The Golden State Warriors’ long-rumored chase for New Orleans Pelicans wing Trey Murphy III has hit a brick wall. A bombshell report reveals the Dubs are refusing to meet New Orleans’ steep asking price — potentially closing the door on what could have been a game-changing move before the February 5 trade deadline.
Insider Brett Siegel of ClutchPoints dropped the update late Friday night: Golden State remains highly interested in Murphy, even after the devastating season-ending ACL tear to Jimmy Butler. However, the front office has drawn a hard line. The absolute maximum they’re willing to offer is two first-round picks — with one carrying future protection. As of now, no formal offer matches what the Pelicans want, and sources indicate the Warriors won’t budge.
This revelation throws cold water on weeks of speculation. Murphy has been the Warriors’ clear No. 1 trade target all season — the perfect 3-and-D wing to pair with Stephen Curry and Draymond Green. The 25-year-old is enjoying a breakout campaign, averaging 21.3 points, 6.1 rebounds, and 3.5 assists on elite efficiency (49.5% FG, 38.2% 3PT). His size, shooting, and defensive versatility would have been a dream fit alongside the aging core.
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GM Mike Dunleavy Jr. has repeatedly said the team is open to moving draft capital for a win-now piece. But there’s a massive gap between “open to trading picks” and gutting the future. ESPN recently floated a three-team framework that would send Murphy (plus Jordan Hawkins) to Golden State in exchange for Jonathan Kuminga, Moses Moody, Kevon Looney, and three first-round picks (2026, 2028 top-10 protected, and 2030 conditional). That’s simply too rich for the Warriors’ blood.
The math is clear: New Orleans wants a king’s ransom for their rising star, while Golden State is protecting its assets for life after Curry (who turns 38 in March). Giving up three unprotected or lightly protected firsts would leave the franchise vulnerable when the championship window inevitably closes.
Complicating matters further is Jonathan Kuminga. The athletic forward demanded a trade on January 15 and has been in limbo ever since. He looked explosive in his return after Butler’s injury, dropping 20 points, but the relationship appears irreparably damaged. Kuminga would almost certainly headline any Murphy package — yet even including him isn’t enough to bridge the gap to three firsts.
With less than two weeks until the deadline, time is running out. The Pelicans have shown no signs of lowering their price, viewing Murphy as a cornerstone rather than a trade chip. Unless New Orleans blinks — which seems unlikely — the Warriors will be forced to pivot to lesser targets or stand pat.
For a franchise desperate to maximize Stephen Curry’s final prime years, walking away from their top target is a gut punch. But this latest update makes one thing crystal clear: the Trey Murphy III era in the Bay Area is almost certainly over before it ever began.