The Toronto Raptors again went the “pre-agency” route. The Pelicans got value for a player who was no long a part of their future plans.

Here are the particulars:

Toronto Raptors acquire: Brandon Ingram

New Orleans Pelicans acquire: Bruce Brown, Kelly Olynyk, 2026 top-four protected Pacers first-round pick, 2031 Raptors second-round pick

Let’s dive in!

Toronto Raptors

Incoming salary: $34 million in 2024-25

• Brandon Ingram (SF, one year, $34 million)

Outgoing salary: $35.8 million in 2024-25

• Bruce Brown (SG/SF, one year, $23 million)
• Kelly Olynyk (C, two years, 26.3 million)

For the fourth consecutive trade deadline, the Toronto Raptors have traded a future first-round pick to acquire a pending free agent. This strategy has worked for the Raptors in the past, but this one is the biggest move yet.

Toronto has no real path to acquiring a player as good as Brandon Ingram in free agency. The Raptors don’t have cap space, nor is Toronto a free agent destination. That means not waiting to get your work done in free agency. By acquiring Ingram now, the Raptors make a pre-agency move to be in position to offer him more than anyone else can.

Ingram is set to be an unrestricted free agent this offseason. Ingram remains extension eligible, but he’s bound by signing for no more than is allowable via the extend-and-trade rules. That restriction remains in place for six months, which clearly takes us past the start of free agency. That means a max extension of up to three season, starting at 120% of Ingram’s current salary with 5% raises.

That means from today through June 30, Ingram could sign a three-year extension worth up to $136 million. Which begs the question: Is that enough? That’s not a max deal, but it’s not far off of one. And is a max deal coming for Ingram anyway?

Those are the questions that Ingram, his reps and the Raptors have to look at over the next several months. Toronto has some flexibility, but they are already carrying long-term money for Scottie Barnes, Immanuel Quickly, RJ Barrett and Jakob Poeltl. That’s starting to be a lot of money locked up for a team that hasn’t proven anything.

In addition, only the Brooklyn Nets project to have cap space this coming offseason. Given they are rebuilding, they aren’t likely to be up for a max deal for Ingram. Sign-and-trade deals could be in play, but that involves Toronto playing ball.

Basically, the Raptors don’t have full control here, but they should feel good about re-signing Ingram.

As far as his next contract goes, Ingram is really good. He’s a three-level scorer, and a good playmaker and rebounder. He’s also fine defensively, especially when playing with other good defenders. That’s the kind of guy who lands a near-max deal.

That core, plus Ingram, is probably a playoff team in the Eastern Conference next season. And there’s young talent behind that core group, and a high draft pick coming too.

Mostly, the Raptors didn’t trade a first-round pick and a couple of good players, to mess around with re-signing Ingram. If he’s reasonable and doesn’t demand a full max, there’s room to get something done before unrestricted free agency in July.

New Orleans Pelicans

Incoming salary: $35.8 million in 2024-25

• Bruce Brown (SG/SF, one year, $23 million)
• Kelly Olynyk (C, two years, 26.3 million)

Outgoing salary: $34 million in 2024-25

• Brandon Ingram (SF, one year, $34 million)

It’s been clear for a while now that Brandon Ingram’s time in New Orleans was coming to an end. The team and Ingram were reportedly far apart in extension talks. The Pelicans were leery of locking into another big deal with Ingram, given long-term money they already have committed to several players. Ingram’s challenges with staying on the court could also be a challenge for New Orleans, given that issue persists with other players as well.

The Pelicans aren’t going to buy out either Bruce Brown or Kelly Olynyk. They’ll use both as rotation players for the remainder of this season. Olynyk should slot in nicely as a third big in a rotation with Zion Williamson and Yves Missi. Olynyk’s spacing will help spread the floor for the other big man to work inside.

Brown will give New Orleans some much-needed backcourt depth with Dejounte Murray out for the season and Herb Jones sidelined for a while longer. But this offseason is where things will get interesting for Brown.

This time around in unrestricted free agency, there won’t be any offers for $40 million-plus for Brown. But that doesn’t mean his Bird rights won’t have real value for him and the Pelicans. With almost the entire league over the cap, and several operating around the aprons, Brown could get to his next destination via sign-and-trade. Even if his annual salary is cut in half, that’s still reason enough to not take a buyout and then have to work without Bird rights this summer.

On the Pelicans side, a potential sign-and-trade of Brown could replenish some depth. And, of course, New Orleans and Brown could find that they enjoy this partnership over the next couple of months. That could lead to Brown re-signing to stay with the Pelicans beyond this season.

Overall, this is a new direction for New Orleans. They have Jones and Trey Murphy III as more-than-capable fill-ins for Ingram on the wing. The Pelicans will have a high draft pick this year to add more talent too. Getting some flexibility, both on the cap sheet and with two good players, for a guy who wasn’t in the long-term plans is good work.

The Memphis Grizzlies moved some salary out to create financial flexibility. The Sacramento Kings picked up a potential rotation player. The Washington Wizards added to their draft capital by taking on some future salary.

Here are the particulars:

Memphis Grizzlies acquire: Marvin Bagley III, Johnny Davis, least favorable 2025 Pistons, Warriors or Suns second-round pick, 2028 Kings second-round pick

Sacramento Kings acquire: Jake LaRavia

Washington Wizards acquire: Marcus Smart, Colby Jones, Alex Len, 2025 lottery-protected Grizzlies first-round pick

Let’s dive in!

Memphis Grizzlies

Incoming salary: $17.8 million in 2024-25

• Marvin Bagley III (C/PF, one year, $12.5 million), Johnny Davis (PG, one year, $5.3 million)

Outgoing salary: $23.6 million in 2024-25

• Marcus Smart (PG, two years, $41.7 million), Jake LaRavia (PF/SF, one year, $3.4 million)

The Memphis Grizzlies tried to make a blockbuster move. They were reportedly in on stars, including Jimmy Butler and Kevin Durant. Memphis also tried to acquire Cam Johnson and Dorian Finney-Smith. In the end, the Grizzlies chose to create some financial flexibility, which should aid them in keep some of their own players around long-term.

