2025 Trade Deadline Recap: Winners and Losers
I recap a wild week and list some winners and losers.
I started following the NBA in 2003. I remember we’d get one moderately significant trade ahead of the trade deadline. Rasheed Wallace went from a Blazer to a Hawk to a Piston in 2004. Baron Davis went to the Warriors in 2005. Ron Artest went to the Kings in 2006. Allen Iverson went to the Nuggets in 2007.
Then the 2008 trade deadline happened. Pau Gasol. Jason Kidd. Shaquille O’Neal for Shawn Marion. Mike Bibby and Ben Wallace also got moved. And trade deadlines have gotten more active over the years ever since.
I felt we peaked in 2022 when the Nets traded James Harden mid-season to a division rival for Ben Simmons. Then I thought we really peaked the following year when Kevin Durant got traded to the Suns. I genuinely felt nothing could top that.
The 2025 trade deadline is by far the most shocking, unexpected, and dramatic trade deadline in NBA history. And the Luka Doncic trade alone will be enough to remember it by. I’ve never seen a trade transcend the sport on such a scale. This is bigger than basketball – it’s become a cultural and borderline political issue in Dallas. I’ll be telling my son about this one day.
I think NBA fans had fun following everything this past week. I also think this trade deadline easily differentiated the winners and losers. So here are my winners and losers and some quick thoughts on them.
Winner: Los Angeles Lakers
The best way to describe what the Lakers trade deadline was to me is overstimulating. When I first read the Shams tweet, I wasn’t sure what I was reading. I think I needed a good 10 minutes to fully comprehend what was going on. I did my analysis but I wasn’t done. I spent the rest of the night and the entire next day listening to podcasts and analysts I don’t follow. I just needed as many opinions on it as possible.
The Lakers had all the most shocking moments because they acquired two players that weren’t known to be available. Even the Mark Williams rescindment, which in hindsight shouldn’t have been that surprising, was another unexpected development that sent shockwaves last night. No other trades around the league came close to the shock factor the Lakers’ trades brought.
If you live in Los Angeles, are active in Lakers Twitter, or are in a group chat filled with Lakers fans, you probably heard the phrase “Rob Pelinka cooked.” But what does that mean exactly? Does it refer to the Lakers being active? Or that they came out well from these trades? If it’s the former, then absolutely.
If it’s the latter, I can’t say he cooked on the Williams trade. On one hand, I think he is enough to fill the gap at center to help propel the Lakers to a deep playoff run. But it feels like the Lakers bought high on an injury-prone player who just had the best 10-game stretch of his career. And there’s unwarranted optimism that he will become the next Dereck Lively next to Doncic.
As much as this hurts the Lakers on-court product this season, Lakers fans should be breathing a sigh of relief. They now regain control of their 2031 first-round pick and 2030 swap to pursue different options next offseason. They’ll also be able to play with their 2032 first-round pick swap and second-round pick to improve their optimal trade package. They’ll also have $40 million of expiring salary and potentially more trade flexibility if LeBron James takes a pay cut. Thinking bigger picture, they need to maintain their draft equity to pursue a co-star for Doncic.
Loser: Dallas Mavericks
I’m not going to get into a whole dissertation on why you don’t trade a player like Luka Doncic at 25 years old. But while the reasons they traded Doncic aren’t totally indefensible, the process was not sound. For starters, they may have alienated a large segment of their fanbase by trading him so abruptly. They didn’t get the chance to mentally prepare for a future without Doncic with the typical media cycle on players who might get traded.
But the other thing the Mavericks did was shorten their window with the goal of winning the championship either this season or the next. And I’m not convinced they accomplished that.
The Western Conference has THIRTEEN teams all in the playoff mix. Just three of the Mavs, Wolves, Clippers, Kings, Suns, Warriors, Spurs, and Blazers will make the playoffs. The Mavs went 6-12 after Doncic got hurt and before they traded him. Now they won’t have him at all. How can they be so sure they’ll make the playoffs with such limited playmaking and creation?
I understand the theory of the team. Their size could help them win a playoff series or two if the matchup is right. They could give the Nuggets a difficult time. The may have even countered the Thunder’s addition of Isaiah Hartenstein with this trade. But it won’t matter if they don’t make the playoffs.
Winner: Charlotte Hornets
I respect what the Hornets were going for. They rightfully interested the Lakers in the type of player they need and received premium draft equity for him. Even without the injuries being a consideration, I think you take this deal for Williams if available.
