2025 NBA Trade Deadline Primer

Keith Smith, Resident NBA ExpertJanuary 22, 2025

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The 2025 NBA trade deadline is about two weeks away.  The early trade season has been pretty active this year. We haven’t had any true blockbusters yet, but we’re already at six trades. That’s a lot compared to previous years.

Two weeks or so out from deadline day is when things usually start to pick up. Teams that insisted on multiple first-round picks for their players come down to a single first-round pick, while their partners in trades come up from offering a couple of second-rounders to offering that single first-rounder. As desperation increases, so does reasonability in trade talks.

Here’s what each of the 30 NBA teams are working with to trade as we sit a month from the deadline.

Atlanta Hawks

Cap/Tax Picture: $1.3 million under the tax

Notable Traded Player Exceptions: $25.3 million (Dejounte Murray), $10.6 million (remaining Non-Taxpayer MLE)

Draft Pick Situation: Hawks owe two future firsts (2025 and 2027) to the Spurs, as well as a swap in 2026. Atlanta is owed an unprotected 2025 first-round pick from the Los Angeles Lakers. The Hawks also have a top-12 protected pick 2025 pick from Sacramento, which could come this year or next. Atlanta has their first-round picks from 2028 through 2031.

Hawks have at least six tradable second-round picks.

Most Likely to be Traded: Cody Zeller. It would have been juicy to pick Clint Capela here, but Atlanta seems likely to operate fairly conservatively at this deadline. That means Zeller is the choice, who was acquired this past offseason to make salary-matching work in the Dejounte Murray trade. Trade or waiver, Zeller probably won’t be on the Hawks much past the deadline.

Boston Celtics

Cap/Tax Picture: $7.6 million over the second apron

Notable Traded Player Exceptions: None

Draft Pick Situation: Boston owes a 2029 first to Portland. They also have a top-1 protected swap with the Spurs in 2028.

The Celtics have at least six tradable second-round picks.

Most Likely to be Traded: Jaden Springer. Look for Boston to move Jaden Springer in a similar move to the one they made to acquire him last year. They’ll trade him for team-controlled salary that extends into 2025-26.

Brooklyn Nets

Cap/Tax Picture: $677,263 under the tax

Notable Traded Player Exceptions: $23.3 million (Kyrie Irving), $3.4 million (Royce O’Neale), $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: The Nets draft pick situation is a bit confusing. They have their own picks back in 2025 and 2026. That’s the key thing to know. Brooklyn is highly unlikely to trade any of the first-round picks they own, as they are rebuilding.

The Nets have at least 16 tradable second-round picks.

Most Likely to be Traded: Cam Johnson. We’re picking Johnson here, because that would be the biggest impact move. But every player on the Nets roster is available in the right deal. They haven’t landed on their next franchise guy yet.

Charlotte Hornets

Cap/Tax Picture: $7.2 million under the tax

Notable Traded Player Exceptions: $6.5 million (Grant Williams – Disabled Player Exception: Can only be used to acquire an expiring contract)

Draft Pick Situation: Hornets owe a protected 2025 first-rounder to the Spurs (last year being lottery-protected before coming two second-round picks), but own all the rest of their own first-round picks. Charlotte has extra picks, with protections, coming from Dallas and Miami too.

The Hornets have at least 13 tradable second-round picks.

Most Likely to be Traded: Seth Curry. Because Nick Richards was recently traded, there aren’t many veterans left that the Hornets should be looking to move. If a team wants to add to the second-round pick stash to add some shooting in the form of Curry, Charlotte will happily make that move.

Chicago Bulls

Cap/Tax Picture: $4.5 million under the tax

Notable Traded Player Exceptions: $17.5 million (DeMar DeRozan)

Draft Pick Situation: Bulls owe a protected first-round pick to San Antonio in the coming years. Chicago doesn’t have a fully clear first-rounder until 2028. From there, the Bulls have all of their own first-round picks through 2031. Chicago has a lottery-protected first owed to them from the Trail Blazers, with those same protections through 2028.

The Bulls have three tradable second-round pick, as others all have conditions attached.

Most Likely to be Traded: Who knows? The Bulls have been shopping Zach LaVine and Nikola Vucevic for a while now without making a deal. Patrick Williams is on the block. Teams have shown interest in Lonzo Ball. There are a number of players on veteran minimum deals that could be moved. Without being overly sarcastic: We’re all still waiting on Chicago to do something, and that wait has lasted a couple or already.

