The 2025 NBA trade deadline has already altered the league's present and future landscape.
Luka Dončić is now a member of the Los Angeles Lakers. Anthony Davis has replaced him on the Dallas Mavericks. De'Aaron Fox is now teaming up with Victor Wembanyama on the San Antonio Spurs. Zach LaVine has reunited with DeMar DeRozan on the Sacramento Kings.
After Jimmy Butler reportedly told the Golden State Warriors he would not sign an extension with them, he is...getting dealt to the Golden State Warriors...and signing an extension with them.
And we're not done yet.
Big names galore have and may continue to move in the lead-up to Thursday's deadline. Yours truly is here to chaperone you through it all, grading each and every trade ahead of the 3 p.m. ET buzzer.
Be sure to "Command + R" your heart out. This page will be updated to reflect new deals and trade terms as they roll in all day.
Jimmy Butler to the Golden State Warriors
Detroit Pistons Receive: Dennis Schröder, Lindy Waters III, Milwaukee's 2027 second-round pick (via Philadelphia), Dallas' 2031 second-round pick (via Philadelphia)
Golden State Warriors Receive: Jimmy Butler (signing two-year, $111 million extension)
Miami Heat Receive: Kyle Anderson, Davion Mitchell, Andrew Wiggins, Golden State's 2025 first-round (top-10 protection; unprotected in 2027)
Philadelphia 76ers Receive: $8 million traded player exception
Toronto Raptors Receive: P.J. Tucker, 2026 second-round pick (from the Lakers, via Miami), cash
Utah Jazz Receive: K.J. Martin, Josh Richardson, 2028 second-round pick (TBD, via Detroit) 2031 second-round pick (less favorable of Miami and Indiana, via Miami)
Grades
Pistons: A+
Using cap space and exceptions to land Schröder, Waters and second-round picks is excellent stuff from the Pistons.
They need another ball-handler to make life easier on Cade Cunningham in the wake of Jaden Ivey's absence, and Schröder should play better inside an offense that runs more pick-and-rolls. Waters, meanwhile, can be a legitimately useful shooter who delivers some on-ball shake in space.
Warriors: B
This is a modest price to pay for a power wing who still has that superstar gear. Anderson's contract has devolved into slight net-negative territory, and Schröder's fit has been far from seamless since coming over from Brooklyn. Wiggins is having a solid year and has become a more bankable floor-spacer than Butler, but Jimmy has him beat as a self-creator and table-setter and, arguably, defender.
Getting someone who can capably run the offense when Stephen Curry sits is a monster deal. Golden State may need Butler to take more threes or flesh lineups featuring him and Draymond Green with specific personnel. Steph's off-ball gravity makes all full-strength looks tenable. And Butler's on-ball rim pressure is an element that the Dubs offense has enjoyed only during Jonathan Kuminga's hottest stretches.
By the way: So much for Butler not wanting to be in—or sign an extension with—Golden State. Bankrolling a max deal that runs through his age-37 season is risky. But the length aligns with current contracts for Steph and Dray. Peak Butler remains someone who can elevate the Warriors to fringe contention, and equally critical, if things go belly up, the organization hasn't depleted its asset stash.
Heat: B
Miami needed the Butler saga to end without overly compromising this season or its future. This trade largely accomplishes that. Wiggins is more plug-and-play than ever and should be a boost to both the Heat's perimeter defense and half-court floor balance. The latter, in particular, is huge as they lean into the Bam Adebayo-Kel'el Ware frontcourt.
Punting on Schröder makes sense with Tyler Herro and Terry Rozier in tow, though surrendering a 2031 second-rounder to do it is bleck adjacent. Miami tried to reroute Anderson and the $9.2 million he's guaranteed in 2025-26. It settled on flipping Tucker's expiring deal for Davion Mitchell, a human eclipse on defense who comes off the books this summer and brings them closer to ducking the 2024-25 tax line.
That first-round pick from Golden State isn't course-altering. Under the circumstances, though, the Heat are lucky to get a first at all. And it'll come handy if they make the playoffs and convey their own pick to Oklahoma City.
