Pelicans, Grizzlies Agree To Four-Player Trade

The New Orleans Pelicans and Memphis Grizzlies reached a four‑player swap that fundamentally reshapes both rosters and salary books. New Orleans sends guard Jordan Hawkins, 2025 second‑round pick Micah Peavy, a future second‑round pick and a future second‑round pick swap to Memphis; in return the Pelicans receive veteran forward Taj Gibson and former first‑rounder AJ Johnson.

The move is a calculated cap maneuver. By offloading Hawkins’ $2.5 million salary and Peavy’s modest rookie deal, the Pelicans free the room needed to sign 2025 lottery pick Bennedict Mathurin on a two‑year, $16 million contract that includes a player option for the second year. The Mathurin deal, reported in late August, was the primary target, and the trade clears the last impediment to its completion. While the exact cap space opened isn’t disclosed, the transaction removes a $2.5 million contract and a future second‑round pick commitment, a sizable slice for a team hovering near the luxury‑tax threshold.

For Memphis, the logic is different. The Grizzlies acquire a young shooter in Hawkins, who averaged 8.0 points, 2.3 rebounds and shot 34.8 % from three over three seasons with New Orleans, albeit with a dip to 5.1 points last year. Micah Peavy, a defensive‑oriented rookie who logged 4.3 points and 1.9 rebounds, adds depth to a front‑court already rich in athleticism. The future second‑round pick and swap give Memphis additional draft flexibility, a commodity the Grizzlies have used to stockpile assets in recent years.

Gibson, who posted 3.4 points and 2.7 rebounds in ten games for Memphis this season, will likely be waived by New Orleans; the Pelicans owe him $100,000 and have indicated a release is imminent. AJ Johnson, the other incoming piece, never suited up for Memphis after being acquired in a July six‑team deal. He averaged 3.3 points across 48 games last season with Dallas and Washington, and his contract now aggregates with the Pelicans’ cap, giving them flexibility to sign a veteran wing or retain the spot for an undrafted invitee.

What remains uncertain is how the Pelicans will allocate the newly created cap space beyond Mathurin. Likewise, Memphis must decide whether Hawkins will earn a larger role or become a trade chip again if his shooting does not translate to Memphis’ offensive system. Both franchises walk away with clear short‑term objectives—New Orleans securing Mathurin, Memphis bolstering depth—but the longer‑term roster impact hangs on upcoming training‑camp evaluations and potential waiver moves.