Unfortunately, the rescindment puts the Hornets in an uncomfortable situation, and it’s not because they’re awkwardly bringing him back after trading him. He’s been publicly red flagged which could diminish his trade value. Do the Hornets consider extending him this offseason if they cannot get adequate trade value for him?
I also really liked their acquisition of Jusuf Nurkic along with a first-round pick. I believe that is the first pure salary dump involving a first-round pick of its kind this season. Not only that but they got a 2026 first-round pick which is valuable since so few of those selections are available. It has a better chance of being slightly higher than the 30th overall selection they could’ve gotten in the 2025 draft1.
Loser: Phoenix Suns
I’m not sure I’ve ever seen a team come out of a trade deadline worse by being inactive. Their signature move was trading one of their few remaining draft assets to move a disgruntled player and save money. This roster just doesn’t work and I don’t think they were a Jimmy Butler away from fixing that.
But the worst part is that the vibes are clearly bad. And it's possible they made them worse by shopping their top players. Bradley Beal has handled the trade rumors and his demotion to the bench professionally, but it can’t feel good knowing that for two months he was the centerpiece of a theoretical Butler trade.
And now they may have deeper issues with Durant. He reportedly was not looped in on trade discussions surrounding him and only learned when a deal that would send him to the Warriors was close to the finish line. Do they anticipate that he won’t extend with them? Or do they feel they can no longer count on him to be the type of player they need from him? Either way, it’s hard to envision this team improving from within, especially after everything that got leaked these past few weeks.
Winner: Utah Jazz
It’s well known that the Jazz have one of the biggest surpluses of first-round draft picks. But they were surprisingly short on second-round picks. They accumulated four second-round picks in trades where they mostly took on bad expiring salary. That includes a second-round pick for taking on KJ Martin while creating a $3.6 million trade exception. They could potentially get a second-round pick for trading him next season.
The most significant deal they made was swapping three first-round picks for the Suns pick in 2031. Based on how quickly things in Phoenix may be torpedoing, that selection should be perceived as highly valuable in the coming seasons. The Jazz should have an opportunity to get more value for that selection than they sent out.
However, all of John Collins, Collin Sexton, and Jordan Clarkson remained on the roster. When you look around and see what All-Star went for, it feels like a buyer’s market. It doesn’t seem like teams were chomping at the bit to trade more than second-round picks for these players. The Jazz rightfully held their ground, especially since they restocked on seconds by taking on bad money.
But at the same time, these players only have one year left on their deals. It’s hard to imagine offers getting stronger for them next season. I could see the Jazz working on team-friendly extensions with these players that keep them under contract for longer and trade-eligible. That could help raise their value for a trade next season.
Winner: Miami Heat
The Heat came out of the Jimmy Butler situation on top. They went from potentially getting expiring contracts and crappy picks to getting an awesome replacement in Andrew Wiggins and what will likely be a late lottery pick in a strong draft. It was so over for the Heat, but now they’re so back.
They almost ducked the luxury tax in one fell swoop but finished nearly $3 million over the threshold. That’s fine though because they still saved $30 million and are below the first apron. This will allow them to pursue any players that get bought out and open up their non-taxpayer mid-level exception. They will also generate a large trade exception.
The addition of Wiggins who is under contract through 2027 could suggest the Heat aren’t focusing on 2026 free agency anymore. And that makes sense when the top two players of that class, Luka Doncic and De’Aaron Fox, got traded and may have their futures settled. Either way, I’m excited to see who the Heat select with their draft pick projected to be 11-15, a range they historically hit when drafted from.
Loser: Golden State Warriors
I don’t understand this. Why do you trade for the player you reportedly had concerns about bringing in a week ago? And why do you give him a maximum extension that will pay him close to $57 million at age 37? I struggle to identify a team that is going to offer that to him this summer. I think they could’ve taken this to free agency and extended him for a lot less.
Some point to the price being low enough for them to pull the trigger. But is it? You never know what kind of season you’ll get from Wiggins when it begins but he’s been great this year. I think the Warriors would’ve made more sense if they kept Wiggins and traded Draymond Green instead. We’ll see how the Butler/Green/Kuminga trio work together but I’m confident one of those three will be moved this summer if it’s not a smooth fit.
