton once played for the Bucks and make them far more capable of succeeding when Antetokounmpo sits.
Because Milwaukee is so far below the luxury tax line, it could comfortably add about $8 million in salary, converting three players who have been ineffective or unavailable (Prince underwent neck surgery in November that will likely end his season) into a player who deserves All-Star consideration.
Would that result in a deep enough playoff run to justify Milwaukee giving up its lone remaining tradable first-round pick? Probably not, but if the Bucks are committed to fortifying the roster around Antetokounmpo, this deal is tough to top.
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From the Nets’ standpoint, this would be an all-time piece of business. In the offseason deal to acquire Porter, Brooklyn also got an unprotected first-round pick from the Denver Nuggets and would add a second future pick from another team that is highly leveraged to win now.
Left unsaid on the trade calls: If the Nets are interested in getting in on an Antetokounmpo deal at some point between now and the 2027 deadline, having Milwaukee’s pick to offer would be an ideal starting point.
The Pistons are involved as a third team solely because they can clear a roster spot and are nowhere near the luxury tax. They’d get cash to cover Anthony’s salary and could waive him immediately, if they want. — Pelton
Marks’ analysis: The Nets are in an interesting position, as a case can be made that the franchise should move off its best player to help secure a higher pick in June’s draft and further its rebuild. After reacquiring their own 2025 and 2026 first-round picks from the Houston Rockets, the Nets risk drafting outside the top five once again if Porter is on the roster and sustains his career-best play. In trading Porter, Brooklyn could enter the offseason with cap space and a plethora of first-round picks.
Unless Antetokounmpo asks for a trade before the deadline, the Bucks will keep doubling down on their roster. While trading their only available first-round pick seems desperate, keep in mind that starting the night of the draft, Milwaukee will be allowed to trade their 2026 and 2033 first-rounders. If Antetokounmpo does ask out, Milwaukee will likely recoup multiple first-round picks in a deal.
Los Angeles Lakers get:
Keon Ellis
Sacramento Kings get:
Dalton Knecht
2032 second-round pick
Ellis is a natural fit for the Lakers, who rank 23rd in defensive rating and an even worse 29th since the start of December. His 3-point shot has regressed this season (35.5%, versus 42.9% in his career prior), but that lack of offensive oomph is precisely why the hard-nosed defender might be attainable in a small-scale deal like this.
The Kings also don’t seem to value Ellis very highly, given his minutes keep fluctuating: Within his past 10 games, Ellis has played at least 30 minutes twice and 10 minutes or less four times. With the young guard set to reach free agency this summer (he also can sign an extension before then), Sacramento might think it makes sense to cash in now for a second-round pick and Knecht, a 2024 first-rounder who’d bring shooting and decent size to the roster’s wing rotation.
If Sacramento sets a higher price point for Ellis’ contract, the Lakers could struggle to bridge the gap: The 2032 pick is their only tradable second-rounder, and they likely would prefer to save their only tradable first-rounder (in 2031 or 2032) for a bigger target. And many other teams in need of perimeter defensive help should be interested in Ellis at the deadline. — Kram
Marks’ analysis: Outside of Keegan Murray and Nique Clifford, Ellis is the one player on the Kings’ roster whom team executives covet. Ellis fills a need for the Lakers, who would acquire his Bird rights for next season. More importantly, Ellis’ $2.4 million free agent hold allows the Lakers to use cap space in free agency to fill out their roster and still exceed the cap to sign the guard. Knecht would be traded for a second straight season, but unlike his short tenure with the Charlotte Hornets, this trade would actually go through. He would have a blank slate in Sacramento and ample playing time on a roster that is rebuilding. Knecht is under contract through the 2027-28 season and extension-eligible in the 2027 offseason. Considering Ellis was likely going to leave Sacramento in free agency, identifying a player on a controllable contract such as Knecht is important for the Kings.
Golden State Warriors get:
Jordan Hawkins
Trey Murphy III
New Orleans Pelicans get:
Jonathan Kuminga
Moses Moody
2026 first-round pick (via Warriors)
2028 first-round pick (via Warriors, top-10 protected)
2030 first-round pick (via Warriors, if No. 5 to 20)
Utah Jazz get:
Kevon Looney
2031 second-round pick (via Raptors)
2032 second-round pick (via Pelicans)
Cash considerations
The Warriors have been linked to bigger names on the market, but for their financial situation, Murphy makes more sense. He is in the first season of a four-year, $112 million extension with a cap hit less than half of Anthony Davis’ this season. Golden State could make this trade and actually save $25 million in luxury tax.