On the court, Memphis didn’t lose all that much here. Marcus Smart was injured for much of his Grizzlies tenure. When he did play, Smart struggled to get much going. Scotty Pippen Jr. has emerged as perfectly solid backup for Ja Morant. Losing Smart in a salary-clearing move didn’t come with a loss of much on-court production.

Jake LaRavia is a bit of a different story. LaRavia was playing well, but his time was likely growing short in Memphis. The Grizzlies declined LaRavia’s fourth-year rookie scale team option. That means he wasn’t overly likely to return next season. In addition, with GG Jackson and Vince Williams Jr. finally healthy, Memphis has players ready to go to replace LaRavia’s spot in the rotation.

This trade was all about creating flexibility with the cap and luxury tax as soon as next season. There’s a world where Memphis could create a small amount of cap space next summer, while retaining Santi Aldama’s restricted free agent rights.

With that cap space, Memphis could then renegotiate-and-extend Jaren Jackson Jr. this offseason. That would allow them to bump Jackson’s salary up to around $30 million for next season (more if the Grizzlies were to shed some additional salary in the offseason), then to extend Jackson off that new first-year salary. Of course, this could all be made moot by Jackson making All-NBA this season, which would open up a Designated Veteran Player Extension for the Grizzlies and their star forward.

With either path with Jackson, Memphis can retain Aldama. That’s important, as he’s become a crucial part of the Grizzlies frontcourt rotation. Memphis can control the free agency process for Aldama, as they’ll have his restricted rights. That should keep things from get out of control with offers for the forward/center.

It’s unknown at this point what will happen with Bagley and Davis. Both could be waived, as Memphis has enough clearance under the tax to replace them with prorated veteran minimum signings. Neither Bagley nor Davis has money carrying into next season, and neither’s free agent rights are valuable enough to keep the Grizzlies from waiving them now.

All around, it stings to not have done something bigger for right now with Smart’s contract. Memphis is a tier below the Oklahoma City Thunder in the Western Conference. A major addition could have pushed the Grizzlies over the top. They tried, but not succeeding doesn’t make this trade deadline a failure. It just means you have to wait a bit longer to see the results.

Sacramento Kings

Incoming salary: $3.4 million in 2024-25

• Jake LaRavia (PF/SF, one year, $3.4 million)

Outgoing salary: $4.2 million in 2024-25

• Colby Jones (SG/SF, three years, $6.7 million (final two seasons non-guaranteed))
• Alex Len (C, one year, $2.1 million)

For the Kings, this was a chance to add a good player in Jake LaRavia at the cost of players who had already been replaced in the rotation. LaRavia has built on a strong finish to last season by continuing his solid play this season. The third-year combo forward has become a very good shooter and scorer, in addition to being an improved rebounder and passer.

There is one wrinkle to this deal for Sacramento, and it might not be a positive one. Because the Grizzlies declined LaRavia’s fourth-year rookie scale team option, he can’t make more than the amount of that declined option in first-year salary by re-signing with a team. That restriction carries over to the Kings, even though the Grizzlies were the ones to decline the option.

For LaRavia, that limits him to up to $5.2 million if he re-signs in Sacramento. A reasonable path forward, is probably a 1+1 deal, with a player option for $10.7 million over the two seasons. That would allow LaRavia to get back on the market in 2026, and the Kings would have his full Bird rights at that point.

Colby Jones had flashed at times for Sacramento, but was buried in the team’s wing rotation. There was no real path towards playing time for Jones with the Kings, following the team other acquisitions.

Len was replaced in a previous deal when Jonas Valanciunas was traded to Sacramento. He’d already lost most of his playing time to Trey Lyles in smaller lineups. With Valanciunas in the fold, and Lyles still around, there wasn’t really a place for Len on the roster.

Washington Wizards

Incoming salary: $24.4 million in 2024-25

• Marcus Smart (PG, two years, $41.7 million)
• Colby Jones (SG/SF, three years, $6.7 million (final two seasons non-guaranteed))
• Alex Len (C, one year, $2.1 million)

Outgoing salary: $17.8 million in 2024-25

• Marvin Bagley III (C/PF, one year, $12.5 million)
• Johnny Davis (PG, one year, $5.3 million)

As they did throughout trade season, the Wizards continued to collect assets by taking on salary. In this case, that salary for Marcus Smart stretches into the 2025-26 season. But that’s why Washington was able to get a first-round pick in this deal.

Essentially, the Wizards did at the deadline what they were likely to do with their cap space next summer: eat unwanted contracts while adding draft capital. Instead of waiting until July, Washington acted now.

Despite some buzz to the contrary, Smart won’t be bought out by the Wizards. It doesn’t make sense for him or them, considering he has money on his deal into next season. Instead, Smart will play some with a young Washington team. They’ll try to rehab some of his trade value, and then a trade for Smart will come next season when he’s on an expiring deal.

Colby Jones is a nice flyer for the Wizards. He’s shown flashes with the Kings. With Washington committed to their rebuild, he has a nice opportunity to show what he can do.

Alex Len should assume the role that Jonas Valanciunas was playing for Washington. The Wizards frontcourt is fairly thin behind rookie Alex Sarr. That should give Len an opportunity to play as a physical, rugged backup.

Neither Bagley nor Davis were playing much of a role for Washington. Bagley has been out with a knee injury, while Davis was never able to crack the regular rotation during his entire Wizards tenure.

The Jimmy Butler saga is over! It was a complicated five-team deal in the end that saw a lot of player and draft pick movement.

