Hoops Rumors surveys the 2026 NBA offseason, summarizing free‑agent deals, trades, drafts and exits for every franchise. This piece dives into the New Orleans Pelicans. Can the Pelicans turn this quiet summer into a surprise?
Free‑Agent Signings
- Bennedict Mathurin: Two years, $15,375,000. Second‑year player option. Signed using non‑taxpayer mid‑level exception.
- DeAndre Jordan: Two years, minimum salary. Fully guaranteed. Re‑signed using minimum salary exception.
- Trendon Watford: One year, minimum salary. Partially guaranteed ($250K). Signed using minimum salary exception.
- Kobe Bufkin: One year, minimum salary. Non‑guaranteed (Exhibit 9). Signed using minimum salary exception.
- Caleb Houstan: One year, minimum salary. Non‑guaranteed (Exhibit 9). Signed using minimum salary exception.
- Christian Koloko: One year, minimum salary. Non‑guaranteed (Exhibit 9). Signed using minimum salary exception.
- Aziz Bandaogo: One year, minimum salary. Non‑guaranteed (Exhibit 9/10). Signed using minimum salary exception.
- Dominique Daniels Jr.: One year, minimum salary. Non‑guaranteed (Exhibit 9/10). Signed using minimum salary exception.
- Markquis Nowell: One year, minimum salary. Non‑guaranteed (Exhibit 9/10). Signed using minimum salary exception.
- Johnny O’Neil: One year, minimum salary. Non‑guaranteed (Exhibit 9/10). Signed using minimum salary exception.
- Christian Shumate: One year, minimum salary. Non‑guaranteed (Exhibit 9/10). Signed using minimum salary exception.
- Solomon Washington: One year, minimum salary. Non‑guaranteed (Exhibit 9/10). Signed using minimum salary exception.
Note: Bandaogo, Daniels, Nowell, O’Neil, Shumate and Washington have been waived.
Trades
Draft Picks
Two‑Way Signings
- Malik Dia
- One year, $91,000 partial guarantee.
- Jaron Pierre Jr.
- One year, $91,000 partial guarantee (will increase to $339,441 at start of regular season).
Departed/Unsigned Free Agents
Other Roster Moves
- Signed Saddiq Bey to a three‑year, $55,500,000 veteran extension beginning 2027‑28, fully guaranteed with a trade kicker (lesser of $1 million or 15%).
- Exercised team option on Karlo Matkovic ($2,296,271).
- Waived Taj Gibson ($148,828 partial guarantee).
- Re‑signed Hunter Dickinson to a one‑year, two‑way deal and then waived him.
Salary‑Cap Situation
Note: Figures are rounded to one decimal place.
- Operating over the cap ($165 million) yet below the first tax apron ($209 million).
- Hard‑capped at the first apron.
- Team salary: $196.4 million (tax); $203.3 million (apron).
- Below luxury‑tax line by $4.1 million; below hard cap by $5.7 million.
- Partial non‑taxpayer mid‑level exception ($7.5 million) and full bi‑annual exception ($5.5 million) available.
- Two traded‑player exceptions remain (largest worth $7 million). Will the Pelicans deploy one to chase a missing piece before the season starts?
Offseason So Far
Before September’s flurry, New Orleans stayed almost silent, largely because executives Joe Dumars and Troy Weaver had already reshaped the roster in their inaugural months.
During the 2025 Finals, the Pelicans sent Indiana a top‑four protected 2026 first‑rounder to recoup the No. 23 slot in the 2025 draft. They then swapped that pick and their own 2026 first‑rounder to Atlanta, selecting Derik Queen at No. 13. Consequently, New Orleans entered the 2026 draft without any first‑round selections after a 26‑win season.
Critics slammed the move that gave up the most favorable 2026 pick to climb from No. 23 to No. 13 for Queen. Yet losing the Pacers pick just before Tyrese Haliburton’s Achilles tear proved even harsher, as Indiana’s selection landed at No. 5 while New Orleans fell to No. 8, relinquishing control of both.
Aside from the No. 58 choice of Jaron Pierre Jr., who earned a two‑way contract, the Pelicans could not be aggressive in free agency because they hovered near the luxury‑tax threshold. That limitation stemmed from the 2025 deal that shipped CJ McCollum and Kelly Olynyk to Washington for Jordan Poole and Saddiq Bey.
McCollum and Olynyk were on expiring deals, whereas Poole and Bey carried multiyear contracts with over $40 million guaranteed for 2026‑27. Without those salaries, New Orleans would have enjoyed far more cap space for signings or trades.
Poole’s inaugural season in New Orleans disappointed, making him a likely trade or buyout target, while Bey proved a solid addition. The veteran forward returned from a missed 2024‑25 after an ACL tear and posted a career‑best 17.7 points and 5.6 rebounds over 72 games, shooting .451/.367/.841.
Bey’s output earned a three‑year, $55.5 million extension earlier this month, which also contains a modest trade kicker. The deal tops what he might have fetched on the open market but features a declining scale that eases future payroll.
The Bey extension joined two other September moves. The Pelicans dealt 2023 lottery pick Jordan Hawkins, 2025 second‑rounder Micah Peavy, a future second‑rounder and a swap to Memphis, clearing space to sign former No. 6 pick Bennedict Mathurin without breaching the tax line.
I questioned Mathurin’s worth as a restricted free agent given his erratic shooting, poor assist‑to‑turnover ratio and spotty defense, ranking him 35th among the top 50 free agents. Still, his offensive upside justifies the price; he signed a two‑year, $15.4 million deal, and the Clippers withdrew their qualifying offer, making him unrestricted.
Mathurin’s contract won’t strain the Pelicans, and could become a bargain if the Canadian improves in his fifth season. Yet the second‑year player option may force New Orleans to decide his fate if he earns a raise.
Before September, the only notable move was a two‑year, minimum deal for veteran center DeAndre Jordan. The league compensates teams that sign a veteran to a one‑year minimum, so the two‑year commitment forces New Orleans to cover his full salaries of $3.9 million and $4.1 million.
For my money, Jordan’s locker‑room presence outweighs the extra $1.45 million hit. Adding $1.45 million to Jordan’s 2026‑27 cap hit wasn’t ideal for a club toeing the tax line, but the front office argues his veteran leadership is priceless enough to merit the second year and added salary.
Up Next
The Pelicans currently hold 14 guaranteed contracts, plus Trendon Watford on a partially guaranteed minimum and three young veterans—Kobe Bufkin, Christian Koloko and Caleb Houstan—on non‑guaranteed Exhibit 9 deals.
The simplest roster would launch opening night with those 14 guarantees plus Watford, yet the team could waive Watford or recent guard AJ Johnson, a 2024 first‑rounder yet to prove himself, to preserve spots for Bufkin, Koloko or Houstan.
New Orleans also maintains a two‑way slot occupied by Pierre and undrafted forward Malik Dia. Whether the Pelicans fill the remaining two‑way spot before camp or wait for a preseason surprise remains to be seen.
After extending Bey, the roster still includes several veterans eligible for extensions—Zion Williamson, Dejounte Murray, Poole and Karlo Matkovic—but I doubt there’s urgency to lock any deals before tip‑off.
Williamson carries two years left on a risky contract given his injury history; Murray logged only 14 games after returning from an Achilles tear, making his value murky; and Poole emerges from his toughest season yet.
Matkovic, a consistent front‑court piece over two seasons, may be the prime candidate for a new deal now, though he’ll hit restricted free agency next summer if unsigned.