After a long offseason of deliberation, the New Orleans Pelicans and Trey Murphy III finally came to an agreement on a rookie-scale contract extension. The two sides didn't have to beat the buzzer, as they had until 5 P.M. Eastern Time on October 21 to reach a deal, but they certainly didn't rush into one either.
In the end, New Orleans extended Murphy III for four total additional years for a sum of $112 million, paying him $28 million per season. The full payment structure will be detailed later on, but ESPN's Shams Charania has reported that there are no incentive bonuses included nor does the deal include a player option.
The Pelicans came into the offseason with three major contract negotiations on their docket: Jose Alvarado, Trey Murphy III, and Brandon Ingram's. They were able to sign Alvarado to a bargain extension for two years worth $9 million total, with the second year being a player option. While Ingram's future with New Orleans is still up in the air, they can rest easy knowing that they locked down their young rising star on the wings for the foreseeable future, and on a very team-friendly deal at that.
Pelicans' Trey Murphy III extension grade: A+
Murphy III's new deal will begin next season for the 2025-26 campaign, paying him somewhere around $28 million depending on the contract's ultimate structure. A few other players who will earn in that neighborhood in 2025-26 are Isaiah Hartenstein, Andrew Wiggins, Anfernee Simons, Devin Vassell, Terry Rozier, and Tobias Harris.
There's no debating that TMIII will be at least as impactful as all of those players if not more so. When comparing it to the other players from his draft class who also have signed extensions, Murphy III's deal looks like even more of a bargain. Scottie Barnes, Cade Cunningham, Evan Mobley, and Franz Wagner all signed max contracts for five years and over $220 million a piece or an average of $44.8 million per season.
It's understandable why those young stars received max deals and why Murphy III didn't get a max, but it's not hard to envision a future in which Murphy III could wind up as one of the best players in his class by the end of his new contract. At $28 million average annual value, he's on an extremely team-friendly deal in terms of cap hit and versatility as a trade piece.
The only cause for concern with this agreement is that Murphy III hasn't been the most available player in terms of health, which is especially tough for a team led by Zion Williamson. But, it's pretty clear that these concerns were baked into the negotiations, leading to the Pelicans locking down a 6'10" 3-and-D wing with potential for such a great price.