Philadelphia 76ers: D-
Using two second-round picks to duck the tax and offload someone whom you signed specifically to use as a trade chip who adds talent is pretty uninspiring stuff. Framing this as a symptom of Philly's season gone awry doesn't make it much better.
Toronto Raptors: C+
Mitchell does not factor into the Raptors' short- or long-term plans with Jamal Shead and Immanuel Quickley on the docket and his restricted free agency on the horizon. Taking on the additional $5 million of Tucker's salary for a 2026 second-rounder and cash is solid business.
Jazz: A
Utah is pretty much facilitating every trade these days. This helping hand makes loads of sense.
Richardson has not played since November while dealing with a right heel issue, and he may not stick with the team. But Martin can give them some springy pop and, when healthy, has shot the three-ball fairly well this year.
Overall, scooping up two second-rounders and a player whom head coach Will Hardy may actually use for nothing other than flexibility beneath the luxury tax is smart work by Utah.
Brandon Ingram to Toronto
New Orleans Pelicans Receive: Bruce Brown Jr., Kelly Olynyk, Indiana's 2026 first-round pick (top-four protection through 2027), 2031 second-round pick
Toronto Raptors Receive: Brandon Ingram
Grades
Pelicans: C+
Getting just one first-round pick for a 27-year-old who has an All-Star appearance on his resume seems insufficient on its face. But Ingram's value has deteriorated in New Orleans numerous times over.
At the moment, he is both injured and headed toward free agency after failing to reach an extension agreement. Tack on his enduringly awkward fit relative to the rest of the core, and you've got a bizarre scenario in which he's worth less to his current team than a new one.
Snaring a first-rounder under these circumstances is a miniature victory. The wins mostly end there, though. Especially when you consider the Pelicans likely could've net more if they made this seemingly inevitable decision years sooner.
Olynyk's fit as a floor-spacing big would tantalize if this were before last season's trade deadline. Having his $13.5 million on the books next season is not ideal, though it is significantly cheaper than whatever Ingram will wind up getting and easier to fit beneath the team's perma-goal of skirting the tax. Maybe Brown proves to be a value add, but he seems more like an expiring salary anchor who immediately enters the buyout conversation.
Raptors: C+
This is a curious trade for the Raptors when viewed through the lens of their record—and even their current personnel. Toronto currently sits at 13th in the East, with five losses separating them from the play-in. Teams in that situation do not usually acquire win-now talents while attaching first-round equity.
Ingram's pending free agency makes this even more fascinating. A four-year max would run $207.9 million. This summer's cap-space market isn't conducive to Ingram drumming up a bidding war, but including a first-round pick leaves the Raptors some semblance of pot committed.
Loading up on playmaking wings is not necessarily a bad thing. Getting off Olynyk's money next year helps, too. Toronto also isn't your average 13th-place team. They view this as a gap year rather than a rebuild. They can now add Ingram, who has not played since Dec. 7 due to a left ankle injury, and a 2025 lottery pick to next year's team.
It might pan out. Ingram will have to be more consistent on defense and rework at least some of his shot profile. To his credit, he has jacked more threes this season. And much like RJ Barrett, he could benefit from playing inside head coach Darko Rajakovic's offense if he's willing to operate with more motion.
Overall, this amounts to an intriguing gamble—the success of which hinges not only on Ingram's fit but his next contract.
Mark Williams to the Lakers
Charlotte Hornets Receive: Dalton Knecht, Cam Reddish, 2030 first-round pick (swap rights), 2031 first-round pick (unprotected)
Los Angeles Lakers Receive: Mark Williams
Grades
Hornets: A
The arrival of a 25-year-old Luka Dončić warps the value of the Lakers' 2030 and 2031 first-rounders. But they are far enough out that they carry mystique, and assigning real value to them is easier when you're also grabbing Dalton Knecht, a potentially useful shooter under cost control through 2027-28.
Charlotte's line of thinking here is admirable. Williams has turned in some big performances since returning from a foot injury, but he has missed more games than he's played since entering the NBA, remains suspect on defense and is about to be extension-eligible this summer. Selling high now shows a level of forethought and commitment to graduality that the Hornets used to eschew.
