Will the Dallas Mavericks look to trade Anthony Davis? What will it take to acquire Giannis Antetokounmpo if the Milwaukee Bucks open trade talks for the two-time MVP? Those are two of the many questions NBA front offices will need to discuss leading up to the Feb. 5 trade deadline.
And with Monday marking the unofficial start of trade season -- nearly 90% of the players are eligible to be moved -- those questions will begin to be answered.
Along with identifying the trade season focus for all 30 teams, we're breaking down the important information -- the apron status, trade exceptions to watch, most valuable first-round picks and big expiring contracts -- that could help define which direction each franchise takes in the coming months.
Jump to a team:
ATL | BOS | BKN | CHA | CHI | CLE
DAL | DEN | DET | GS | HOU | IND
LAC | LAL | MEM | MIA | MIL | MIN
NO | NY | OKC | ORL | PHI | PHX
POR | SAC | SA | TOR | UTAH | WAS
Atlanta Hawks
Apron status: $13.4M below first apron (hard capped)
Exception to watch: $13.1M
Front office focus:
Should Atlanta aggressively try to move Kristaps Porzingis' $30.7 million expiring contract? Trae Young's future should be discussed in Atlanta, but the more pressing question is what to do with Porzingis, who was acquired in an offseason trade with Boston but has played just 13 games because of an illness and right knee soreness. The Hawks could add financial flexibility this summer if Porzingis' contract expires, and the veteran center enters free agency.
Most valuable first-rounders
2026 (more favorable of Bucks and Pelicans)
2027 (top-4 protected; less favorable of Bucks and Pelicans)
Own pick starting in 2028
Big expiring contracts
Trae Young: $46M (player option)
Kristaps Porzingis: $30.7M
Luke Kennard: $11M
Boston Celtics
Apron status: $7.8M below second apron (not hard capped)*
Exception to watch: $22.5M
Front office focus:
Does Boston's overachieving roster make the Celtics surprisingly active at the trade deadline? The Celtics have not treated this season as a gap year despite missing three starters. Instead, Jaylen Brown is in the early MVP conversation, and Boston is again one of the East's top teams. If Jayson Tatum doesn't return in time for a playoff run, Boston could look to fortify its frontcourt with the expiring contract of Anfernee Simons and draft picks.
Most valuable first-rounders
Can trade their own in 2026 or 2027 and 2031
Big expiring contracts
Anfernee Simons: $27.7M
*Note: Even though the Celtics are not hard capped at either apron, they are not allowed to make a trade using more than 100% of the Traded Player Exception if it leaves them over the first apron.
Brooklyn Nets
Apron status: $55.8M below first apron (not hard capped)
Exception to watch: $8.8M*
Front office focus:
Can Brooklyn parlay its remaining $15 million in cap space into future draft assets? The Nets could once again be aggressive in adding picks. Since July, the Nets have turned available cap space into Michael Porter Jr., Haywood Highsmith, two first-round picks and three seconds. Expect them to be active this trade season regarding Cam Thomas. The guard signed a one-year qualifying offer in the offseason and is an unrestricted free agent in 2026. (Thomas would need to approve any trade.)
Most valuable first-rounders
2027, 2029, 2031 (via Knicks)
2032 (via Nuggets)
Big expiring contracts
Ziaire Williams: $6.25M (team option)
Day'Ron Sharpe: $6.25M (team option)
Haywood Highsmith: $5.6M
* Note: The Nets would need to exhaust cap space to use the trade exception.
Charlotte Hornets
Apron status: $22M below first apron (hard capped)
Exception to watch: $14.1M
Front office focus:
After a full season to evaluate the roster, is Charlotte's new front office comfortable building around LaMelo Ball? After four straight seasons over 23 points per game, Ball is down to 19.4 but with a career-high 8.5 assists. He has also missed time because of a right ankle injury this season and has eclipsed 47 games played just twice in his career. The Hornets have not reached the playoffs with Ball on the roster.
Most valuable first-rounders
2027 (top-2 protected; via Mavericks)
2027 (top-14 protected; via Heat*)
Big expiring contracts
Collin Sexton: $19M
Pat Connaughton: $9.4M
*Note: The Hornets will receive a 2028 unprotected first-round pick from Miami if not conveyed in 2027.
