The New York Knicks got involved in the 2026 NBA Trade Deadline bonanza just on time, agreeing to terms with the Chicago Bulls to swap Guerschon Yabusele for Dalen Terry. Then, they turned around and flipped Terry to the New Orleans Pelicans for Jose Alvarado, someone the team had been coveting for months. The Knicks made out like bandits this time around, creating the perfect storm of circumstances to bring in the guy they wanted at a price they could afford to pay.
Knicks' Yabusele-for-Alvarado swap was classic Leon Rose
This is what New York's front office does. They identify players they'd like to acquire, players they'd like to trade in that situation, and see if they can make something work. In this case, the team was looking to get out of Yabusele's player option for next season (and to add Alvarado). The big man, looking to land somewhere that would give him the chance to play consistently at the NBA level, waived his option in order to get to the Bulls.
The Bulls, with a surplus of guards and not enough forwards, were a nice fit for Yabusele and his desire to play. They sent Terry back to the Knicks, which laid the foundation for the next part of this trade.
The Knicks were looking to move Yabusele, with rumors circling that they'd need to sweeten a potential swap with more than two second-round picks, the seeming going rate for expiring contracts, because of his player option. Swinging the two smaller deals in succession, effectively making it a three-team trade, took care of all of their problems in less than a 12-hour stretch before the deadline.
Alvarado likely won't start for the Knicks. He likely won't average more than 25 minutes per game through the rest of the season, even considering the injury to Deuce McBride that's holding him out until the playoffs. But he's going to make a difference – defensively, physically, and mentally – on this team. Assuming he either opts into his player option or is extended after opting out, this was a shrewd pair of moves from New York. Knicks: A
Chicago was going to see Terry's deal expire at the end of the season, and hadn't been playing him much anyway. Turning the 23-year-old into Yabusele, without potentially needing to honor his player option for next season, was decent business from them. It'll allow them to put a more complete lineup out there through the rest of the season. Bulls: B+
New Orleans' Dejounte Murray is continuing to work on his recovery from the achilles injury he suffered over half of a year ago. His eventual return will leave Alvarado behind Murray, first-round pick Jeremiah Fears, Jordan Poole, and even swingman Herb Jones on the depth chart.
Especially given their struggles to win games, it was likely that Alvarado was going to opt out of his player option this summer and enter the free agent market. The Pelicans made sure they didn't lose him for nothing, getting Terry and two second-round picks from New York. It isn't an inspiring deal for a 14-40 ball club, but it was solid considering their state of affairs. Pelicans: B-