The Warriors traded one first-round pick but lost the negotiation on the protection. The top West teams who miss the playoffs will likely be selecting 11-14, meaning they’re trading a likely late lottery pick in this year’s draft. I understand bringing Butler in for the chance that Playoff Jimmy emerges and pushes them to the Finals. But when looking at the totality of the deal, it feels like the Warriors mainly wanted Jimmy Butler because of his name.
Winner: Washington Wizards
I loved what the Wizards did from a cap and asset management perspective. They checked just about every box that a rebuilding team should do in their situation.
When the Wizards re-signed Kyle Kuzma to a four-year, $90 million contract that descends, they probably hoped to get multiple first-round picks for him. But he’s struggled all year and he wasn’t going to look better given the focus on developing their young players. The benefits of the contract for another team were shrinking as it was nearly halfway done, so it made sense to get what they could before the deal further depreciated.
They mainly acquire AJ Johnson who fits the Wizards timeline far more than the Bucks. They also get a first-round pick swap in 2028, which could conceivably hit if the Wizards are good by then. They also acquired Khris Middleton who they will have a chance to reroute in the offseason. They shouldn’t expect premium value for him in a trade, but maybe there’s a contending team that will have interest in him over the offseason.
They then traded Jonas Valanciunas to the Kings for two second-round picks. This is about the value I expected he’d net them, so great piece of business signing him to the three-year deal they gave him last summer. They also offset the money added in the Middleton trade, giving them more flexibility to further increase payroll.
They used that extra flexibility to take on Marcus Smart’s $20.1 million salary along with the Grizzlies 2025 first-round pick. They now have two first-round picks in the upcoming draft. It should also be noted that they had three 2025 second-round picks and traded one to the Bucks and one to the Grizzlies to get their respective trades with them done. So instead of one first and three seconds, they now have two firsts and one second in the upcoming draft.
The Wizards could’ve had close to $30 million in 2025 cap space had they not made these moves. Instead, they effectively used last week’s trade deadline as free agency by using up their flexibility to be salary dumping grounds. I think they got adequate value while eliminating the risk of getting poorer offers in the offseason. And despite no longer having 2025 cap space, they have several trade exceptions and enough tax flexibility to make more deals like these.
Neutral: Memphis Grizzlies
The Grizzlies rarely make mistakes. They have an impeccable draft record which has resulted in one of the deepest teams in the league. The Marcus Smart acquisition was their biggest blunder when considering it also meant letting Dillon Brooks go, whose been pretty good in Houston. But it’s okay, they’re afforded a miss like that when they get everything else right.
The Grizzlies traded two first-round picks to acquire Smart and another one to get off his salary for next season. However, they only gave up one quality first-round pick in the process2. The other 2023 first-round pick was at the end of the first round, and the 2025 selection is being swapped for a 2025 second-round pick projected to be in the middle of the second round. Knowing their draft history, they might select someone better than most of the players taken at the end of the first round.
Perhaps a bigger criticism of their trade deadline is not acquiring a veteran wing. They were close to acquiring Dorian Finney-Smith in December and there are rumors that they pursued Jimmy Butler and Kevin Durant. And all that checks out considering they’ve aggressively pursued Mikal Bridges two years ago, so they’re working on it.
But their playoff viability this season is being questioned. It seems like lower seeds view the Grizzlies as vulnerable in the playoffs.
Loser: Toronto Raptors
Brandon Ingram is very talented offensively and a gifted scorer. He’s also one of the more difficult All-Star caliber players to slot into most teams’ starting lineups and payroll. I don’t think the Raptors are even a top-five fit for Ingram.
I like the price they gave up to get him in a vacuum. They essentially turned the Pascal Siakam return into Ingram and the Ja’Kobe Walter selection. But Ingram is a questionable fit next to low-volume, below-average shooters in Scottie Barnes (28 percent from three on 5 attempts per game) and R.J. Barrett (35 percent from three on 5.2 attempts per game). I can’t see how this trio is better than Barnes-Siakam-Anunoby from previous seasons.
But what puzzles me the most about the Ingram acquisition is his contract situation. Part of the reason the Raptors moved on from Siakam is he was going to command a maximum-level contract, which he got from the Pacers. It feels like a step backward since they’ll likely spend just as much on a worse player and fit.
If they extend him to the three-year, $136 million maximum they can give him ahead of free agency, their projected starting five will combine to earn 86 percent of the luxury tax line in 2025-26. They will be taxpayers if they do not trade one of those players. This makes me wonder if RJ Barrett could potentially become available next season primarily for draft equity and cap flexibility.