Here are the particulars:

Golden State Warriors acquire: Jimmy Butler

Miami Heat acquire: Andrew Wiggins, Kyle Anderson, Davion Mitchell, 2025 Warriors top-10 protected first-round pick

Detroit Pistons acquire: Dennis Schroder, Lindy Waters III, least favorable 2031 Warriors or Timberwolves second-round pick

Utah Jazz acquire: KJ Martin, Josh Richardson, least favorable 2028 Pistons, Hornets, Clippers, Heat or Rockets second-round pick, most favorable 2031 Pacers or Heat second-round pick, Cash

Raptors acquire: P.J. Tucker, 2026 Lakers second-round pick, Cash

Let’s dive in!

Golden State Warriors

Incoming salary: $48.8 million in 2024-25

• Jimmy Butler (SF, two years, $101.2 million (final year player option))
• Note: Butler declined his player option for 2025-26 and signed a two-year, $112.5 million extension

Outgoing salary: $50.3 million in 2024-25

• Andrew Wiggins (SF, three years, $84.7 million (final season player option))
• Dennis Schroder (PG, one year, $13 million)
• Kyle Anderson (PF, three years, $27.7 million (final season fully non-guaranteed))
• Lindy Waters III (SG/SF, one year, $2.2 million)

The Warriors were committed to landing a star at this deadline. And they wanted to do so without giving up multiple first-round picks or Jonathan Kuminga.

Mission accomplished.

Butler comes in and seems very happy to be in the Bay Area. That’s a huge plus, given we know what happens when Butler isn’t happy. Part of the reason Butler is happy is to be out of Miami. The other part is the shiny new $112.5 million extension that he signed with the Warriors.

This trade probably doesn’t happen without Butler’s willingness to sign that extension. Sure, you can quibble about spending that kind of money for a 36-year-old perimeter player who has averaged 22 missed games per season over his past three full seasons. That deal probably won’t look good in Year 3.

But for the Warriors, you let tomorrow’s problems be tomorrow’s problems. They wanted to give Stephen Curry, Draymond Green and Steve Kerr help to make another run. Butler does that.

Butler isn’t a shooter. That means Golden State will need to keep Curry and at least one or two other shooters on the floor when Butler and Green share the floor. But that’s about the only weakness in Butler’s game.

The veteran wing is still an outstanding creator, both for himself and his teammates. Butler excels in getting to his spots for midrange jumpers, and he’s still a strong finisher around the rim. He’s also terrific at setting up teammates. His skill-set should fit in quite well within the Warriors read-and-react system.

On defense, Butler is better defending bigger wings at this point in his career. He’s not quite as versatile as Andrew Wiggins, who he’s replacing, but Butler is still an above-average defender.

Giving up a first-round pick was a bit rough, but the Warriors don’t really have time for developmental projects. They’d rather use that roster spot in the coming years on a veteran addition that can give them productive minutes now.

Golden State has some more roster work to do. They started that process by converting Quinten Post from his two-way deal to a standard contract. Post has played well and gives the Warriors a stretch-five element that they’ve lacked.

Golden State still has three more open standard roster spots (they’ll have to fill at least two of them eventually), and now and open two-way spot. Because they are only $1.37 million under their first-apron hard cap, expect the Warriors to play some roster games with 10 Day deals until making rest-of-season signings late in the regular season.

Miami Heat

Incoming salary: $41.5 million in 2024-25

• Andrew Wiggins (SF, three years, $84.7 million (final season player option))
• Kyle Anderson (PF, three years, $27.7 million (final season fully non-guaranteed))
• Davion Mitchell (PG, one year, $6.5 million)

Outgoing salary: $51.9 million in 2024-25

• Jimmy Butler (SF, two years, $101.2 million (final year player option))
• Josh Richardson (SG/PG, one year, $3.1 million)

Considering the Heat were backed into a corner with trading Jimmy Butler, they did pretty well here. Miami saved a good amount of money in the near term, while adding three helpful players.

Andrew Wiggins is a good player and should fit in well alongside Bam Adebayo and Tyler Herro in the Heat’s starting lineup. Don’t be surprised to see Wiggins push back to nearly 20 points per game in Miami’s equal opportunity offensive system. The veteran wing is also a solid defender, who adds some versatility to Erik Spoelstra’s defensive schemes.

Davion Mitchell just seems like a Heat player. Given all the off-court uncertainty with Terry Rozier III, and his slipping on-court production, Mitchell could be a long-term player in Miami. He’s a bulldog defensively and showed some playmaking skills for Toronto at points this season. At the very least, Mitchell will be the best backcourt defender on the roster.

It’s unknown what kind of role Kyle Anderson will play. Early reports were that Miami was trying to move Anderson on to another team, but was unable to do so. The 12th-year forward is a solid connector on offense. He moves the ball well and he can hit the occasional jumper too. Anderson is also a solid defender. Don’t be surprised if Spoelstra finds a way to work him into his rotation.

Getting the Warriors first-round pick is a nice addition in this deal for the Heat. Miami has drafted well in the back half of the first round previously. This pick will likely convey this year in the mid-to-late teens. That’s good, given Miami has been out some draft picks in recent years.

Butler put the Heat in a nearly impossible situation. There was no way they could bring him back. That would have been a disaster for all parties involved. Now, the team can move forward with some solid players, some roster certainty and hopefully far less drama.

Detroit Pistons

Incoming salary: $15.2 million in 2024-25

• Dennis Schroder (PG, one year, $13 million)
• Lindy Waters III (SG/SF, one year, $2.2 million)

Outgoing salary: $7.9 million in 2024-25

• KJ Martin (PF/SF, two years, $16 million (final season non-guaranteed))
• Note 1: We’ll also cover the Pistons acquiring KJ Martin from the Philadelphia 76ers here in a previous trade
• Note 2: The Pistons waived Wendell Moore Jr. to create the roster space to complete these moves

Detroit did well with their cap space. For a little bit, it looked like Trajan Langdon was going to eat a couple of a salaries for assets. That would have been fine, but a late swerve brought in Dennis Schroder as a helpful rotation player. Don’t count out Lindy Waters III either.