On the court, Murphy would give the Warriors another feared shooter to play off Stephen Curry. Murphy has made 38% of his career 3s, hitting three per game in recent seasons. Moody, at 2.1 made treys per outing, is the second-leading Golden State player this season. For that archetype, Murphy would hold his own defensively on the wing for the Warriors and slide to power forward when Draymond Green is at center.
Since the Pelicans have no urgency to move Murphy, those benefits will cost Golden State. This deal moves up to three of the four first-round picks they can trade but protects them from giving up a top-four pick after this year. New Orleans is taking a risk that this trade might convey only one first-rounder, but it could yield three lottery picks if things hit right.
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The Pelicans also get a pair of useful young players. Kuminga’s game figures to intrigue New Orleans’ front office. And Moody would give the Pelicans a shooter to help replace Murphy. New Orleans also benefits from getting off the $7 million 2026-27 salary for Hawkins, who is averaging just 4.5 points per game this season.
The Jazz jump in to facilitate by taking on Looney using a trade exception. He’d likely be a rotation player for Utah at center the rest of the season. — Pelton
Marks’ analysis: There is risk in this trade when considering the uncertain future of Golden State’s roster. Besides the newly acquired Murphy, there would be no current Warriors under contract when the 2028 and 2030 first-round picks sent to New Orleans get made. But similar to Milwaukee’s approach with Antetokounmpo, there is an obligation to maximize the championship window with Curry and Jimmy Butler III on the roster. And three first-rounders is too much of an offer for New Orleans to refuse, even if they have to include Murphy in the trade.
After trading their own 2026 first-rounder to the Atlanta Hawks to select Derik Queen, the Pelicans would reenter June’s draft with the Warriors’ pick. Kuminga has a $24.3 million team option for next season, and New Orleans can use the next four months to evaluate whether the team lets him hit free agency. With Murphy traded in this move, the focus would turn to whether Zion Williamson is the next domino to fall. Utah benefits as a facilitator with two first-round picks to take back Looney’s $8 million salary with a team option for 2026-27.
Timberwolves fill their biggest need
Minnesota Timberwolves get:
Tre Jones
Chicago Bulls get:
Rob Dillingham
Terrence Shannon Jr.
The Timberwolves don’t need a big swing at point guard, as Anthony Edwards continues to develop as a playmaker. But a competent midtier creator would do wonders for a team with a hole at the position. Jones, a Minnesota native and brother of former Wolves guard Tyus Jones, fits the bill.
Tre Jones is 6-foot-1 and has an iffy 3-point shot, but he is the steady hand Minnesota needs. Since moving to Chicago at last season’s trade deadline as part of the three-team deal that brought De’Aaron Fox to the San Antonio Spurs, Jones has averaged 11.9 points and 5.1 assists per game to just 1.1 turnovers. Given that Minnesota has the worst clutch turnover rate in the league, Jones’ ball security would offer a significant upgrade.
While Jones could help a contender, Dillingham and Chicago-native Shannon have much more value to a team that can give them time to develop. The two 2024 first-rounders have tumbled down Wolves coach Chris Finch’s rotation, averaging a combined 8.2 PPG. Dillingham has reached 20 minutes in just one game all season, despite being the No. 8 pick in the 2024 draft.
Think of this trade as the light version of the Bulls’ Alex Caruso-Josh Giddey swap, sending a veteran glue guy to a contender while returning higher-upside youngsters but no draft picks. The only hang-up to getting this deal done now might be Chicago’s desire to hold onto Jones until Giddey returns from a hamstring strain. — Kram
Marks’ analysis: In this deal, the Timberwolves are looking ahead. Yes, the Dillingham trade with the Spurs turned into a disaster when you consider Minnesota traded the right to swap firsts in 2030 and send a 2031 unprotected first-round pick with the Spurs. But the Wolves are in dire need of a point guard to alleviate the workload on Edwards. The three-year, $24 million contract Jones inked with Chicago in the offseason is considered one of the better value deals. However, I don’t like this trade for Chicago. Dillingham is only 21, but his two years in summer league, preseason and the regular season have shown he is not a rotational player right now. Shannon was expected to fill the void left when Nickeil Alexander-Walker signed with Atlanta, but the forward has struggled with his shot after a strong summer league and is dealing with a left foot injury.
Spurs add another French big man
San Antonio Spurs get:
Guerschon Yabusele
2026 second-round pick (via Suns)
New York Knicks get:
Cam Whitmore
Washington Wizards get:
Jeremy Sochan
The Spurs have an intriguing opportunity to upgrade at the deadline with $20 million in expiring salary between Sochan and Kelly Olynyk, who are at the fringes of the team’s rotation. San Antonio also might benefit from adding a player under contract through 2026-27 in case the team needs to aggregate salary for a blockbuster trade this summer.