Lakers: D
Yes, the Lakers needed a big. Badly. And sure, Williams can be dynamic for his size on offense as well as an imposing force on the glass.
He is not worth all of the Lakers' last trade chips.
Williams has yet to flash consistent enough basic instincts to be considered a defensive anchor. He has rated higher than the 39th percentile in rim points saved per 75 possessions just once for his career, according to BBall Index. And it isn't this season.
Los Angeles has a larger margin for error after landing Dončić, and with its books structured to pursue superstar free agents as early as 2026. Williams has plenty of upside, too. But even if you do not view the swap and outright pick as potential lottery tickets, this is a massive overpay from an asset-strapped team for an injury-riddled big man who may not elevate the defense.
De'Andre Hunter to Cleveland
Atlanta Hawks Receive: Caris LeVert, Georges Niang, 2026 first-round swap (least favorable from Cleveland, Utah and Washington), 2028 first-round swap (least favorable of Cleveland and Utah), 2027 second-round pick, 2029 second-round pick, 2031 second-round pick
Cleveland Cavaliers: De'Andre Hunter
Grades
Hawks: D+
Additional details are still come, but I can't imagine they'll make the Hawks look much better.
Absorbing extra salary for now is immaterial. Atlanta will figure out how to duck the tax. But dealing a Sixth Man of the Year candidate with two years left on his deal reeks of bigger-picture frugality.
To his credit, LeVert fills a ball-handling void at full strength, particularly given the state of Bogdan Bogdanović's season. Hunter has both a checkered health bill and spotty defensive resume. Niang has been good this year and may serve a purpose next season if both Clint Capela and Larry Nance Jr. are gone.
Still, the Hawks do not have a ton of bankable shooting around Trae Young as it stands. This arms them with even less. And who's to say they acquired LeVert with the intention of paying him this summer?
Atlanta's return is no doubt reflective of how the league views Hunter and his contract. Pummeling them isn't about believing there was a better return on which they actually passed. It's about recognizing there was a viable alternative: keeping a useful player.
Cavaliers: A
Hunter is not the individual defender his 6'8" frame implies. But he holds more utility to a Cavs team that will always have at least one, if not both, of Evan Mobley and Jarrett Allen behind him.
Cleveland needs another body capable of checking truer wings. Isaac Okoro is better versus smalls, and Dean Wade, while adept in that role, is not sufficient enough on his own. Hunter's size makes it even easier for him to slide up to the 4 during lone-big lineups, and his offensive portfolio covers off-ball spacing as well as a touch of on-ball creation.
Taking on the final two years and $48.2 million of his contract isn't nothing. But the Cavs duck the tax this season as part of this trade, and the payroll structure of their Core Four gives them at least another year before the cap sheet gets too prickly. Losing LeVert stings, but the team has the shooting and ball-handling to supplant him with Ty Jerome and, now, Hunter.
The draft equity here is shaping up to be a real home run. Cleveland is including first-round swaps that have already been swapped. Even if you're worried about Hunter's health and defense, bagging what could be a closing-lineup member without giving up a true first and evading the tax is top-shelf stuff.
Bogdan Bogdanović to the Clippers
Atlanta Hawks Receive: Bones Hyland, Terance Mann
Los Angeles Clippers Receive: Bogdan Bogdanović, Minnesota's 2025 second-round pick, Memphis' 2026 second-round pick (protected Nos. 43 to 60), 2027 second-round pick (their own)
Grades
Hawks: C-
Bogdanović has been neither good nor healthy this year. At 32, it's fair to wonder whether he can recapture that shot-making and secondary creation bandwidth that has rendered him a staple in previous Sixth Man of the Year discussions.
Atlanta is getting a pretty meh return even relative to moving Bogdanović at the nadir of his value. Mann is younger, slightly cheaper and under team control for longer than Bogdanović. His defensive feistiness arms Atlanta with some real worker bees on the perimeter, alongside rookie Zaccharie Risacher and All-Defense candidate Dyson Daniels.
