As the NBA trade deadline draws near, the New Orleans Pelicans find themselves at a crossroads with one of their most beloved players. Jose Alvarado - the gritty, high-energy guard who’s become a fan favorite in the Big Easy - could be on the move, and it’s not just idle chatter. There’s legitimate traction building around his name, and for good reason.
Alvarado is in the final year of his deal and holds a $4.5 million player option for the upcoming offseason. Most around the league expect him to decline that option in pursuit of a more lucrative contract - and based on his track record, he’s earned that opportunity.
He’s been a spark plug off the bench, a defensive pest, and a tone-setter every time he steps on the floor. That kind of impact doesn’t always show up in the box score, but coaches and front offices across the league know exactly what he brings.
That’s why the Pelicans are reportedly exploring trade options for the 27-year-old guard ahead of the February 5 deadline. He’s one of the more likely candidates to be moved, especially given the potential for New Orleans to get value in return before he hits the open market.
Alvarado recently landed at No. 20 on a prominent trade board ranking the top available players, and he was listed as the sixth-best point guard on the market. His current trade value is pegged around second-round picks, though it’s worth noting that in past years, teams have floated first-rounders for him. That kind of interest doesn’t just disappear - especially not in a league where playoff-bound teams are constantly hunting for reliable, playoff-ready contributors.
This season, Alvarado is averaging 7.9 points, 2.9 rebounds, 3.2 assists, and a steal per game, with shooting splits of 42.4% from the field, 36.3% from three, and 82.6% from the line. Solid numbers for a rotational guard - but again, his true value lies in the energy, defensive pressure, and locker room presence he brings night in and night out.
Several teams have emerged as potential fits for Alvarado, and each situation offers a unique blend of opportunity and need.
The New York Knicks stand out as a particularly compelling destination. Not only would Alvarado fit their defensive-minded identity, but he’s also a Brooklyn native.
A homecoming to Madison Square Garden would be a full-circle moment - and a tough pill to swallow for Pelicans fans who’ve come to love his underdog story. But if he has to go, going home might be the best-case scenario.
The Orlando Magic could also make a strong case. They’ve been one of the more intriguing young teams in the East, but their backcourt depth remains a question mark.
Alvarado would be a sizable upgrade over their current reserve options, offering a steadier hand and more consistent production. His defensive intensity would mesh well with Orlando’s emerging identity.
The Los Angeles Clippers, meanwhile, are in win-now mode and could use a reliable backup point guard. Their initial plan to lean on veteran leadership hasn’t quite panned out, and while their core is clicking, depth at the point remains a soft spot. Alvarado could be a low-cost solution with high upside - the kind of move that doesn’t make headlines but pays dividends in the postseason.
The Minnesota Timberwolves are another team to watch. They’ve been one of the West’s top squads this season, but the point guard position behind Mike Conley is thin. If they strike out on bigger names, Alvarado could be a smart fallback - someone who won’t need the ball to contribute but can still run an offense when needed.
And then there’s the Houston Rockets, who’ve had to get creative at point guard after losing Fred VanVleet before the season. They’ve leaned on rookies and young players to get by, but a veteran like Alvarado could bring some much-needed stability without disrupting the development of their core.
For the Pelicans, this is a tough spot. Alvarado is more than just a role player - he’s part of the team’s identity.
But with his contract situation and the team’s broader roster needs, the front office has to weigh sentiment against long-term planning. If they believe they can’t re-sign him this summer, moving him now might be the best move for both sides.
As we inch closer to the deadline, all eyes in New Orleans - and around the league - will be on Alvarado’s situation. He’s the kind of player who can swing a playoff series with a timely steal or a momentum-shifting run. And in a league where margins are razor-thin, that kind of edge is worth more than it looks on paper.