The Golden State Warriors have a clearer picture of what it would take to acquire one of their favorite trade targets.
The news isn’t especially encouraging.
NBA insider Jake Fischer revealed Friday that the New Orleans Pelicans have effectively established a three first-round pick threshold for any team hoping to pry away forward Trey Murphy III, one of the league’s most coveted two-way wings.
For a Warriors front office that has pursued Murphy for months while remaining protective of its future draft capital, the latest update helps explain why trade talks have repeatedly stalled.
Pelicans Set Massive Price for Trey Murphy III
Speaking on the NBA Insider Notebook, Fischer said New Orleans had multiple opportunities to move Murphy around the NBA Draft but consistently walked away.
“I spoke to someone today intimately familiar with New Orleans and Trey Murphy, who said that there were plenty of options for the Pelicans on draft night to have moved Trey Murphy and gotten into the first round,” Fischer said.
“But clearly there was not enough there for the Pelicans to view it as something of net positive value.”
Fischer then revealed what league executives believe is New Orleans’ current asking price.
“We’ve heard that the Pelicans have established basically a three first-round pick price threshold in order to move off of Murphy, and we’ll see if they’re able to get that.”
The comments reinforce earlier reporting from Fischer and Marc Stein that the Pelicans have been widely mischaracterized as aggressively shopping Murphy.
Instead, New Orleans has simply listened to offers while rejecting every meaningful proposal.
Warriors Have Long Pursued Murphy
Golden State’s interest in Murphy is well established.
Before the NBA Draft, HoopsHype’s Michael Scotto reported the Warriors discussed trade concepts involving the No. 11 overall pick with the Pelicans as New Orleans explored moving into the lottery.
Those conversations followed previous reports that Golden State had offered packages centered around Jonathan Kuminga and future first-round selections before last season’s trade deadline.
None of those proposals gained traction.
Murphy remains one of the NBA’s premier young wings after averaging 21.5 points, 5.7 rebounds and 3.8 assists while shooting 37.9% from three-point range last season.
The 25-year-old is entering the second season of a four-year, $112 million contract, making him one of the league’s most valuable long-term assets.
Warriors Can Meet the Price—But Probably Won’t
Technically, Golden State possesses enough draft capital to satisfy New Orleans’ reported asking price.
The Warriors can currently trade first-round picks in 2028, 2030 (if the selection falls outside its protected range) and 2032, while also including first-round pick swaps in every eligible draft.
On paper, that matches the reported three-first-round threshold.
In practice, however, it is a different story.
League insiders have consistently indicated the Warriors are reluctant to exhaust virtually all of their premium draft assets for Murphy alone, particularly after selecting NBA-ready forward Yaxel Lendeborg with the No. 11 overall pick.
While Golden State remains committed to maximizing Stephen Curry’s championship window, the organization has also emphasized preserving enough flexibility to pursue future stars should larger opportunities arise.
Lendeborg Gives Golden State a Cost-Effective Alternative
GettyFirst-round pick Yaxel Lendeborg headlines the Warriors’ Summer League roster as Golden State expects him to play a meaningful role in his rookie year.
Unable to convince New Orleans before the draft, the Warriors ultimately kept their lottery selection and drafted Lendeborg out of Michigan.
The versatile forward was widely viewed as one of the safest, most NBA-ready prospects in the class because of his rebounding, playmaking, defensive versatility and mature all-around game.
Lendeborg may not possess Murphy’s proven NBA résumé, but he addresses many of the same needs at a fraction of the cost.
Fischer’s latest report illustrates why Golden State pivoted toward the draft rather than forcing a blockbuster trade.
Unless the Pelicans lower their demands—or the Warriors become willing to sacrifice nearly every tradable first-round pick they control—Murphy appears likely to remain in New Orleans.
For now, Golden State’s long-running pursuit has encountered its clearest obstacle yet: a price tag the franchise has shown little interest in paying.
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