Chicago Bulls
Apron status: $18.7M below first apron (hard capped)
Exception to watch: $14.1M
Front office focus:
Instead of using cap space during an average free agent class this summer, is it more logical for Chicago to identify players under contract for next season? The Bulls have seven players on expiring contracts: Nikola Vucevic, Zach Collins, Kevin Huerter, Coby White, Ayo Dosunmu, Jevon Carter and Dalen Terry. If the Bulls allow those contracts to expire, they could have close to $70 million in money to spend in the offseason but on an average free agent class.
Most valuable first-rounders
Own first from 2026 to 2032
Big expiring contracts
Nikola Vucevic: $21.5M
Zach Collins: $18.1M
Kevin Huerter: $18M
Coby White: $12.9M
Ayo Dosunmu: $7.5M
Jevon Carter: $6.8M
Dalen Terry: $5.4M (Restricted)
Cleveland Cavaliers
Apron status: $22.7M over second apron (not hard capped)*
Exception to watch: None
Front office focus:
Has Jaylon Tyson's emergence left De'Andre Hunter's future uncertain, especially once Max Strus returns to the starting lineup? When the Cavaliers acquired Hunter in February, Tyson was not part of the rotation, but the former first-round pick is averaging 28.2 minutes and 13.1 points per game this season. Hunter has been productive (15.4 points per game) but is owed $24.9 million next season, when the Cavaliers are projected to be over the second apron.
Most valuable first-rounders
Own pick in 2031 or 2032
Big expiring contracts
Lonzo Ball: $10M (team option)
Dean Wade: $6.6M
*Note: Despite not being hard capped, the Cavs cannot aggregate contracts sent out if it leaves them over the second apron or use more than 100% of the Traded Player Exception. Cleveland is allowed to sign a player to the veteran minimum exception.
Dallas Mavericks
Apron status: $1.3M below second apron (hard capped)
Exception to watch: None
Front office focus:
If Dallas is not open to extending Anthony Davis this summer, is it best to trade him before the deadline or hope his value increases over the rest of the season? When Davis is on the court, Dallas resembles a playoff team; he combined for 49 points and 30 rebounds in recent wins against Denver and Miami. Waiting until this offseason comes with risk, as Davis has played just 20 games as a Maverick since being acquired in February. With Dante Exum and Dereck Lively II out, what options does Dallas have to create an open roster spot and eventually convert two-way guard Ryan Nembhard?
Most valuable first-rounders
2029 (via Lakers)
Own picks in 2031 or 2032
Big expiring contracts
D'Angelo Russell: $5.7M (player option)
Dwight Powell: $4M
Denver Nuggets
Apron status: $2.9M below first (not hard capped)
Exception to watch: $6.9M and $5.4M
Front office focus:
Is there a green light to enter the luxury tax? After finishing in the tax the past three seasons, the Nuggets are $402,000 over and would be a repeater team if they remain there. Though they do not have a first-round pick available to trade, the Nuggets have $5.4 million and $6.9 million trade exceptions. Denver can use either and still exceed the apron because the exceptions were created after July 1.
Most valuable first-rounders
Swaps in 2026 and 2031
Big expiring contracts
Peyton Watson: $4.4M (restricted free agent)
Detroit Pistons
Apron status: $26.1M below first apron (hard capped)
Exception to watch: $14.1M
Front office focus:
Does Detroit need another playoff run to justify pursuing a superstar, or should the Pistons target a complementary player, such as Pelicans wing Trey Murphy III? After reaching the playoffs as the No. 6 seed last season, the young Pistons are in uncharted territory, holding the East's best record. The Pistons have the trade assets to go either direction -- they own all of their future picks and have Tobias Harris' $26.6 million expiring contract.
Most valuable first-rounders
Own picks from 2026 to 2032
Big expiring contracts
Tobias Harris: $26.6M
Jaden Ivey: $10.1M (restricted free agent)
Golden State Warriors
Apron status: $264,373 below second apron (hard capped)
Exception to watch: None
Front office focus:
The Warriors are in a holding pattern until Jonathan Kuminga is eligible to be traded Jan. 15, when the goal should be to parlay his $22.5 million salary into a starting-caliber center or additional frontcourt help. Golden State could also wait until the summer if a deadline deal doesn't materialize, exercising Kuminga's team option before moving him. Kuminga has been DNP in three straight games and has seen his minutes decrease since opening the season in the starting lineup.
