I'm pretty sure this is the earliest that I've had to start this post, but teams aren't wasting any time with most free agents from this past summer becoming trade eligible on December 15th. Like last year's edition, I'll be adding deals to the top of this post as they happen so that the latest news is easily accessible and including in parentheses who broke the story and when. Future draft pick details are typically from RealGM.com, and the salary figures are from Keith Smith's work at Spotrac.com with future money color-coded in case of a player option, team option, or not fully guaranteed.
Grizzlies shake things up (Shams, Haynes, and Stein 2/6)
Wizards receive:
| Marcus Smart | $20,210,285 | $21,586,856 |
| Colby Jones | $2,120,693 | $2,221,677 | $2,406,205 |
2025 Grizzlies 1st round pick (protected for an unknown range)
Kings receive:
Grizzlies receive:
| Marvin Bagley III | $12,500,000 |
2025 2nd round pick (Worse of Suns or Warriors, via Wizards)
2028 Kings 2nd round pick
I know that Smart has not played much this season, but a team that is currently the #2 seed in the West trading away two players who could be in the playoff rotation for nothing in return floors me. Less than two years ago Memphis traded two 1st rounders and Tyus Jones for Smart, and now they appear to be attaching another 1st to get off of his contract. It hasn't been reported yet which 2nd is coming back, but based on the last one that I think Washington has left this year after complicated swaps, this could be a drop from a pick in the 20's to the 40's. That's similar to the Nurkic trade below but with more certainty of the large gap since it's this year already.
Since LaRavia's rookie scale option was surprisingly declined, he can only be re-signed for up to the amount of that option, $5,163,127, which makes for a tricky situation, and I guess Memphis is trying to make up for that mistake by getting something for him now. It was a nice opportunistic move by Sacramento to jump in and grab him for just a future 2nd, a backup center who barely plays in Len, and a recent 2nd rounder whom I was hopeful for but hasn't developed in Jones. LaRavia can do a little bit of everything as a backup to either forward spot, and while he hasn't been taking threes at as high of a rate as his first two seasons, he's shooting a career-high 44.4%.
Between this and the Middleton move, the Wizards cut into a lot of their cap space for this offseason, but they could still have enough to be a salary dumping ground for more draft assets again as part of their patient rebuild. Having two vets with so much playoff experience could be good for their young locker room, and as they go into the last years of their contract next season, Washington might even be able to flip them again to contenders if better health is shown.
2/7 Update: Hollinger reports that the 2nd rounder is the worse of Golden State's or Phoenix's, so my estimate above of a 20 spot drop will probably come to fruition. I just don't understand why Memphis couldn't wait until draft night to make this kind of deal when Smart would have played more than 39 total games for them over two seasons. Yes, creating cap room for the summer is important to potentially renegotiate-and-extend Jaren Jackson Jr, but I don't see the benefit of doing it now with nothing coming back to help this current top-2 seed.
Indy adds some breathing room (Shams 2/6)
Raptors receive:
| James Wiseman | $2,237,691 | $2,546,675 |
Cash considerations
Pacers receive:
TBD (likely minimal cash, a fake 2nd, or old draft rights)
Wiseman has unfortunately been out for basically the entire season again, so Indiana is likely paying Toronto for the remainder of his contract and then some in order to have some flexibility to sign someone without going into the tax.
2/7 Update: The Pacers press release confirms that it is a conditional 2026 2nd rounder coming to them, and I'd bet that those conditions are "protected 31-55."
Milwaukee and LA flip former 1st rounders (Shams 2/6)
Bucks receive:
| Kevin Porter Jr | $2,237,691 | $2,546,675 |
Clippers receive:
| MarJon Beauchamp | $2,733,720 |
Neither player has been particularly productive, but I wouldn't want to be in the Kevin Porter Jr. business with his legal history, even if it does help out Milwaukee's tax bill a bit. He has been the better player of the two, but Los Angeles probably didn't want to have to deal with that player option for next season.
One more Atlanta move to duck the tax (Shams (2/6)
Rockets receive:
| Cody Zeller | $3,500,000 | $3,675,000 | $3,850,000 |
Their own 2028 2nd round pick back
Hawks receive:
TBD (likely minimal cash, a fake 2nd, or old draft rights)
This can be viewed in conjunction with the Cavs trade below in order to stay out of the luxury tax. It's more nice work from Houston to use the new MLE rules to absorb salary for draft assets like with the Springer trade. Zeller ended up playing in zero games for Atlanta after being lucky enough to get this contract purely to help match salary in the Dejounte Murray trade.
Update: As anticipated, Kelly Iko reports that Houston is merely sending the draft rights to the last pick way back in 2017, Alpha Kaba, who was coincidentally enough originally chosen by the Hawks.
Atlanta continues re-shuffle (Shams 2/6)
Clippers receive:
| Bogdan Bogdanovic | $17,260,000 | $16,020,000 | $16,020,000 |
2025 Timberwolves 2nd round pick
2026 Grizzlies 2nd round pick (protected 43-60)
Their own 2027 2nd round pick back
Hawks receive:
| Terance Mann | $11,423,077 | $15,500,000 | $15,500,000 | $16,000,000 |
I misread Shams' tweet and was looking at my spreadsheets confused about LA sending three 2nd rounders that they don't have before Law Murray reported that the picks were actually going the other way. That's a pretty costly move even with Bogdanovic having a down season at age 32. I'm not sure this is worth it for Atlanta to go a little younger with Mann (28), who just signed an extension in September but has seen his own drop in play, and Hyland (24), who has mostly stagnated since his rookie season. If this was enough to get them out of the tax following the Hunter trade, I guess it would be understandable, but upon second look it's still doesn't get them there. Even if Bogdanovic has completely fallen off the cliff, he only has one more guaranteed year after this, so I like this way more for the Clippers side with the picks.
Cleveland make a move at SF (Stein first, Shams the details 2/6)
Cavaliers receive:
| De'Andre Hunter | $21,696,429 | $23,303,571 | $24,910,714 |
Hawks receive:
| Georges Niang | $8,500,000 | $8,200,000 |
Right to swap 2026 and 2028 1st round picks (after Jazz swaps)Three 2nd round picks
Before Brian Windhorst provided the details of the pick swaps, this felt a touch pricey for Hunter given the size of his contract, but the trend of Horcruxing picks that you already owe swap rights to is catching on. As things stand with the initial reporting, this would get Cleveland out of the luxury tax and put Atlanta in it, but I would expect a third team such as Detroit to be involved to avoid the latter aspect. Thus, the Cavs kill two birds with one stone this way since Hunter is more of a true forward than LeVert to fit better next to their star guards. Hunter can play up to power forward at times to help replace Niang, as well, so this could end up being a really good fit for the 27 year old who has impressively increased both his three-points attempts (6.7) and accuracy (39.3%) to career-highs.
Assuming the Hawks do have a follow up to this to keep them out of the tax, this move also helps their books next year when Jalen Johnson's big extension kicks in, and that's on top of the nice draft capital return here. LeVert can bring more playmaking than Hunter to help fill in for void left by Johnson's injury, and then they could see about re-signing him depending on any other moves. Niang also helps fill in some of Johnson's minutes as he reunites with Quin Snyder from their Utah days.
