A past trade involving Jrue Holiday gifted the New Orleans Pelicans a crucial future asset if Giannis Antetokounmpo leaves the Milwaukee Bucks.
The New Orleans Pelicans have plenty of trade drama of their own to navigate over the next week, but they also have to pay attention to what's happening with the Milwaukee Bucks and Giannis Antetokounmpo.
ESPN's Shams Charania reported on Wednesday that Antetokounmpo is "ready for a new home" and that the Bucks have begun listening to offers. Milwaukee trading him would mean major things for the Pelicans.
Now, New Orleans isn't an interesting part of this equation as a potential buyer for Antetokounmpo right now, but they could be major beneficiaries thanks to a trade made over five years ago.
In November of 2020, the Pelicans were a part of a four-team deal that sent Jrue Holiday and the draft rights of Sam Merrill to the Bucks. In that deal, New Orleans received first-round picks in 2025 and 2027, along with swap rights in 2024 and 2026.
The 2024 pick became Yves Missi. The 2025 and 2026 picks were both used in the process that led to the Pelicans ending up with Derik Queen at No. 13 in last year's draft. Now, the attention turns towards what happens with that 2027 pick. In typical New Orleans fashion, that is not a straightforward conveyance.
As a part of the Dejounte Murray trade back in 2024, the Pelicans traded that 2027 pick to the Atlanta Hawks, with protections. New Orleans will receive the most favorable between their own, Milwaukee's and the Hawks' firsts next year. Atlanta will receive the less favorable. However, if both picks land in the top four, the Pelicans will get both.
That pick obviously becomes infinitely more valuable if the Bucks end up trading Antetokounmpo. Milwaukee is already 18-27 this season with their star. Trading him would signal a complete rebuild for that team. This can mean a couple of things for New Orleans.
The Pelicans could sit back and see if the Bucks are going to move on from Antetokounmpo without their involvement. They could reap the benefits of having their first-round pick.
New Orleans will also assuredly receive a call from Milwaukee about what it would take throughout this process to send that first back to the Bucks. After the debacle about trading the 2026 first, it would probably take the Pelicans getting a haul back to do that yet again.
This is going to be another interesting wrinkle ahead of the February 5 trade deadline for New Orleans.