Finding the right player is tricky because the Spurs’ rotation has been so strong at full strength. Another wing shooter, such as Kevin Huerter, might make sense, but San Antonio’s single biggest weakness has been when neither Victor Wembanyama nor Luke Kornet is on the court. Such lineups have been outscored by 7.6 points per 100 possessions, according to Cleaning the Glass.
Enter Yabusele, who has struggled to find the court with the Knicks but has history in both playing alongside Wembanyama with the French national team and as a stretch-5. The Spurs also get a pick likely to fall in the middle of the second round to utilize in other deadline moves.
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For the Wizards, this is a talent play, just as acquiring Whitmore was last summer. Sochan was a lottery pick in 2022, and it’s possible a change of scenery, plus playing with an elite facilitator in Trae Young and a floor-stretching 7-footer in Alex Sarr, could help unlock his game. Whitmore struggled with his efficiency in Washington before being diagnosed with deep-vein thrombosis, which has him sidelined.
The motivation for New York is financial. Signing Yabusele hard-capped the Knicks at the second luxury tax apron, giving them no ability to fill out their roster. Moving him for a smaller salary would enable New York to sign a 15th player immediately. Any production the Knicks get from Whitmore is a bonus. — Pelton
Marks’ analysis: This is a low-cost option for the Spurs and the Wizards. After averaging 30 minutes per game last season, Sochan has been buried on coach Mitch Johnson’s bench and gets an opportunity to audition in Washington for the second half of the season. If Sochan plays well enough, the Wizards can make him a restricted free agent by tendering a one-year, $9.6 million qualifying offer in the offseason. Similar to Sochan, Yabusele averaged 27 minutes and 11.0 points last season with the Philadelphia 76ers, but he has seen his minutes plummet with New York. Yabusele has a $5.8 million player option for next season.
‘Splash Mountain’ heads north
Toronto Raptors get:
Brook Lopez
LA Clippers get:
Ochai Agbaji
Jamison Battle
2026 second-round pick (via Lakers)
The Raptors have a giant hole at center, as Jakob Poeltl hasn’t played since Dec. 21 due to a back injury. Even when available, the 30-year-old showed signs of significant decline this season, calling into question the team’s decision to offer him a pricey early extension in the offseason.
In Poeltl’s absence, Toronto has been leaning on undersized centers Sandro Mamukelashvili and rookie Collin Murray-Boyles, and the surprise contender could use a bigger, steadier hand at the position. Complicating matters is that the Raptors’ five starters are their only players with a cap hit above $6.4 million this season, meaning they need to either lose a core player or look for bargain contracts.
The latter option could point to Nick Richards of the Phoenix Suns or Brooklyn’s Day’Ron Sharpe. The 37-year-old Lopez also offers an intriguing fit as a proven playoff performer who has perked up following a dismal start to the 2025-26 campaign. He’s making 36% of his 3s and remains an effective interior defender. Lopez has allowed just 55% shooting at the rim this season, as compared with 64% for all of Toronto’s bigs.
For the Clippers, this trade would give them potential upside in Agbaji, a former lottery pick who will enter restricted free agency next summer, and a mid-second-round pick. At the moment, it’s possible the Clips don’t end up with any picks in the 2026 draft, depending on how complex pick protections and the Kawhi Leonard/Aspiration investigation unfold. — Kram
Marks’ analysis: Adding Lopez would give Toronto an insurance policy for their frontcourt. But is the Raptors’ ownership content on forfeiting a $14.1 million tax distribution? Toronto sits $967,000 over the tax, and this deal would add $500,000 in salary. To sign a 14th player and remain below the first-apron hard cap — this trade would put the Raptors $500,000 below — Toronto would need a third team to send out additional salary. For the Clippers, the NBA’s oldest team would get younger with the additions of Agbaji (age 25) and Battle (24). And trading Lopez would open up minutes for 22-year-old rookie center Yanic Konan Niederhauser.
The deal with the biggest leaguewide impact is …
The six trades all make compelling arguments, from Golden State and Milwaukee and their franchise players trying to keep their championship windows open to Minnesota finding a permanent solution at point guard.
And while the Trey Murphy III trade to Golden State will steal the headlines and improve the roster, it is hard to ignore Tre Jones to Minnesota and Keon Ellis landing with the Lakers, both of which fill massive holes and could easily impact the road to the playoffs and beyond.
As Luka Doncic’s Dallas Mavericks days proved, reliable 3-point shooters are a must for any Doncic-led offense to be considered championship-caliber. And if Minnesota reaches its third consecutive Western Conference finals, any potential deadline deal for a point guard could be the difference in the franchise finally breaking through to its first NBA Finals. — Marks