Cleveland Cavaliers

Cap/Tax Picture: $526,220 under the first apron

Notable Traded Player Exceptions: $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: Cleveland owes three future first-round picks to the Jazz, as well as two years of swap rights to Utah. The first tradable first-round pick the Cavs have is in 2031.

The Cavs have eight tradable second-round picks.

Most Likely to be Traded: No one. There isn’t a great choice here. Cleveland will probably make a move to dodge the tax (as an expensive team in the coming years, not starting the repeater clock is important for the Cavs), but it might come as part of a bigger move. Caris LeVert is on a $16.6 million expiring contract, but he’s the Cavs third ballhandler most nights. The Cavaliers will do something, but it’s hard to peg what that will be.

Dallas Mavericks

Cap/Tax Picture: $5.3 million over the tax

Notable Traded Player Exceptions: $16.2 million (Tim Hardaway Jr.), $4.0 million (Seth Curry)

Draft Pick Situation: Dallas owes a top-two protected 2027 first-round pick to the Charlotte Hornets. The Mavericks also owe a 2029 first-rounder to the Nets or Rockets, and first-round swaps in 2027 (Thunder) and 2030 (Spurs). That leaves the Mavs pick in 2025 as their only free and clear tradable first-round pick.

Dallas has one tradable second-round pick.

Most Likely to be Traded: Dante Exum. The Mavs don’t have any large expiring contracts They also aren’t a small salary-dump within range of getting out of the tax. Expect Dallas to be active, as Nico Harrison’s history shows he will be, but there’s no clear standout move here.

Denver Nuggets

Cap/Tax Picture: $5.2 million under the second apron

Notable Traded Player Exceptions: $5.3 million (Reggie Jackson)

Draft Pick Situation: Denver owes future first-round picks to Orlando and Oklahoma City. They won’t be able to realistically trade a first-round pick at this deadline.

The Nuggets don’t have any tradable second-round picks. All of their second-round picks have conditions attached, or were already traded outright.

Most Likely to be Traded: Zeke Nnaji. You could also put Dario Saric here, but a trade of Nnaji would get the Nuggets off $3.7 million more in salary, plus addition salary too. Whether that move is to create clearance under the apron to free up trade flexibility, or a straight salary dump to lessen the tax bill in the real question.

Detroit Pistons

Cap/Tax Picture: $14.0 million under the cap

Notable Traded Player Exceptions: $7.9 million (Room Exception – would only be used after using cap space)

Draft Pick Situation: Detroit owes a top-13 protected first-round pick to Minnesota. That pick may actually convey, given the team’s surprising postseason push. All of the Detroit’s other first-round picks are free and clear from 2028 to 2031.

The Pistons have at least 12 tradable second-round picks.

Most Likely to be Traded: Tim Hardaway Jr. The real answer here is the Pistons $14 million in cap space. They’re going to use most, if not all, of that before the deadline. If they go for a bigger move, Hardaway’s expiring $16.2 million salary seems likely to be added to that cap space to make it happen.

Golden State Warriors

Cap/Tax Picture: $330,409 under the first apron

Notable Traded Player Exceptions: None

Draft Pick Situation: Golden State owes Washington a top-20 protected first-round pick in 2030. The Warriors own all of their other first-round picks.

The Warriors have two tradable second-round picks.

Most Likely to be Traded: Dennis Schroder. The Warriors don’t seem inclined to make the kind of big move that would necessitate putting Jonathan Kuminga or Brandin Podziemski in a deal, along with Andrew Wiggins for salary-matching purposes. Gary Payton II and Kevon Looney have meant too much to just be dumped as expiring salary. So, that leaves Dennis Schroder, who hasn’t been exactly the fit that Golden State hoped for.

Houston Rockets

Cap/Tax Picture: $10.5 million under the tax

Notable Traded Player Exceptions: $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: Houston’s first-round pick situation is somewhat messy. They have a couple of picks/swaps that are controlled by Oklahoma City. On the incoming side, the Rockets own their own firsts (or favorable swap rights) from 2028 through 2031. And they have an extra couple of picks coming their way from the Suns or Mavericks.

The Rockets have at least five tradable second-round picks.

Most Likely to be Traded: Steven Adams, Jeff Green, Jock Landale or Jae’Sean Tate. All four veteran frontcourt players are on expiring (or non-guaranteed) contracts. That makes all of them trade chips if Houston looks for a small rotation upgrade up front. The Rockets continue to insist that a trade for a superstar isn’t in the cards at this deadline.