In this five-team deal and the earlier deal with the Sixers, the Pistons added a sum total of two new second-round picks (three in, one out). But this wasn’t just about the picks for a change. Detroit added roster help too.

Schroder will play an immediate role for the Pistons as a backup ballhandler. With Jaden Ivey out for a while longer (Ivey could return before the end of the regular season), JB Bickerstaff really needed another on-ball playmaker. Too much of the burden to create everything was falling on Cade Cunningham. If the Pistons want to make a real run at the playoffs, they can’t burn out Cunningham in the regular season.

That’s where Schroder will help. He’s still a good scorer, and he’s a far better fit in the Pistons pick-and-roll heavy offense than the Warriors read-and-react system. Schroder will work the screen games to get downhill, to get to his pullup or to set up teammates.

Waters is a shooter. On nights when Malik Beasley or Tim Hardaway Jr. are out or off the mark, Bickerstaff can go to Waters.

The mechanics of the Pistons deadline maneuvering were fascinating too. Detroit entered the day with $14 million in cap space. They first used some of that space to acquire KJ Martin in a salary-shedding move from the 76ers. Detroit then flipped Martin to the Jazz in this five-team deal, with Schroder eating up most of the remaining cap space. Waters was then acquired via the Minimum Exception. Crucially, this sequence of moves left the Pistons with the full $7.9 million Room Exception. That could be handy to help Langdon outbid rivals during buyout season.

For the 76ers part in the previous trade of Martin to Detroit, they got a minimal amount of cash. The real get for Philadelphia was getting under the luxury tax for this season.

Utah Jazz

Incoming salary: $11 million in 2024-25

• KJ Martin (PF/SF, two years, $16 million (final season non-guaranteed))
• Josh Richardson (SG/PG, one year, $3.1 million)

Outgoing salary: $11.5 million in 2024-25

• P.J. Tucker (PF, one year, $11.5 million)
• Note: The Jazz waived Jalen Hood-Schifino to create the roster space  to complete this trade

The Jazz jumped into this deal to act as a facilitator, while picking up some additional draft capital. In addition, Utah will take a flyer on Martin for the remainder of this season. As his contract is non-guaranteed for 2025-26, the Jazz can move on at no cost this summer, if Martin doesn’t work out.

Martin is an uber-athletic forward. He should get a chance to show what he can do, as Utah has regularly been holding their veteran players out of games. Given the Jazz chances at good lottery odds, don’t expect that to stop anytime soon. That will give Martin the opportunity to show he can be someone worth keeping around beyond this season.

Richardson will reportedly be waived. He could still help a team that needs some backcourt help. The challenge for Richardson has been getting and staying healthy this season.

Toronto Raptors

Incoming salary: $11.5 million in 2024-25

• P.J. Tucker (PF, one year, $11.5 million)

Outgoing salary: $6.5 million in 2024-25

• Davion Mitchell (PG, one year, $6.5 million)

The Raptors used some of their space under the luxury tax to help facilitate this trade. In exchange for taking on Tucker’s salary, Toronto picked up a second-round pick.

Trading Mitchell might seem like a giveaway, but Toronto wants to give the backup point guard minutes to rookie Jamal Shead. Considering Shead is younger version of Mitchell in many ways, it makes sense to prioritize playing time for the rookie.

It’s expected the Raptors will eventually waive Tucker. Toronto is in the midst of churning the bottom of their roster, including promoting Jamison Battle from his two-way contract.

The Philadelphia 76ers added some guard depth on a two-way contract, while clearing out some salary and adding some second-round draft capital. The Wizards used some of their tax room to eat a salary, while adding a first-round pick.

Here are the particulars:

Philadelphia 76ers acquire: Jared Butler (two-way player), most favorable of 2027 Warriors or Suns second-round pick, 2028 Warriors second-round pick, 2030 Warriors second-round pick, most favorable of 2030 Suns or Trail Blazers second-round pick

Washington Wizards acquire: Reggie Jackson, least favorable of 2026 Rockets, Clippers or Thunder first-round pick

Let’s dive in!

Philadelphia 76ers

Incoming salary: None (two-way players count as $0 in trade)

Outgoing salary: $2.1 million in 2024-25

• Reggie Jackson (PG, one year, $2.1 million)

Jackson had been a rotation regular for Nick Nurse, but the Sixers have a decent amount of point guard depth. This move was part of a series of moves to that helped Philadelphia to get under the luxury tax line.

In addition to getting under the tax, the Sixers picked up four future second-round picks in exchange for a first-round pick. That’s adding to the coffers long-term.

Lastly, let’s not overlook the addition of Butler. He’s an NBA-caliber backup point guard. Don’t be surprised if Butler is eventually converted to a standard contract by the Sixers before the send of the season.

Washington Wizards

Incoming salary: $2.1 million in 2024-25

• Reggie Jackson (PG, one year, $2.1 million)

Outgoing salary: None (two-way players count as $0 in trade)

This one is pretty simple from the Wizards side. They use some of their considerable space under the luxury tax, plus a bunch of extra second-round picks to add another first-round pick. That’s solid work.

Jackson was waived. He’s got enough left in the tank to help a playoff team that needs some point guard depth. Look for Jackson to catch on with someone on a rest-of-season contract.

The Houston Rockets used some of their room under the luxury tax to pick up a couple of second round picks. The Boston Celtics saved $15 million in luxury tax payments by moving off a non-rotation player.

Here are the particulars:

Houston Rockets acquire: Jaden Springer, 2026 Pelicans or Trail Blazers second-round pick, 2030 Celtics second-round pick

Boston Celtics acquire: 2031 top-55 protected Rockets second-round pick

Let’s dive in!