Sending out three second-rounders is bizarre, as it effectively negates the three seconds they're receiving in the Hunter trade. And while Bogdanović is having a down year, flipping both him and Hunter makes it seem like the Hawks are inexplicably determined to surround Trae Young with less shooting at a time when they don't control the rights to their own first-round pick.
Clippers: B
Mann is having a better year than Bogdanović. But the latter fills more of a need. The Clippers offense lacks definitive secondary creation and shot-making beyond James Harden, Kawhi Leonard and Norman Powell.
A healthy Bogdanović may instantly become L.A.'s second-best passer, depending on how you feel about Kawhi. His play and health may not pan out. But the best-case version of this swing elevates the Clippers' ceiling more than Mann. That makes it a worthwhile dice roll.
Netting three second-rounders softens the blow of surrendering the younger player. And Bogdanović's contract length (2026-27 team option) is more in line with a Clippers cap sheet that's clearly angling to make a splash in the summer of 2026.
Cody Martin to the Suns
Charlotte Hornets Receive: Jusuf Nurkić, 2026 first-round pick (least favorable from Memphis, Orlando, Phoenix and Washington)
Phoenix Suns Receive: Cody Martin, Vasilije Micić, 2026 second-round pick (less favorable from Denver and Golden State)
Grades
Hornets: B+
This season is already curtains for the Hornets, so there's no harm in giving up a genuinely useful defender like Martin to nab another future first-rounder.
Adding Nurkić's $19.4 million salary to next year's books comes at an opportunity cost, as both Martin (non-guaranteed) and Micić (team option) are could-be expiring deals. But having Nurk on an expiring contract next season is basically its own form of cap flexibility, and Charlotte was never going to be a major free-agency player anyway.
Sending out a 2026 second-rounder feels weird. It's also not a huge deal. The Hornets had three seconds in 2026, so they still have two others. By the way: Nurkić will play for Charlotte. Moussa Diabaté and Taj Gibson are the only (healthy) bigs currently on the roster.
If nothing else, while that first-round pick is low-upside, this trade represents a continuation of the Hornets' refreshingly long-term, asset-accumulation line of thinking.
Suns: C
Needing only one first-rounder to get out from under Nurkić, who is no longer part of Phoenix's rotation, is an absolute W. And the Suns are doing so while getting a legitimately helpful rotation player in Martin.
Injuries are forever a concern for the 29-year-old. When healthy, though, he's a malleable on-ball defender. Charlotte has routinely deployed him against 1s, 2s, 3s and even 4s. At his peak, he has also showed that he can knock down spot-up threes and torch defenses as a connective passer and tertiary playmaker.
Micić is currently superfluous relative to the rest of the roster, but both he and Martin can be treated as expirings if the Suns so choose. The lone concern repressing Phoenix's grade: This first-round pick only opened up because they turned their 2031 first-rounder into three additional selections (2025, 2027, 2029).
Depending on your vantage point, that move remains useful because of this one, or it goes down as a miss because the Suns didn't have anything bigger than this lined up.
Marcus Smart to Washington
The Trade
Memphis Grizzlies Receive: Marvin Bagley III, Johnny Davis, two second-round picks
Sacramento Kings Receive: Jake LaRavia
Washington Wizards Receive: Colby Jones, Alex Len, Marcus Smart, Memphis's 2025 first-round pick, Sacramento's 2028 second-round pick
Grades
Grizzlies: D+
The optics of this trade are awful for the Grizzlies. They jettisoned Tyus Jones and two first-round picks to get Smart less than two years ago and are now sending out another first to get rid of him.
Memphis' initial flub must be detached from this transaction to some degree. Retaining the first-rounder and letting it ride with Smart was a real option. But turning him into expiring contracts gives them the ability to create cap space this summer and renegotiate-and-extend Jaren Jackson Jr., who has been their best player this season.
Yes, the Grizzlies could wait to pay him. But he isn't likely to sign a normal extension off his current deal, and keeping him out of unrestricted free agency in 2026 should be considered a priority.