Indiana Pacers

Cap/Tax Picture: $126,514 under the tax

Notable Traded Player Exceptions: $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: The Pacers owe the Raptors a top-four protected pick in 2026 or 2027. Beyond that, they own all of their own first-round picks.

Indiana has at least eight tradable second-round picks.

Most Likely to be Traded: James Johnson or James Wiseman. Indiana seems pretty well set with their roster. They’d probably like some additional clearance under the luxury tax, but could just ride things out as is and barely dodge the tax line. If they want the clearance, look for Johnson or Wiseman to be the sacrifice.

LA Clippers

Cap/Tax Picture: $4.8 under the first apron

Notable Traded Player Exceptions: $3.3 million (remaining Non-Taxpayer MLE)

Draft Pick Situation: The Clippers still owe a 2026 first-round pick to the Thunder (or 76ers) and then a 2028 first-round pick outright to the 76ers. LA also owes swap rights to OKC in 2025 and 2027 and top-three protected 2029 swap right to the Philadelphia. The Clippers only outright tradable first-round pick comes in 2031.

LA has two tradable second-round picks.

Most Likely to be Traded: P.J. Tucker. The Clippers haven’t used Tucker as a rotation player since he came over in the James Harden trade. If they make a deal to further fortify their rotation, he’s likely to be involved. Otherwise, Tucker will be waived following the trade deadline to open a roster spot.

Los Angeles Lakers

Cap/Tax Picture: $3.5 million under the second apron

Notable Traded Player Exceptions: None

Draft Pick Situation: Los Angeles owes Atlanta their 2025 first-round pick. They also owe a top-four protected 2027 first-round pick to Utah. Beyond that, the Lakers own all of their own first-round picks.

The Lakers have two tradable second-round picks.

Most Likely to be Traded: Rui Hachimura. This one is about salary size. If the Lakers are making another significant move, it’s likely that Hachimura’s $17 million salary will be involved.

Memphis Grizzlies

Cap/Tax Picture: $1.8 million under the tax

Notable Traded Player Exceptions: $12.6 million (Steven Adams), $6.1 million (Ziaire Williams), $8.6 million (remaining Non-Taxpayer MLE)

Draft Pick Situation: The Grizzlies have all of their own first-round picks, including favorable swap rights on two picks in 2026 and 2030.

Memphis has five tradable second-round picks.

Most Likely to be Traded: Luke Kennard or John Konchar. Same as it was last year. Either Kennard or Konchar (or both!) will likely be involved if the Grizzlies make a move to consolidate their rotation some.

Miami Heat

Cap/Tax Picture: $3.0 million under the second apron

Notable Traded Player Exceptions: $6.5 million (Kyle Lowry)

Draft Pick Situation: The Heat’s first-round draft pick situation is fascinating. Miami owes a lottery-protected pick to Oklahoma City in 2025. That pick becomes unprotected in 2026 if it doesn’t convey this year. That would wipe out the lottery-protected pick that Miami owes Charlotte in 2027. That would then make that pick unprotected in 2028. The Heat own their 2029 through 2031 first-round picks with no conditions attached.

Miami has three tradable second-round picks.

Most Likely to be Traded: Jimmy Butler. Who else were we going to pick? 

Milwaukee Bucks

Cap/Tax Picture: $6.5 million over the second apron

Notable Traded Player Exceptions: None

Draft Pick Situation: The Bucks don’t own any of their own first-round picks outright until 2031. Every other pick is either owed to another team or tied up in least-favorable swap rights.

Milwaukee has one tradable second-round pick.

Most Likely to be Traded: Pat Connaughton. If the Bucks want to get under the second apron, it’s very likely Connaughton will be in the deal. That will come either with Connaughton by himself to free Milwaukee of the burdensome second-apron restriction, or as part of a bigger deal where the Bucks finish under the second apron.

Minnesota Timberwolves

Cap/Tax Picture: $16.1 million over the second apron

Notable Traded Player Exceptions: None

Draft Pick Situation: Minnesota owes Utah three future first-round picks (and one swap), only one of which is lightly protected. The Wolves also owe a top-1 protected swap to the Spurs in 2030 and their pick outright to San Antonio in 2031. That all means they can’t trade a first-round pick directly.

The Timberwolves have at least four tradable second-round picks.

Most Likely to be Traded: No one. The Wolves don’t have a lot of tradable salary that isn’t attached to rotation players. There’s also not a deal worth doing that will really lessen their tax burden enough.

