The Golden State Warriors are intent on keeping restricted free agent Jonathan Kuminga under contract—but on terms that give the team flexibility to trade him. At the same time, one potential target has emerged: New Orleans Pelicans forward Trey Murphy III.
Warriors’ Offer Matches Murphy’s Contract
NBA insider Jake Fischer reported Tuesday that Murphy is a player Golden State has long admired, dating back to the 2021 draft when the Warriors nearly selected him at No. 14 before choosing Moses Moody. The same night, Warriors owner Joe Lacob overruled some members of his front office and opted for Kuminga over Franz Wagner.
“Trey Murphy in New Orleans is someone the Warriors really have interest in,” Fischer said on Bleacher Report’s Insider Notebook. “They really, really need Kuminga from an asset management standpoint at a number north of $8 million in average annual value. They need him far closer to that 20, 25, maybe even $30 million salary threshold.”
The Warriors’ latest offer to Kuminga—a three-year, $75.2 million deal averaging $25 million per season—mirrors Murphy’s 2025-26 salary, underscoring the front office’s desire to keep contracts tradable. Murphy signed a four-year, $112 million contract last year, a massive payday that has eluded Kuminga in Golden State.
Pelicans Holding Firm on Murphy
Getty Trey Murphy III of the New Orleans Pelicans reacts to making a basket in the fourth quarter against the Golden State Warriors.
The Warriors have reached out to the Pelicans as recently as this summer, according to Fischer. But New Orleans has resisted trade interest, valuing Murphy as a key part of its core.
“Sources say that the Pelicans, to be clear, have batted away calls for the 25-year-old, valuing him highly,” Fischer reported in August on The Stein Line newsletter. “The two-way forward will be playing on a contract in 2025-26—at precisely $25 million—as desirable as his talent.”
Murphy is coming off a breakout season, averaging 21.2 points, 5.1 rebounds and 3.5 assists, along with 1.1 steals. A career 38.3% shooter from 3-point range, his length and defensive ability make him one of the league’s most coveted 3-and-D wings.
Brett Siegel of ClutchPoints says his price is steep.
“The Pelicans have maintained an exceptionally high asking price for Trey Murphy: multiple firsts and proven, young talent,” Siegel reported in August.
Warriors’ Bigger Trade Dreams
Getty The Warriors’ dream is to pair Giannis Antetokounmpo with Stephen Curry.
The Warriors possess up to four first-round picks, three of which are unprotected, but they are believed to be holding those assets for a potential blockbuster trade. Their dream target remains Milwaukee Bucks star Giannis Antetokounmpo, who briefly sparked speculation about his future this summer before recommitting to Milwaukee.
With aging stars Stephen Curry, 37, Jimmy Butler, 36, and Draymond Green, 35, the Warriors face enormous pressure to maximize what may be their last championship window.
Kuminga Standoff Intensifies
At the center of it all is Kuminga, who has resisted signing the new deal unless Golden State changes the final year from a team option to a player option.
“I actually talked to Aaron Turner, Jonathan Kuminga’s agent, this morning, and the messaging they’re adopting this week is simple: turn the team option into a player option, and the deal is done,” ESPN’s Anthony Slater said on NBA Today. “The three-year contract on the table is worth around $74 million, and if the third year becomes a player option, Kuminga will not only sign it but also fully buy into the team’s mission.”
That mission, Turner insists, is helping Curry and Green chase a fifth title and giving Butler his first. Turner has framed the request as a show of goodwill after years of uncertainty over Kuminga’s role. In return, the forward would accept a bench role, fluctuating minutes and the reality that his contract could be traded.
Until a resolution is reached, the Kuminga saga continues to cast a shadow over Golden State’s offseason plans.
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