Either way, to me they look like a flawed team whose ceiling may be advancing past the Play-In Tournament.
Neutral: New Orleans Pelicans
The Pelicans had to trade a second-round pick to get below the luxury tax line for the second consecutive year. More importantly, they only got one first-round pick for Ingram and it doesn’t project to be valuable. If you’re surprised that’s all they got for him, don’t be. Look how little other All-Stars went for compared to previous seasons.
I think it’s unfair to label the Pelicans as losers. Their season ended before it took off with all their injuries. If there’s something to criticize, maybe they waited too long to trade Ingram? But we’ll probably never know what they could have gotten for him last summer or a year ago.
I think for the most part, they’re right to mostly sit this one out. Trading Trey Murphy, Herb Jones, or Yves Missi doesn’t make sense. Trading Zion Williamson for pennies on the dollar when he’s on a non-guaranteed contract doesn’t make sense. Giving up an asset to get off C.J. McCollum doesn’t make sense.
Their inactivity is largely backed by their upcoming high lottery pick in the upcoming draft. They will likely run this group back along with that selection and see how they look. If they’re mostly healthy and looking mediocre, then whole-scale changes could follow. But whether you believe in this group or not, they’re probably not giving up on it just yet.
Winner: Cleveland Cavaliers
The Cavaliers entered the trade deadline with a need to upgrade at the wing but had several challenges to consider.
They needed to pursue an upgrade now since it’ll be difficult next season with Evan Mobley’s maximum extension kicking in. But they also needed that player to not be too expensive so they could have a manageable payroll in future seasons.
They needed to consolidate some of their bench players for higher-end talent. But they had to be careful with which players to part with to not mess with their chemistry.
They also needed to maintain their limited draft equity and not overpay. And I think they checked all those boxes with their acquisition of DeAndre Hunter.
He’s an excellent scorer and has become a great high-volume shooter from three this season. He isn’t an elite perimeter defender but he doesn’t need to be with Mobley and Allen in closing groups. He should be an excellent 4th or 5th option offensively while bringing in a little more size and versatility to at least maintain their defense.
The play of Ty Jerome and Dean Wade made Caris LeVert and Georges Niang expendable. They still have enough talent off the bench to help get through the regular season as a top seed. But they needed to improve their top lineup for the playoffs. It may only improve it by a couple of percentage points, but that’s enough considering the low price they paid.
Neutral: Atlanta Hawks
I think the idea that the Hawks got worse after this trade deadline is a bit overblown. They’ve been trending downward over the past month largely because of Jalen Johnson’s season-ending injury. The loss of his secondary playmaking and the overall attention he takes from defenses is the major blow that may cost them a playoff spot.
As good as a player Hunter is, he theoretically should help the Cavaliers win more games than this iteration of the Hawks. They also were likely to move on from him soon with Zaccharie Risacher and his expensive rookie-scale salary in the fold. The Hawks had to decrease payroll ahead of next season, and this trade achieved that.
Three second-round picks and two first-round pick swaps may not sound great for a player having as good a season as Hunter, but they may have sold high on him since he was healthy. I think this was a fine return and pragmatic decision to move on from him now before his knee issues resurface.
They probably waited too long to trade Bogdan Bogdanovic who had his best and healthiest year with the Hawks last season. They not only sold low on him but attached three second-round picks to get Terance Mann who is having an even worse season. And Mann has three additional guaranteed years at an average of $15.5 million annually versus Bogdanovic’s $16 million for next season.
It’s a puzzling price to pay even if he bounces back to his highs from two seasons ago. Also, this deal was partially motivated by minor savings to help offset getting into the tax with the Hunter trade, which may explain the draft picks. I probably would’ve stayed away from this one if I was the Hawks.
I think their on-court product will either stay neutral or slightly improve. LeVert does a lot of the same stuff Bogdanovic does but has been much better this season. If Niang brings 70 percent of what Hunter did on offense, which I don’t think is unreasonable, that may be enough and more cost-effective at $8.5 million this year and $8.2 million the next.
But overall, yes, they’re still likely to convey a valuable selection to the Hawks. But that’s mainly the culmination of past sins.
I thought the Hornets originally received a 2025 first-round pick which is likely to be 29th or 30th since it’ll probably come via the Cavaliers. This 2026 selection should be higher than that.