New Orleans Pelicans

Cap/Tax Picture: $2.1 million over the tax

Notable Traded Player Exceptions: $9.9 million (Jonas Valanciunas), $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: The Pelicans own all of their own first-round picks. They also have favorable swap rights in both 2026 and 2027.

New Orleans has two tradable second-round picks.

Most Likely to be Traded: Javonte Green or Jeremiah Robinson-Earl. Both players are on veteran minimum deals, which makes them easy to trade to just about anywhere. If the Pelicans feel Dejounte Murray will miss out on currently likely bonuses, then they are one small move from dodging the luxury tax. Given they’ve never paid it, a trade to avoid the tax is as good of a bet to happen as any in the NBA.

New York Knicks

Cap/Tax Picture: $535,302 million under the second apron

Notable Traded Player Exceptions: None

Draft Pick Situation: Unlike a year ago, the Knicks have traded most of their first-round draft capital now. They have one extra first-round pick potentially coming from the Wizards in 2026 (it won’t convey this year). Besides that, New York can offer 2026 and 2030 first-round swap rights in deals.

The Knicks have eight tradable second-round picks.

Most Likely to be Traded: Mitchell Robinson or Jericho Sims. If the Knicks make a move for a rotation upgrade, it will definitely include Robinson getting moved. If it's a minor move for depth, Sims may be the guy on the move.

Oklahoma City Thunder

Cap/Tax Picture: $10.4 million under the tax

Notable Traded Player Exceptions: $7.9 million (Room Exception)

Draft Pick Situation: Oklahoma City has between 10 and 14 first-round picks, pending protected picks. They have all of their own, including favorable swap rights in several years.

The Thunder have at least 16 tradable second-round picks.

Most Likely to be Traded: No one. The Thunder don’t seem overly like to make a trade. Could they firm up a rotation spot here or there? Sure. But they don’t need to. And they like all the players they have. Oklahoma City will let this playoff run tell them what they really need. If a big move is coming, it’ll come this offseason.

Orlando Magic

Cap/Tax Picture: $20.5 million under the tax

Notable Traded Player Exceptions: $7.9 million (Room Exception)

Draft Pick Situation: The Magic have an extra first-round pick coming from the Nuggets in 2025 (unless Denver implodes), in addition to all of their own first-round picks.

Orlando has 12 tradable second-round picks.

Most Likely to be Traded: Cole Anthony, Gary Harris or Moe Wagner. If the Magic make a deal, and there’s no guarantee they will, at least one of these guys will be involved. Anthony has the biggest salary, while Harris and Wagner have team options for 2025-26, which makes them essentially expiring contracts. Orlando could make a major impact move, but that hasn’t been the M.O. of this front office with in-season moves.

Philadelphia 76ers

Cap/Tax Picture: $6.1 million under the second apron

Notable Traded Player Exceptions: None

Draft Pick Situation: The Sixers owe a protected first-round pick to the Thunder in 2025, 2026 or 2027. Once that is settled, the 76ers owe a protected first-round pick to the Nets in 2027 or 2028. Philadelphia has their own picks in 2029 (or favorable swap rights with the Clippers) through 2031, as well as an additional pick from the Clippers in 2028.

The Sixers have at least five tradable second-round picks.

Most Likely to be Traded: Not Joel Embiid, Paul George, Tyrese Maxey or Jared McCain. Everyone else could be moved by Philadelphia. Things have no gone the way the Sixers hoped for. That means all of their veterans could be on the move, as the team sets things up for the future. Keep an eye on K.J. Martin, whose contract was specifically set up to be traded.

Phoenix Suns

Cap/Tax Picture: $28.2 million over the second apron

Notable Traded Player Exceptions: $3.3 million (Josh Okogie)

Draft Pick Situation: Phoenix’s draft pick situation is unique and a mess. The recent trade with the Utah Jazz gave the Suns some tradable picks. Without getting too deep into the details, Phoenix has three tradable first-round picks between 2025 and 2030, but all have least-favorable conditions attached.

The Suns have one tradable second-round pick.

Most Likely to be Traded: Jusuf Nurkic. Sure, Bradley Beal will be moved if a Jimmy Butler deal happens, but Beal’s no-trade clause complicates things. Nurkic has no such restriction, and he’s probably getting moved before the deadline if Phoenix can find a taker.