Most valuable first-rounders
Own pick from 2026 to 2032
Big expiring contracts
Draymond Green: $25.9M (player option)
Jonathan Kuminga: $22.5M (team option)
Houston Rockets
Apron status: $1.25M below first apron (hard capped)
Exception to watch: $12.5M*
Front office focus:
When starter Fred VanVleet tore his ACL in September, there were questions about who would assume that role. Have the first two months proven Houston can win with its point-guard-by-committee approach? Amen Thompson, Reed Sheppard and even point-center Alperen Sengun have taken the mantle. Houston ranks fourth in offensive efficiency despite having the second-worst turnover ratio in the league.
Most valuable first-rounders
2027 (via Phoenix)
2027 swap with Brooklyn
2029 (Two most favorable between Mavericks, Suns and their own)
Big expiring contracts
Fred VanVleet: $25M (player option)
Tari Eason: $5.7M (restricted free agent)\
* Note: The Rockets are not allowed to use the exception if it leaves them over the first apron.
Indiana Pacers
Apron status: $11.9M below first apron (hard capped)
Exception to watch: $14.1M (2)
Front office focus:
Are the Pacers comfortable with Bennedict Mathurin playing out the season on the roster? After failing to reach an extension in October, Mathurin is averaging a career-high 20.1 points and had consecutive games of 25 points and five rebounds for only the second time in his career. Mathurin is a restricted free agent in the summer, allowing the Pacers to match any offer sheet. They are $16 million below the luxury tax next season (not including a lottery pick in June) and have not paid it since 2005-06. The Pacers are also searching for a starting center since Myles Turner left in free agency; Indiana has the draft capital and tradeable contracts to be aggressive, leading up to the Feb. 5 deadline.
Most valuable first-rounders
Own picks from 2026 to 2032 (can trade up to four)
Big expiring contracts
Bennedict Mathurin: $9.2M (restricted free agent)
LA Clippers
Apron status: $1.3M below first apron (hard capped)
Exception to watch: $6.5M*
Front office focus:
Do the Clippers need to have a hard conversation regarding the future of James Harden, Kawhi Leonard and even Ivica Zubac? There is an argument that the Clippers should look to improve their roster, given the Thunder control LA's 2026 first-round pick and have the right to swap firsts in 2027. (For example, the Clippers could swap the expiring contracts of John Collins and Bogdan Bogdanovic for the Kings' Zach LaVine.) But as this roster continues to struggle, it might be wise for the Clippers to rebuild their draft assets. In that scenario, Zubac, whose salary ranks 18th among starting centers, presents the most value of LA's three stars.
Most valuable first-rounders
Own picks in 2030, 2031 and 2032 (can trade up to two; in 2030 and 2032)
Big expiring contracts
James Harden: $39.2M (player option)
John Collins: $26.6M
Bogdan Bogdanovic: $16M (team option)
Brook Lopez: $8.8M (team option)
Bradley Beal: $5.3M (player option)
* Note: Because the exception was created before July 1, the Clippers are not allowed to use it if the trade leaves them over the first apron.
Los Angeles Lakers
Apron status: $1.1M below first apron (hard capped)
Exception to watch: None
Front office focus:
Can L.A. address its skill gap on the perimeter? The Lakers, whose defense is allowing the league's third-worst 3-point percentage, have more than $40 million in expiring contracts. They must also weigh an extension for Rui Hachimura, who is averaging 13.3 points per game on 53.2% shooting. If an extension is reached -- Hachimura is eligible to sign for four years, $114.5 million up to June 30 -- it would cut into the Lakers' projected $50 million in cap space.
Most valuable first-rounders
Own 2031 or 2032
Swaps in 2026, 2028, 2030, 2031 and 2032
Big expiring contracts
Rui Hachimura: $18.3M
Austin Reaves: $13.9M (player option)
Gabe Vincent: $11.5M
Maxi Kleber: $11M
Deandre Ayton: $8.8M (player option)
Marcus Smart: $5.1M
Memphis Grizzlies
Apron status: $23.8M below first apron (hard capped)
Exception to watch: None
Front office focus:
Has Memphis' on-court success shown that there is a future without Ja Morant? The Grizzlies are 4-9 in games Morant has played, getting outscored by 6.4 points per 100 possessions with their star guard on the court. In the 12 games Morant has missed, Memphis has won seven. Morant was not offered a two-year extension this past summer but has three years left on his current deal. He can sign a three-year extension in the offseason.
