Pelicans Trade Hawkins and Peavy to Grizzlies: A D‑Grade Deal?

After weeks of rumor‑mongering and a few speculative tweets, the New Orleans Pelicans finally pulled the trigger on Tuesday. Jordan Hawkins, the 2023 first‑rounder from UConn, and Micah Peavy, the quiet second‑rounder who surprised many last season, are headed to Memphis. In return, New Orleans gets a 6‑foot‑5 swingman named AJ Johnson and a 41‑year‑old journeyman, Taj Gibson.

It’s not a blockbuster swap – the biggest headline is the inclusion of a future second‑round pick and a second‑round pick swap. The deal, as reported by ESPN insider Shams Charania, also gives the Grizzlies a little more draft capital, while the Pelicans free up a roster slot to keep Bennedict Mathurin, the promising rookie they signed to a two‑year, $16 million contract last month.

On paper the math works out nicely for New Orleans. The team ends up roughly $7.9 million under the salary cap and about $9.5 million under the first luxury‑apron threshold. That cushions them against any looming tax bills and lets them keep Mathurin without scrambling for cap space.

But the financial side is only half the story. Hawkins was extended this summer – a move that seemed to say the Pelicans still believed in his upside – only to be flipped a few weeks later. The guard’s tenure in New Orleans was a roller‑coaster: drafted 14th overall, he showed flashes of a sharpshooter who could stretch the floor alongside Zion Williamson and Brandon Ingram, yet he struggled with consistency and defensive lapses. By mid‑season he was benched and went through a stretch of nine consecutive games without playing, a clear sign that the coaching staff had lost confidence.

Micah Peavy, meanwhile, was something of a surprise package. Drafted in the second round by Washington, he landed in New Orleans and logged 61 games last season, averaging 4.3 points, 1.9 rebounds and a single assist per outing. He even dropped 20‑plus points in two of the final three games, showing he could step up when needed.

For Memphis, the deal is low‑risk. The Grizzlies are in a rebuilding phase after moving on from Ja Morant, and a 24‑year‑old shooter like Hawkins fits their timeline. If he can recapture the form that made him a top‑15 pick, he could become a useful piece alongside their young core. Peavy adds depth and the pick swap gives Memphis a bit more flexibility in the coming drafts.

New Orleans, however, gave up more than just a rookie. The Pelicans only have one second‑round pick left over the next three years; surrendering it to Memphis effectively drains that resource. And while Taj Gibson brings veteran leadership, the odds are he’ll be waived to trim the roster back to the league‑mandated 15 players before the season opens.

AJ Johnson is an unknown quantity. He bounced around the Wizards, Mavericks and briefly the Grizzlies this summer, and his future with the Pelicans is anything but guaranteed. The team already has a crowded wing and guard rotation, so Johnson will likely have to fight for a spot in training camp.

All told, the trade accomplishes a roster‑shuffling goal and helps with the cap, but it feels like a cheap way to get rid of assets that could have been leveraged better. Giving up a promising rotational player and a second‑round pick for essentially a roster filler earns the Pelicans a D in the trade‑grade books.

Bottom line: financially savvy, but strategically questionable. The Pelicans have cleared a spot for Mathurin, but whether that outweighs the loss of Hawkins, Peavy and future draft capital remains to be seen.