Houston Rockets

Incoming salary: $4 million in 2024-25

• Jaden Springer (SG, one year, $4 million)

Outgoing salary: None

The Rockets had about $10.5 million in space under the luxury tax. As such, they used a portion of the Non-Taxpayer MLE to bring in Jaden Springer. Houston subsequently waived Springer.

Essentially, the Rockets spent $4 million to buy two second-round picks from Boston.

Springer is a solid defensive player, but his lack of offense has kept him from progressing forward. That said, he’s young enough that a rebuilding team should take a look at him for the rest of the season.

Boston Celtics

Incoming salary: None

Outgoing salary: $4 million in 2024-25

• Jaden Springer (SG, one year, $4 million)

This was all about saving some money for the Celtics. Boston got off $4 million in salary by trading Springer, who wasn’t a regular rotation player. But the real savings came with the luxury tax. Because the Celtics are so deep into the tax, they saved about $15 million in tax penalties with this move.

Boston has a deep roster, and they should be in position to acquire second-round pick down the line, should they need them. The Celtics already re-invested some of the saving by agreeing to a contract with veteran wing Torrey Craig.

League MVP

Josh Allen | QB | Buffalo Bills

Despite not being named first-team All-Pro, Allen secured his first MVP award in 2024, securing a $1.5M incentive along the way. It’s the first Bills’ player to win the award since RB Thurman Thomas did so back in 1991.

Contractually, Allen holds 4 years, $129.5M remaining, including just $14.5M for the upcoming 2025 season, none of which is guaranteed. He’s in line for some type of renegotiation this winter, be it a sweeten-the-pot maneuver that pulls cash from the back of the deal into 2025, or a straight up extension that pulls Allen into our current $60M+ per year stratosphere.

Offensive Player of the Year

Saquon Barkley | RB | Philadelphia Eagles

Barkley became the 9th player to reach 2,000 yards rushing in a season, finishing just 100 yards behind Eric Dickerson’s single-season record (2,105). He’s been every bit of the home run hitter the Eagles thought they were getting when they signed him away from the Giants on a 3 year, $37.75M contract.

The nearly 28-year-old now has 2 years, $26M remaining thanks to $1M worth of escalators that were hit in his historic 2024 campaign (another $250,000 can be added with a Super Bowl win). $11M of his 2025 salary plus $1.5M of his 2026 compensation is fully guaranteed.

Defensive Player of the Year

Patrick Surtain II | CB | Denver Broncos

The Broncos did a lot of subtracting before the 2024 season, but locking in Surtain to a market resetting 4 year, $96M extension has already proved to be one of their better additives of the offseason. The 24-year-old secured 4 interceptions, a forced fumble, and 45 tackles in 2024.

Surtain now holds 5 years, $100M remaining on his sophomore contract, including $42M guaranteed for practical purposes. His contract sets a new bar for the next wave of cornerback contracts (Stingley Jr., McDuffie, Benford, Gardner).

Offensive Rookie of the Year

Jayden Daniels | QB | Washington Commanders

It was a dream season for the Commanders, who changed nearly every facet of their franchise over the course of the past 24 months - and were rewarded with a lightning-in-a-bottle player at the most important position in sports. Daniels just completed the greatest rookie QB season in the history of the game, finishing 2024 with a Passer Rating over 100, 3500+ Passing Yards, nearly 900 Rushing Yards, and a 5th place ranking in PFFs final grading.

HIs #2 overall rookie contract now holds 3 years, $12.6M fully guaranteed remaining, plus a 5th year option for 2028 (that has already been escalated per his Pro Bowl selection this season). Daniels won’t become extension eligible until after the 2026 season, so it’s a big 2-year window for Washington to cash in on the value system.

Defensive Rookie of the Year

Jared Verse | ED | Los Angeles Rams

The Rams hadn’t made a first round pick since the 2016 draft, but boy did they hit a home run with Verse. The 24-year-old out of Florida State secured 5 sacks, 66 tackles, and 2 forced fumbles in his debut campaign, while almost immediately establishing himself as a player offenses need to “gameplay” around.

His #19 overall rookie contract now holds 3 years, $6.5M fully guaranteed remaining, plus a 5th year option for 2028 (that has already been escalated per his Pro Bowl selection this season). Verse won’t become extension eligible until after the 2026 season.

Comeback Player of the Year

Joe Burrow | QB | Cincinnati Bengals

Burrow’s season began with serious concern about his long-term injury risk, and finished with a legitimate question as to if he should be in the running for League MVP. Such has been the ebbs and flows of his first 5 seasons in Cincinnati.

The 28-year-old holds 5 years, $198.7M remaining on his contract through 2029, $88.8M of which is guaranteed for practical purposes. It’s a big, busy, potentially very expensive offseason for his Bengals’ front office.

The NBA trade deadline has passed. For most, that means it’s time to take a breath and reset. For NBA front offices, they get right back to work.

The buyout market is the less-glamorous cousin to the trade deadline. With what an insane blockbuster-filled deadline we’ve head, the 2025 buyout market seems even less-glamorous than usual.

That said, there will still be some recognizable names on the buyout market…maybe.

As they were a season ago, teams are working under new rules in the buyout market. Gone are the days of the most expensive teams filling out their roster by snagging a high-salaried player who gave up the equivalent to a prorated veteran minimum to chase a ring.

Under the current CBA, teams who are over the first or second apron are restricted from signing a player after a buyout (or waiver) whose previous contract was greater than the Non-Taxpayer MLE for the current season. For this year, that’s $12,822,000.

So, on one side, you have a handful of contenders out of the mix to add a formerly high-salaried player. On the player side, they may be less likely to take a buyout if their options for the next team are limited.

For example, if you are making $20 million-plus, but your options are limited of where to go next, you may be better off staying where you are. This is especially true of players who have full Bird Rights as a free agent in the summer of 2025. That could lock in a bigger contract via re-signing or sign-and-trade than is prudent to give up by taking a buyout.