Most valuable first-rounders
2026 (most favorable of Magic and Suns)
2029 swap with Magic (top-2 protected)
2030 (via Magic)
Big expiring contracts
Kentavious Caldwell-Pope: $21.6M (player option)
Miami Heat
Apron status: $7.2M below first apron (hard capped)
Exception to watch: $16.8M, $14.1M, $7.8M and $5.6M
Front office focus:
Can Miami use Terry Rozier's contract in a trade? After Rozier was arrested in October, the NBA put him on immediate leave. His $26.6 million expiring contract could become a valuable asset, especially if the Bucks make Giannis Antetokounmpo available in a trade.
Most valuable first-rounders
Own pick in 2030, 2031 and 2032 (can trade up to two; in 2030 and 2032)
Big expiring contracts
Andrew Wiggins: $28.2M (player option)
Terry Rozier: $26.6M
Norman Powell: $20.5M
Simone Fontecchio: $8.3M
Milwaukee Bucks
Apron status: $19.5M below first apron (not hard capped)
Exception to watch: $3.6M
Front office focus:
Is Milwaukee willing to address Giannis' future if this roster continues to struggle? Antetokounmpo is extension-eligible starting Oct. 1 and can become a free agent in 2027. The Bucks don't have any players on rookie contracts and don't control their first-round pick until 2031. If Milwaukee continues building around Giannis, is the franchise willing to put its 2031 or 2032 first-rounder in play? The Bucks have $61 million in the combined salaries of Myles Turner, Kyle Kuzma and Bobby Portis.
Most valuable first-rounders
Own pick in 2031 or 2032
Big expiring contracts
Kevin Porter Jr.: $5.1M (player option)
Gary Trent Jr.: $3.6M (player option)
Minnesota Timberwolves
Apron status: $3.6M below second apron (not hard capped)*
Exception to watch: None
Front office focus:
Does Minnesota have enough to acquire a starting point guard, or are the Timberwolves content with Anthony Edwards handling lead playmaking duties? For a sixth straight season, Edwards ranks in the 90th percentile among all combo guards in usage, according to Cleaning the Glass, and he ranks 196th among all guards in assist-to-turnover ratio this season. The Timberwolves cannot take back more salary in a trade and do not have a first-round pick available to trade.
Most valuable first-rounders
2028 swap
Big expiring contracts
Mike Conley: $10.7M
*Note: The Timberwolves are $8.3 million above the first and $3.6 million below the second apron. They are not allowed to use more than 100% of the Traded Player Exception if it leaves them over the first apron.
New Orleans Pelicans
Apron status: $3.1M below first apron (hard capped)
Exception to watch: $13.5M, $13M and $6.1M
Front office focus:
Should head of basketball operations Joe Dumars play out this season and let the next coach evaluate the roster? Dumars inherited Zion Williamson, Dejounte Murray, Trey Murphy III, Herbert Jones, Jordan Hawkins, Jose Alvarado, Yves Missi and Karlo Matkovic. All the players are under contract for next season -- Alvarado has a player option -- while Williamson's contract is non-guaranteed for the next two seasons.
Most valuable first-rounders
Own pick starting in 2028
Big expiring contracts
Kevon Looney: $8M (team option)
Jose Alvarado: $4.5M (player option)
New York Knicks
Apron status: $148,358 below the second apron (hard capped)
Exception to watch: None
Front office focus:
New York should have two discussions on its roster's future: The first -- and more minor -- is whether the franchise needs additional flexibility below the second apron. New York is $148,358 below and cannot sign a 15th player until April 2. If the goal is to create more room, is there a market for the contracts of Pacome Dadiet (guaranteed contract for this season and 2026-27) or Guerschon Yabusele? Yabusele's minutes per game have plummeted from 27.1 with Philadelphia last season to 9.8 in New York. The second, much more pressing question: Should New York go all in if Giannis Antetokounmpo were made available? Any trade for the two-time MVP would come at a significant price to its roster, especially considering New York has only a 2026 top-eight protected pick from last-place Washington available to trade. (The pick turns into second-rounders in 2026 and 2027 if not conveyed.)
Most valuable first-rounders
Swaps in 2026, 2030 and 2032
Big expiring contracts
Mitchell Robinson: $12.9M
Guerschon Yabusele: $5.5M (player option)
Oklahoma City Thunder
Apron status: $8.6M below first apron (not hard capped)
Exception to watch: $14.1M
Front office focus:
As the Warriors' dynasty taught us between 2015 to 2019, if it isn't broken, there is no need to fix it. Instead, should Oklahoma City consolidate future first-round picks? The Thunder have a league-high 13 first-round picks over the next seven seasons. In January, Utah traded three of its lesser first-round picks for an unprotected pick from Phoenix in 2031. That strategy could help offset the rising cost of the Thunder roster; OKC is $1 million below the luxury tax.