At the same time, there is a strong chance Jackson makes an All-NBA team this year and becomes supermax eligible this offseason. That altogether negates the value of a renegotiate-and-extend—unless the Grizzlies don't intend to supermax him if they can.
Kings: B+
LaRavia is hardly the wing defender for whom Kings fans have spent years pining. That's OK. He does a lot of what Sacramento currently needs.
The 23-year-old is a real four-position defender. The Kings need that kind of versatility when their primary bigs are Domantas Sabonis and now Jonas Valančiūnas, and when they swapped out Zach LaVine for De'Aaron Fox.
If LaRavia continues hitting his threes—he's shooting 45.2 percent on spot-up treys this year—he may emerge as a rotation staple and keeper beyond this season.
Here's the catch: Because the Grizzlies declined his fourth-year team option, the Kings cannot offer him more than $5.2 million to start in free agency. That shouldn't be an issue even if this move works out, but it is something to monitor when they forked over a 2028 second-rounder.
Wizards: A
This is awesome use of the Wizards' flexibility beneath the tax. First-round picks are valuable bites at the prospect apple no matter where they land, and because the Kings still have plenty of Kangzyness left in their day-to-day operations, a 2028 second-round flier from them is potentially intriguing.
Smart has battled injuries and suboptimal play since joining the Grizzlies. Washington isn't at a point in which it must care. He can still turn on the defensive jets, and there's always a chance he reboots some of his value by having a positive impact on a rebuilding team. If he can't, the Wizards have another expiring-salary anchor to work with over the summer and leading into next season.
The Rest...
Sacramento Kings Receive: Jonas Valančiūnas
Washington Wizards: Sidy Cissoko (waived), Denver's 2028 second-round pick (top-34 protection), Sacramento's 2029 second-round pick
Grades
Kings: B+
Wizards: A
Philadelphia 76ers Receive: Jared Butler, 2027 second-round pick (most favorable from Golden State and Phoenix), Golden State's 2028 second-round pick, 2030 second-round pick (most favorable of Phoenix and Portland), Washington's 2030 second-round pick
Washington Wizards Receive: Reggie Jackson, 2026 first-round pick (less favorable of Houston [top-four protection], L.A. Clippers and Oklahoma City)
Grades
Sixers: A-
Wizards: B
Milwaukee Bucks Receive: Roster spot
San Antonio Spurs Receive: Patrick Baldwin Jr., cash
Grades
Bucks: B
Spurs: C
Atlanta Hawks Receive: Roster spot/payroll relief
Houston Rockets Receive: Cody Zeller, 2028 second-round pick (their own)
Grades
Hawks: D+
Rockets: B+
Los Angeles Clippers Receive: MarJon Beauchamp
Milwaukee Bucks Receive: Kevin Porter Jr.
Grades
Clippers: B
Bucks: D-
Indiana Pacers Receive: Top-55-protected second-round pick
Toronto Raptors Receive: James Wiseman, cash
Grades
Pacers: B
Raptors: B
New Orleans Pelicans Receive: Cash considerations
Oklahoma City Thunder Receive: Daniel Theis, 2031 second-round pick (less favorable of New Orleans and Orlando)
Grades
Pelicans: F
Thunder: A
Boston Celtics Receive: 2031 second-round pick (top-55 protection)
Houston Rockets Receive: Jaden Springer, 2030 second-round pick
Grades
Celtics: C
Rockets: B
Trade Grades for Luka Dončić, Anthony Davis, De'Aaron Fox, Zach LaVine and More
Check out our full analysis on the handful of blockbusters already in the books prior to Feb. 6.
Luka Dončić to Hollywood, Anthony Davis to Big D
Dallas Mavericks: F
Los Angeles Lakers: A+++++
Utah Jazz: D+
De'Aaron Fox Teams Up With Victor Wembanyama, Zach LaVine Reunites with DeMar DeRozan
Chicago Bulls: C-
Sacramento Kings: D
San Antonio Spurs: A-
Milwaukee Flips Khris Middleton for Kyle Kuzma
Milwaukee Bucks: D
New York Knicks: C
Washington Wizards: A-
Read 284 Comments
Download the app for comments Get the B/R app to join the conversation