The same is true for teams. If they are capped out, they might prefer to have a player on an expiring deal, as opposed to buying them out. Similar to the player side, a team would rather be able to use that player’s Bird Rights to bump up their salary in an outgoing sign-and-trade deal.

So, if you add it all up, this buyout market could look vastly different from previous ones. Several players will still hit the market, as their contract situations now and moving forward won’t prevent them from taking a buyout.

As of this writing, the following teams are over the first or second apron and will be restricted from signing a player who makes more than $12,822,000 currently:

• Boston Celtics
• Denver Nuggets
• Los Angeles Lakers
• Milwaukee Bucks
• Minnesota Timberwolves
• New York Knicks
• Phoenix Suns

In addition, the Dallas Mavericks and Golden State Warriors are so tight to the first apron (at which they are hard-capped), they’re unlikely be heavily involved in the buyout market (pending additional moves).

Lastly, it’s important to remember that a lot of buyout players are more name than game. As one NBA GM put years ago, “There’s a reason they’re available in the middle of the season for the minimum.”

With all of that said, here are some of the players to keep an eye in the 2025 buyout market!

(Note: This list is presented in alphabetical order. Players with a * are restricted from signing with an apron team due to the rules explained above.)

Marvin Bagley III (Memphis Grizzlies, C/PF, 26 years old)

Remaining Salary: $12.5 million

Bagley’s salary slides in right under the threshold for an apron team. Teams looking for frontcourt depth might be interested in bringing the veteran big man in for a rest-of-season look. Memphis could also keep Bagley, but they are flush in frontcourt depth as it is. This one screams traditional buyout scenario.

Bojan Bogdanovic (Brooklyn Nets, SF/PF, 36 years old) *

Remaining Salary: $19 million

Bogdanovic hasn’t played this season, but teams know what he’s capable of. If the Nets move on because of a need for a roster spot (they have some interesting two-way conversion candidates in Tyrese Martin and Tosan Evbuomwan), Bogdanovic could be bought out or waived. At this point, contenders who need a shooter with size might take a look.

Malcolm Brogdon (Washington Wizards, PG/SG, 32 years old) *

Remaining Salary: $22.5 million

Brogdon would normally be a great candidate for a buyout. Given that he can’t join any of the apron teams, Brogdon would need to have something lined up to join a non-apron contender. On Washington’s side, the Wizards already project to have cap space this summer. That makes Brogdon’s Bird Rights less valuable for them. But those Bird Rights are still valuable to Brogdon. He may not want to give them up.

Bruce Brown (New Orleans Pelicans, SG, 28 years old) *

Remaining Salary: $23 million

Brown is being traded to the Pelicans in a deal that sends Brandon Ingram to the Toronto Raptors. New Orleans is rebuilding and has high-priority players at Brown’s position. But the Pelicans don’t plan to stay down for long. That means Brown’s Bird Rights have value. Call this a 50-50 situation at best.

Torrey Craig (Chicago Bulls, SG/SF, 34 years old)

Previous Salary: $2.8 million

Craig was waived to allow Chicago to complete their three-team deal with the San Antonio Spurs and Sacramento Kings. Craig has dealt with a lot of injuries this season. He’s also getting a bit long in the tooth. But when he’s right, Craig can give a team a 3&D wing presence. Someone might give him a look on a rest-of-season contract.

UPDATE - Agreed to signed with Boston (2/6/25)

Seth Curry (Charlotte Hornets, PG/SG, 34 years old)

Remaining Salary: $2.1 million

This one is really about if the Hornets need a roster spot or not. Moussa Diabate and K.J. Simpson are candidates to be converted to a standard contract from their two-way deals. If that happens, Curry could be a roster casualty. From there, Curry could head off to ring chase with a contender in need of some bench shooting.

Reggie Jackson (Washington Wizards, PG, 35 years old)

Remaining Salary: $2.1 million

Jackson was moved to the Wizards in a salary-clearing move by the Philadelphia 76ers. There’s no real place for Jackson with Washington. He’s likely to be waived. From there, he could catch on with a playoff team that needs some backcourt depth.

Tre Jones (Chicago Bulls, PG, 25 years old)

Remaining Salary: $9.1 million

Jones is a high-quality backup point guard. Teams are always looking for depth at that position. In addition, the Bulls have a bunch of other guards, including ones they have an investment in. Keep an on Jones popping free.

Vasilije Micic (Phoenix Suns, PG, 31 years old)

Remaining Salary: $7.7 million ($8.1 million team option for 2025-26)

Micic is now caught up in a quagmire of point guards in Phoenix. The Suns aren’t likely to have a need for both him and Monte Morris as depth at point guard. That could see Micic set free. From there, it’s 50-50 if he’d sign with another NBA team or return back to Europe, where he was a star.

Monte Morris (Phoenix Suns, PG, 29 years old)

Remaining Salary: $2.1 million

See above, then note: Morris has fallen out of the Suns rotation. He’s on a Veteran Minimum deal already, so there won’t be a buyout here. But if Phoenix thinks they have more of a need and need a roster spot. Morris could be a straight waiver candidate. He can still play, so a team in need of a point guard could sign Morris, or even claim his deal, given his Minimum status.

Chris Paul (San Antonio Spurs, PG, 39 years old)

Remaining Salary: $10.5 million

We’re only including Paul because he’s been bandied about as a buyout candidate, given the Spurs acquisition of De’Aaron Fox. Don’t bet on that happening. The Spurs love what Paul has brought them. They think playing him and Fox together is fine for the rest of the season. If Paul did shake loose, he’d vault to the top of the available point guard rankings.

Cam Reddish (Charlotte Hornets, SF/SG, 25 years old)

Remaining Salary: $2.5M

Reddish was thrown in to the deal that brought Dalton Knecht from the Los Angeles Lakers to the Charlotte Hornets for Mark Williams. That was to get to the Lakers off some salary and to open a roster spot. Given all the injuries on the wing in Charlotte, Reddish could get a chance to play. This one will come down to if the Hornets need an open roster spot or not. If waived, Reddish could link up with a team that wants to see if they can finally pull the 3&D player out of the 25-year-old wing.