Portland Trail Blazers

Cap/Tax Picture: $3.7 million under the tax

Notable Traded Player Exceptions: $6.9 million (Malcolm Brogdon), $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: Portland owes a lottery-protected pick to Chicago. Those protections carry out through 2028. The Blazers own their own first-round picks in 2029 through 2031, including favorable swap rights in 2029 and 2030, plus an extra first-round pick in 2029 from Boston or Milwaukee.

Portland has at least seven tradable second-round picks.

Most Likely to be Traded: Robert Williams III. This one is about the Trail Blazers trading movable vets. Williams has been more or less healthy lately and he’s on an easily tradable contract. Keep an eye on Matisse Thybulle for the same contract reason, if teams think he can get healthy. Trades for Jerami Grant and Deandre Ayton may have to wait until the offseason, because they are carrying such large salary numbers.

Sacramento Kings

Cap/Tax Picture: $3.2 million under the tax

Notable Traded Player Exceptions: $6.3 million (Sasha Vezenkov), $5.9 million (Chris Duarte), $4.7 million (Jalen McDaniels), $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: The Kings owe a protected first-round pick to the Hawks in 2025 (top-12 protected) or 2026 (top-10 protected), but own the remainder of their own first-rounders. The Spurs can swap for the Kings pick in 2031.

Sacramento has one tradable second-round pick.

Most Likely to be Traded: Kevin Huerter or Trey Lyles. If the Kings make an impact move, they’ll move either Huerter or Lyles, or package them together. That combo seems to be what Sacramento is offering around the league in search of rotation upgrades up front or on the wing.

San Antonio Spurs

Cap/Tax Picture: $21.1 million under the tax

Notable Traded Player Exceptions: None

Draft Pick Situation: The Spurs own all of their own first-round picks. They also have most-favorable swap rights in several years too. In addition, San Antonio has extra first-round picks coming from Atlanta (2025 and 2027), Chicago (in 2025, 2026 or 2027) and Minnesota (2031).

The Spurs have at least 19 tradable second-round picks.

Most Likely to be Traded: No one. San Antonio doesn’t have any tax issues. They also don’t seem likely to make a major in-season move. They’ll save their big stuff for the summer.

Toronto Raptors

Cap/Tax Picture: $10.0 million under the tax

Notable Traded Player Exceptions: $12.8 million (Non-Taxpayer MLE)

Draft Pick Situation: Toronto owns all of their own first-rounders, plus a top-4 protected pick coming from Indiana in either 2026 or 2027.

The Raptors have at least seven tradable second-round picks.

Most Likely to be Traded: Bruce Brown or Chris Boucher. Brown and Boucher are both on expiring contracts. Brown seems unlikely to be back in Toronto, so he’ll probably be moved by the deadline. Boucher could help a lot of teams looking for frontcourt depth, but there’s been talks of an extension for him with the Raptors too.

Utah Jazz

Cap/Tax Picture: $27.2 million under the tax

Notable Traded Player Exceptions: $7.9 million (Room Exception)

Draft Pick Situation: Utah still has a bushel of picks coming their way, even after their 3-picks-for-1-pick trade with the Suns. The Jazz owe a protected first-round pick to the Thunder, but it’s unclear if that pick will ever convey. They own all of their own first-round picks beyond that, plus an additional five first-rounders coming from the Cavaliers, Timberwolves, Lakers and Suns.

Utah has at least three tradable second-round picks. 

Most Likely to be Traded: John Collins or Jordan Clarkson. The Jazz have been open to moving both of these veterans for months now. Clarkson makes less, but Collins is the better player. A trade for either isn’t guaranteed before the deadline, but it wouldn’t be a surprise either.

Washington Wizards

Cap/Tax Picture: $11.9 million under the tax

Notable Traded Player Exceptions: $12.4 million (Daniel Gafford), $6.4 million (remaining Non-Taxpayer MLE)

Draft Pick Situation: The Wizards owe a protected first-round pick to the Knicks, but own all of their other first-rounders. They also have the ability to swap several years of picks with the Suns, plus they own a top-20 protected Warriors pick in 2030. In addition, the Wizards added a second most-favorable pick from the Celtics, Bucks or Trail Blazers in 2029 over the summer.

Washington as has least 16 tradable second-round picks.

Most Likely to be Traded: Any veteran Wizard. No, not Gandalf or Dumbledore. But Kyle Kuzma, Jordan Poole. Malcolm Brogdon or Jonas Valanciunas can all be had for the right offers. Washington, by their own admission, is still in the deconstruction phase with this roster. Also, keep an eye on Richaun Holmes in a move to swap some salary around. Holmes’ extension was specifically designed to make his contract tradable.