The New Orleans Pelicans have swung a deal ahead of the NBA trade deadline, sending a fan favorite point guard out of town.
New Orleans has dealt PG Jose Alvarado to the New York Knicks in exchange for wing Dalen Terry and a pair of second-round picks in a three team deal involving the Bulls, according to reports.
The Pelicans had not been reported in many major trade talks ahead of Tuesday's deadline despite the team's 13-40 start to the season, the first with Joe Dumars at the helm. Alvarado, along with fellow guards Jordan Hawkins and Jordan Poole, were among the most likely players to be moved.
Alvarado landed with the Pelicans as an undrafted free agent in 2021 and quickly became a fan-favorite with his hard-nosed defense and energetic play style. His sneaky steals in the backcourt quickly earned the moniker "grand theft Alvarado," playing off the title of the popular game series. Alvarado appeared in 268 regular season games across five years with the Pelicans, logging career highs in points (10.3 per game), steals (1.3 per game) and assists (4.6 per game) in the 2024-'25 season. His some was somewhat reduced over 41 games this past season with the team shifting point guard minutes to rookie Jeremiah Fears.
The trade means a homecoming for Alvarado, who went to high school in Queens before starring at Georgia Tech in college.
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The Pelicans are getting a less proven player in Terry, a former first round pick out of Arizona who appeared in 204 games across four seasons for the Bulls, but started just 7 and never averaged more than 13.5 minutes in any season. He's appeared in 34 games this season, averaging 3.5 points and 1.9 rebounds in 11.1 minutes per game.
The Pelicans have until 3 p.m. (central) to execute additional trades, with Poole's name the biggest to monitor. The veteran guard has been a healthy scratch in the Pelicans' past six games and has a contract that will account for $34 million next season.