Josh Richardson (Utah Jazz, SG/PG, 31 years old)

Remaining Salary: $3.1 million

Richardson is being moved to the Jazz for salary-matching/clearing purposes in the Jimmy Butler trade. He hasn’t been able to play much this season due to injuries. Utah doesn’t have a need for Richardson, especially given the injury issues. If Richardson is healthy, he could help a contender that needs a combo guard on their bench.

Ben Simmons (Brooklyn Nets, PG, 28 years old) *

Remaining Salary: $40.3 million

Simmons is a possible buyout candidate, but a lot will depend on the Nets situation. If Brooklyn needs a roster spot (they have some interesting two-way conversion candidates), they could look to buy out or waive Simmons. There’s also a chance Brooklyn and Simmons would rather use his Bird Rights for something bigger this coming summer.

Daniel Theis (Oklahoma City Thunder, C, 33 years old)

Previous Salary: $2.1 million

The Thunder waived Daniel Theis after eating his contract to help the New Orleans Pelicans get under the luxury tax. Oklahoma City wanted to open a roster spot to convert Ajay Mitchell to a standard contract. That’s where this likely heads eventually for the Thunder.

P.J. Tucker (Toronto Raptors, PF, 39 years old)

Remaining Salary: $11.5 million

Tucker is probably going to get straight waived by the Raptors, without a buyout. It’d be surprising if any team signs him, because Tucker hasn’t played in nearly a year. At this point, the veteran forward epitomizes the “more name than game” philosophy.

Delon Wright (New York Knicks, PG, 33 years old)

Remaining Salary: $2.1 million

Wright is about the eighth point guard on the Knicks. That’s a bit of an exaggeration, but not by much. He could be set free to join a team where he’d see more time. However, Wright lost his role as the Milwaukee Bucks backup point guard this season. There might not be much left in the tank here.

Lonnie Walker IV (Zalgiris (Lithuania), SG, 26 years old)

Remaining Salary: N/A

We’re adding Walker here, because there is considerable interest in him from NBA fans. Walker has an NBA out with Zalgiris that has to be triggered by February 18, per reports. If triggered, Walker would presumably be signing a rest-of-season minimum deal. However, it’s worth noting that Walker has struggled against EuroLeague competition. He’s shot 38.5% in 18 EuroLeague games, including 33.6% on three-pointers. For a player whose primary value is his shooting and scoring, that’s worrisome for a potential return to the NBA.

The NWSL’s 2023 secondary window included 16 player signings and just one intra-league trade (non-player related). Comparatively, 2024 exploded with movement, 31 new player signings—free agency, transfers, and loans—and 11 trades—most of which included player movement.

Chart 1: Incoming/Outgoing Player Movement

1. Utah Royals

After the Olympic restart, Utah won six, drew one, and lost four, a dramatic turn from their start to the season in which 16 matches they only won twice, drew thrice, and lost a lot more. During the secondary window the Royals added Japanese midfielder Mina Tanaka, Spanish midfielder Claudia Zornoza, and Canadian forward Cloé Lacasse. Part of the drastic differences in outcomes can be attributed to the Royals new additions of players with international experience and years of professional experience, but part of it was also the mid-season coaching change which happened right before the Olympic break and the complexity that comes from being an expansion team needing to find their identity. 

2. Kansas City Current

Although the Current only lost once in the first 16 matches of the season, they had 22 goals against in that period, averaging almost 1.4 goals per game against. During the Secondary Window, the Current signed German goalkeeper Almuth Schult, and made two big trades for defenders. First they acquired centerback Alana Cook from Seattle for $40k allocation money and $75k intra-league transfer funds, with an additional $25k in intra-league transfer funds being sent to the Reign if incentive based requirements are met. With just days left in the window, the Current traded goalkeeper Jordan Silkowitz and $15k allocation funds to Bay FC in return for centerback Kayla Sharples. Once the team returned to the regular season post-Olympics, the squad only allowed nine goals in 10 matches. The newly acquired trio quickly became the core of the defense and started together throughout the playoffs. 

3. North Carolina Courage

The Courage got started early with the secondary signings, getting the Australian duo of forward Cortnee Vine and defender Charlotte McLean signed to multi-year contracts in mid-June ahead of the window opening. (Free Agents can sign at any time, but in order to play the Secondary Window needed to officially open in order to accept their International Transfer Certificates). North Carolina also made midfielder Manaka Matsukubo’s loan a permanent transfer, adding to the strength of the midfield for the back-half of the regular season. The Courage also added 19-year old Brazilian forward Aline Gomes and traded Gotham for 2024 first-round draft pick Maycee Bell. 

4. Bay FC

The expansion-side didn’t start being active in the secondary window until there were just five days left, but that didn’t stop them from making big moves. First, they acquired defender Abby Dahlkemper from the San Diego Wave for $50k in allocation funds. Then they traded defender Kayla Sharples to Kansas City in return for goalkeeper Jordan Silkowitz and $15k allocation money. Lastly, on the final day of the window, Bay traded for forward Penelope Hocking from Chicago Stars for $250k in transfer funds in 2024, and $100k in 2025. Bay FC ended up becoming the second-ever expansion side to qualify for playoffs in their inaugural season. 

5. Chicago Stars

The Red Stars had two player additions in the secondary window, the signing of Canadian midfielder Julia Grosso – who had just spent two and a half seasons with Italian-side Juventus – and Brazilian forward Ludmila - who had just completed her seventh season with Spanish-side Atletico Madrid. On top of impressive club careers, both players have impressive international experience to bring to the squad as well. Chicago’s consistency throughout the season oscillated, especially with the loss of Sam Staab due to a SEI mid-June. With their first offseason in Chicago under their belts, it’ll be fun to watch. 

