Every NBA team eventually has to pay for its success, or at least for its hopes of success. For the New Orleans Pelicans, that bill has officially arrived.
Coming into the 2025-26 season, the front office is looking at a payroll that could make even the richest owners sweat: about $180.6 million after swapping CJ McCollum and Kelly Olynyk for Jordan Poole and Saddiq Bey. That number puts them over the salary cap, though still just under the first apron, the NBA’s red line for added financial restrictions.
It’s a top-heavy roster with big names and big numbers: Zion Williamson, Dejounte Murray, Poole, Trey Murphy III, and Herb Jones are the foundation. The question is whether this group is a contender worth the cost, or a luxury-priced treadmill team running in place.
2025-26: A Core With a Price Tag
On paper, this is a group you want to bet on. Zion, when healthy, is still one of the most dominant forces in the league. Murphy’s rise is one of the most encouraging developments in years, and Jones might already be the most versatile defender in the NBA. Poole is a proven scorer with championship experience, while Murray could be a major wildcard when he returns from injury.
The upside? The Pelicans have youth, talent, and some wiggle room to make small moves without crossing the apron.
The downside? Their depth will be tested from day one, and without cap space, any upgrades will require trade creativity. One bad injury, and this could go sideways fast.
Joe Dumars will likely be watching Poole closely. If he’s not a fit, he becomes my top trade chip before the deadline. Murray will probably enter the season as a trade chip for New Orleans.
2026-27: Breathing Room, But Not Much
A slight payroll dip offers a bit of relief, but the Pelicans will still be firmly over the cap. At this point, the playoff results from the year before will dictate the direction.
If they’ve shown they can win big, they should stay the course. Continuity can be a weapon in the NBA. If not? It’s time to face reality.
The danger is in becoming “good but not great,” a team talented enough to make the playoffs but not talented enough to do damage. If that’s where they’re stuck, moving Poole or Murray for multiple rotation players or future assets becomes a necessity. Especially if the front office is seeking to avoid a total tear-down.
2027-28: The Reset Button
This is where things get interesting. Poole and Murray’s contracts expire, potentially opening up millions in cap space. Suddenly, the Pelicans have options.
If the previous two seasons have been successful, you swing for the fences by adding a defensive anchor in the frontcourt or another elite scorer to push this team over the top.
If not? This is the year to make the tough call on Zion. His trade value could still be high, and moving him could allow the Pelicans to reset around Murphy and Jones with a clean financial slate and a pile of picks.
The Fork in the Road
Every team dreams of having flexibility, but flexibility without vision is just a wasted opportunity. The Pelicans are about to face three straight years of choices that will decide if they’re building toward a championship or drifting toward mediocrity.
One path keeps them competitive, adding the right pieces around a healthy core. The other hits the reset button, swapping star power for a fresh start.
Either way, by the summer of 2028, we’ll know exactly what kind of franchise the New Orleans Pelicans have built. The clock is ticking.
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