Pelicans most important offseason move still hasn't happened yet

The New Orleans Pelicans have been extremely active this offseason, particularly in the closing weeks ahead of training camp. They've added three different players to Exhibit 10 contracts to get an extended view of them in October and have also made several major staff moves, including promoting former WNBA All-Star Swin Cash to Senior Vice President of Basketball Operations.

Not to mention that they began the summer by trading for Dejounte Murray from the Atlanta Hawks, which should give them a major infusion of talent on both ends of the court if the move pans out. And, yet, despite all they've already done, the Pelicans still haven't accomplished the most important part of the offseason.

This past week, they inked backup guard Jose Alvarado to a two-year deal worth $9 million total. That was a significant bargain signing for New Orleans and secures a crucial part of their bench for the near future. It also raises the question, though: when will the Pelicans lock down Trey Murphy III with a rookie-scale extension?

The New Orleans Pelicans need to reach an agreement with Trey Murphy III soon

New Orleans entered this offseason knowing that they'd need to sign Trey Murphy III to an extension, lest they allow him to hit restricted free agency next summer. He's been a vital part of the team in the Zion Williamson era. He's established himself as the deadliest shooter on the Pelicans by far, plays solid defense on the wings, and has the size and athleticism to reach a higher ceiling at just 24 years old still.

Should he hit restricted free agency, it's not impossible to see a young team with money pricing Murphy III out of New Orleans's range with an offer sheet. If they want to prevent that from potentially coming to fruition, the Pelicans have until October 21, the last day before regular season tip-off, to sign TMIII to an extension.

The last update that we've heard about the contract talks had Christian Clark of NOLA News reporting that the two sides, the Pelicans and Murphy III's camp, had "differing views" on the young wing's financial value.

Bleacher Report's Eric Pincus predicted Murphy III's market value at $28.5 million per year, which would be a touch over 20 percent of the salary cap in this upcoming season. At that number, the Pelicans would be getting a deal for a young true 3-and-D wing with legitimate star potential.

When Murphy III spoke about his impending possible extension ahead of the summer, he indicated that he could give the Pelicans a discount:

"“I hope we can get something done. At the end of the day, it’s not about money. I just want to play basketball. Hopefully, we can get something done.”
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- Trey Murphy III

New Orleans has a little over two weeks to find a deal that both the team and Trey Murphy III will like. Anything under that $28.5 million should be a no-brainer and would likely be a bargain compared to what he could receive in restricted free agency next summer. He's been an absolutely harmonious fit alongside Zion so far, and the Pelicans need to do whatever they can to keep the two together.