The Sacramento Kings got creative with their exceptions to add a long-wanted backup for Domantas Sabonis. The Washington Wizards picked up some additional draft capital for moving along a short-term veteran.

Here are the particulars:

Sacramento Kings acquire: Jonas Valanciunas

Washington Wizards acquire: Sidy Cissoko, 2028 Nuggets second-round pick, 2029 Kings second-round pick

Let’s dive in!

Sacramento Kings

Incoming salary: $9.9 million in 2024-25

• Jonas Valanciunas (C, three years, $30.3 million (final season non-guaranteed))

Outgoing salary: $1.9 million in 2024-25

• Sidy Cissoko (SF/PF, two years, $4.1 million (2025-26 non-guaranteed))

The Kings had been searching for a viable backup for Domantas Sabonis for a few years. Alex Len has been serviceable, but is more of a third string center. Trey Lyles does what he can, but he’s a pure stretch four.

Jonas Valanciunas should more than capably fill that backup role. There are even some potential lineups constructions where Valanciunas could play alongside Sabonis in a double-big look.

This season, Valanciunas has adapted well to being a backup on the rebuilding Wizards. The veteran center is still an effective scorer, screener and rebounder. Washington mostly used him as a protector for Alex Sarr and to help set a tone off the bench.

With the Kings, Valanciunas will probably play less than he did with the Wizards. But less may be more, as Valanciunas should be able to play his physical, rugged style without worry of foul trouble or conserving energy for longer minutes.

The mechanism used to acquire Valanciunas saw Sacramento take advantage of the new rules that allowed them to use a portion of their Non-Taxpayer MLE as a Traded Player Exception. That allows the Kings to keep the big $16.8 million TPE that they created in the Kevin Huerter trade whole. Considering the MLE expires at the end of the season, this is solid use of it as a TPE.

Sacramento still has two open roster spots. They’ll have to fill one within the next couple of weeks. The Kings are about $2.5 million under the luxury tax, which will act as a de facto hard cap for the team.

While Sacramento isn’t quite good enough to pay the tax for this group, they have improved their team quite a bit over the last few days. That’s a hard needle to thread when you trade a former franchise player, but the Kings have pulled it off.

Washington Wizards

Incoming salary: $1.9 million in 2024-25

• Sidy Cissoko (SF/PF, two years, $4.1 million (2025-26 non-guaranteed))

Outgoing salary: $9.9 million in 2024-25

• Jonas Valanciunas (C, three years, $30.3 million (final season non-guaranteed))

We aren’t going to focus much on getting Sidy Cissoko for the Wizards. Reports are that he’ll be waived, if he’s not moved in a subsequent trade before the deadline.

This deal for Washington was about adding some additional draft capital. Jonas Valanciunas didn’t turn into a first-round pick, but getting two seconds for him is solid work.

The Wizards are still in the early stages of their rebuild. That means collecting assets. This one came in somewhat unconventional means, as Valanciunas was added via sign-and-trade this past offseason. But that’s the kind of creative, forward-thinking move you have to make when rebuilding.

The time Valanciunas spent in Washington also allowed the team to not have to force Alex Sarr to start at center until he was ready. And going against Valanciunas in practices for a half-season has helped Sarr.

With Valanciunas off the books, the Wizards project to be a cap space team this coming offseason. Effectively, Washington is shedding $10 million off their 2025-26 books by trading Valanciunas, but they’ll likely take on around that much when they complete the trade that swaps Khris Middleton for Kyle Kuzma.

It wouldn’t be an NBA trade deadline without Sam Presti coming away with at least one future draft pick. That’s exactly what happened, as the Oklahoma City Thunder and New Orleans Pelicans linked up in a small deal.

Here are the particulars:

Oklahoma City Thunder acquire: Daniel Theis, less favorable 2031 Pelicans or Magic second-round pick

New Orleans Pelicans acquire: Cash

Let’s dive in!

Oklahoma City Thunder

Incoming salary: $2.1 million in 2024-25

• Daniel Theis (C, one year, $2.1 million)

Outgoing salary: None

This is a pretty simple deal for both teams. The Thunder are using some of their considerable space under the luxury tax to eat Theis’ contract, while adding yet another second-round pick.

Theis will probably stick in Oklahoma City, at least until Chet Holmgren returns. Theis gives the team solid center depth behind Isaiah Hartenstein and Jaylin Williams.

When Holmgren is back, the Thunder could move on from Theis to free up a roster spot to convert two-way player Ajay Mitchell to a standard contract. Mitchell was in line for the promotion before suffering a turf toe injury. The rookie guard is out for several more weeks, as he recovers from a surgical procedure for the injury.

The pick the Thunder are getting in this trade is so far off, that it’s impossible to know what it will be. But Oklahoma City previously had only their own second-round pick in 2031, and that just couldn’t stand. Now, Sam Presti has the requisite extra pick that he must have in every round of every draft.

New Orleans Pelicans

Incoming salary: None

Outgoing salary: $2.1 million in 2024-25

• Daniel Theis (C, one year, $2.1 million)

The New Orleans Pelicans streak of never paying the luxury tax in franchise history will continue. By moving Theis, and with Dejounte Murray set to miss out on some currently likely bonuses due to missing the rest of the season, the Pelicans will dip below the tax line.

Expect New Orleans to use some of their newfound room beneath the tax to convert Brandon Boston Jr. to a standard contract. Boston has played well for the injury-ravaged Pelicans and they’d like to have him on a longer-term deal.

Paying the price of a second to dodge the tax is worth it for the Pelicans. The team isn’t anywhere near contention this year, and there’s a chance that New Orleans will be expensive down the line. It’s best to put some extra cash, via both this trade and the upcoming luxury tax disbursement, in ownership’s coffers now. Then, if the tax can’t be avoided down the line when the team is back in as a playoff contender, hopefully they’ll have bought some goodwill and the go-ahead to stay over the tax.