Most valuable first-rounders
2026 (two most favorable of own, Clippers and Rockets; if 5-30)
2026 (top-8 protected via Jazz)
2026 (top-4 protected via 76ers)
2027 (two most favorable of own, Clippers and Nuggets; if 6-30)
2027 (top-16 protected via Spurs)
2027 swap with Clippers
2028 swap with Mavericks
2029 (top-5 protected via Nuggets)
Big expiring contracts
Isaiah Hartenstein: $28.5M (team option)
Lu Dort: $17.7M (team option)
Kenrich Williams: $7.2M (team option)
Ousmane Dieng: $6.7M (restricted free agent)
Orlando Magic
Apron status: $1.2M below the first apron (hard capped)
Exception to watch: $7.1M
Front office focus:
Has Anthony Black's expanded role made Tyus Jones expendable? Jones is averaging the fewest minutes in his career and is a free agent in July. The Magic are minus-6.2 points per 100 possessions with Jones on the court and plus-7.1 when he sits. Trading Jones' $7 million would put Orlando under the luxury tax.
Most valuable first-rounders
Swaps in 2027, 2031 and 2032
Own pick in 2032
Big expiring contracts
Tyus Jones: $7M
Jett Howard: $5.5M
Philadelphia 76ers
Apron status: $1M below the first apron (not hard capped)*
Exception to watch: $8M, $5.7M, $3.9M
Front office focus:
With Joel Embiid and Paul George's injury histories, does holding on to Kelly Oubre Jr. and Andre Drummond become a priority? Though trading the soon-to-be free agents would put Philadelphia below the luxury tax, it would reduce the options for coach Nick Nurse if Embiid or George suffers a setback this season. Before injuring his knee, Oubre was averaging 16.8 points and shooting a career-high 49.7% from the field. Despite playing just 21.4 minutes per game, Drummond is averaging 9.4 rebounds.
Most valuable first-rounders
2028 (via Clippers)
2029 swap with Clippers (top-3 protected)
Big expiring contracts
Quentin Grimes: $8.7M
Kelly Oubre Jr: $8.4M
Andre Drummond: $5M\
* Note: The 76ers are not allowed to use more than 100% of the Traded Player Exception if it leaves them over the first apron.
Phoenix Suns
Apron status: $6.3M below first apron (not hard capped)*
Exception to watch: $14.1M
Front office focus:
Is getting under the luxury tax a priority? The Suns have paid $273 million in penalties over the previous three seasons. However, they are only $274,000 over the tax this season after the Kevin Durant trade to Houston and waiving then stretching Bradley Beal's contract. A trade sending Nick Richards' $5 million expiring contract would not only put the Suns below the tax, but it would stop the clock on Phoenix becoming a repeater team (four years in a row over the tax). If the surprising Suns remain in playoff contention at the deadline, look for them to improve the roster, even if that means owner Mat Ishbia going deeper into the tax.
Most valuable first-rounders
None
Big expiring contracts
Mark Williams: $6.3M (restricted free agent)
Nick Richards: $5M
* Note: The Suns are hard capped at the first apron if they use more than $5.7M of the exception.
Portland Trail Blazers
Apron status: $7.9M below the first apron (hard capped)
Exception to watch: None
Front office focus:
Could moving the expiring contracts of Matisse Thybulle and Robert Williams III help fix the Trail Blazers' bottom-10 defense? Both players, All-NBA defenders at one point in their careers, have combined for 20 games this season. If the Trail Blazers make a trade, it is unlikely they will take back additional salary. They are $1.5 million below the luxury tax.
Most valuable first-rounders
2028 swap with Bucks
2029 (most and least favorable of their own, Celtics and Bucks)
2030 swap with Bucks
Big expiring contracts
Robert Williams III: $13.3M
Matisse Thybulle: $11.5M
Sacramento Kings
Apron status: $7.8M below the first apron (hard capped)
Exception to watch: $14.1M, $5M
Front office focus:
While Kings veterans Domantas Sabonis, Zach LaVine, DeMar DeRozan and Dennis Schroder will get plenty of buzz this trade season, does Keon Ellis have the most value on Sacramento's roster? After last season's career-high 80 games with 8.3 points per game and 43.3% shooting from 3-point range, Ellis has been inconsistent this season. He is on a team-friendly $2.3 million contract but will be an unrestricted free agent in July. A team interested in trading for him would acquire his Bird rights, allowing the organization to exceed the salary cap in a new contract.
