NBA free agency opens at 6 p.m. EST on Tuesday, and the New Orleans Pelicans arrive on the market after a surprisingly quiet offseason. With a roster that still has clear gaps and a payroll that leaves little room for big-letter signings, the franchise’s front office is forced to think creatively, leaning on trades and modest free-agent contracts to add flexibility.

The only on-court moves the Pelicans have made so far are the draft of forward Jaron Pierre Jr. with their sole selection and the decision to decline the team option on veteran center Kevon Looney, turning him into an unrestricted free agent. At the same time, they exercised the $2.3 million team option on forward Karlo Matkovic for the upcoming season. Those moves leave the club with a modest amount of cap space, but not enough to chase marquee free agents without additional assets.

The centerpiece of New Orleans’ trade chatter is wing Trey Murphy III. The Pelicans have made it clear they want three first-round picks in exchange, a price that has kept potential suitors at bay. So far, the market has only been willing to part with two first-rounders, and no deal has materialized. Murphy’s blend of scoring and defense makes him an attractive target, but the Pelicans’ asking price reflects a belief that his long-term upside justifies the premium.

Herb Jones, another key wing, is also on the trade block. While the exact return the Pelicans hope for is not set in stone, a first-round pick is the baseline expectation. The organization has also floated the notion of moving veterans Jordan Poole and Dejounte Murray for financial reasons, but both players are widely viewed as having limited trade value in the current market.

Holding out for high draft capital signals a patient approach. Rather than splurging on a short-term upgrade, New Orleans appears willing to wait for a partner that matches its valuation of Murphy and Jones. The limited cap space means any significant roster addition will likely require a creative package, perhaps swapping a modest salary for a draft asset or leveraging internal development to fill depth spots.

As free agency progresses, the Pelicans’ strategy will be tested. If the high asking price remains unmet, the team may pivot toward internal growth, signing low-cost free agents, or targeting undervalued players in trade discussions. Fans should expect a measured pace from the front office, with the emphasis on preserving future flexibility while navigating a market that rewards patience.