Most valuable first-rounders
Own picks from 2026 to 2032
2027 (if 1-16 from Spurs)
2031 from Timberwolves
Big expiring contracts
Zach LaVine: $47.5M (player option)
Dario Saric ($5.4M)
San Antonio Spurs
Apron status: $10M below the first apron (hard capped)
Exception to watch: $5.1M, $3.1M
Front office focus:
Is it best for San Antonio to follow Houston's strategy from last season? Despite having one of the best records in the West, the Rockets took a conservative approach at the 2025 deadline and then added Kevin Durant in the offseason. That same strategy could apply to Victor Wembanyama and this season's Spurs, considering the roster hasn't appeared in the postseason. The Spurs could choose a proactive approach with reserve Julian Champagnie, who has a $3 million team option for next season and is currently eligible to sign a four-year, $67 million extension. Champagnie is averaging a career-high 11.0 points.
Most valuable first-rounders
2026 swap with Hawks
2027 (via Hawks)
2028 swap with Celtics (if 2-30)
2030 swap (more favorable of Mavericks and Timberwolves; if 2-30)sx
2031 swap with Timberwolves
Big expiring contracts
Harrison Barnes: $19M
Kelly Olynyk: $13.5M
Jeremy Sochan: $7.1M (restricted free agent)
Toronto Raptors
Apron status: $911,000 below first apron (not hard capped)*
Exception to watch: $14.1M
Front office focus:
Has a solid start to the season accelerated the roster retool? After missing three straight playoffs, Toronto is competing for home court in the first round. The Raptors have the right mix of sizable contracts, first-round picks (they can trade up to four) and players on controllable rookie deals to be aggressive at the deadline. The Raptors are also $772,000 above the luxury tax and will look to shed salary to get under.
Most valuable first-rounders
Own first in 2026 to 2032
Big expiring contracts
Ochai Agbaji: $6.4M
* Note: The Raptors are not allowed to use more than 100% of the Traded Player Exception if it leaves them over the first apron.
Utah Jazz
Apron status: $51.5M below the first apron (hard capped)
Exception to watch: $18.4M, $4.9M, $3.5M
Front office focus:
How important is Lauri Markkanen to the rebuild? Markkanen is averaging a career-high 27.6 points, is under contract for four seasons and should be considered a foundational player. But what would happen if the Jazz were presented with an offer laden with first-round picks to add to their collection of 11 over the next seven years? What will they do with soon-to-be restricted free agent Walker Kessler? After failing to reach an extension in the offseason, Kessler had shoulder surgery and is out for the season.
Most valuable first-rounders
2026 swap with Cavaliers or Timberwolves)
2027 (two of the more favorable of their own, Cavaliers and Timberwolves)
2027 (top-4 protected via Lakers)
2028 swap with Cavaliers
2029 (two of the more favorable of their own, Cavaliers and Timberwolves; if 5-30)
2031 (via Suns)
Big expiring contracts
Jusuf Nurkic: $19.4M
Georges Niang: $8.2M
Walker Kessler: $4.9M (restricted free agent)
Kevin Love: $4.2M
Washington Wizards
Apron status: $36.4M below the first apron (hard capped)
Exception to watch: $14.1M, $13.5M, $9.9M
Front office focus:
How much do the Wizards value cap space next season? The Wizards have the expiring contracts of CJ McCollum ($33 million) and Khris Middleton ($30.7 million) to use in potential trades. With the last-place Wizards likely retaining their first-round pick in 2026 -- they keep it if it falls inside the top eight -- there is no incentive to keep either past the deadline, besides retaining their veteran leadership. The Wizards are still in the early stages of rebuilding, and despite having a projected $80 million in cap space this summer, they should be aggressive in flipping either player, even if that means taking back money that stretches into 2026-27.
Most valuable first-rounders
2026 (least favorable of Thunder, Clippers and Rockets; if 5-30)
2028 swap with Bucks and Suns)
2029 (second most favorable of Celtics, Bucks and Trail Blazers)
2030 (via Golden State; top-20 protected)
2030 swap with Suns
Big expiring contracts
Khris Middleton ($33.3M)
CJ McCollum ($30.7M)
