The Pelicans' most important offseason move hasn't happened yet

The New Orleans Pelicans have been extremely active this offseason, especially in the final weeks leading up to training camp. They added three different players to Exhibit 10's contracts for a more in-depth look at them in October, and also made several key personnel changes, including promoting former WNBA All-Star Swin Cash to senior vice president of basketball Operations.

Not to mention, they traded Dejounte Murray from the Atlanta Hawks earlier this summer, which should give them a big boost in talent on both ends of the court if the move works out. And yet, despite everything they've already done, the Pelicans still haven't gotten through the most important part of the offseason.

Last week, they signed backup Jose Alvarado to a two-year deal worth a total of $9 million. This was a significant deal for New Orleans and secures them a crucial piece of their bench for the near future. But it also begs the question: When will the Pelicans lock Trey Murphy III to a rookie-scale extension?

New Orleans began this offseason knowing that they would have to sign Trey Murphy III to an extension lest they allow him to hit restricted free agency next summer. He was an important part of the team during the Zion Williamson era. He has established himself as the Pelicans' deadliest shooter by far, plays solid defense on the wings, and has the size and athleticism to command a higher ceiling at just 24 years old.

Should he hit restricted free agency, it's not impossible for a young, big-money team to pluck Murphy III from New Orleans' offer with an offer sheet. If they want to prevent this from potentially coming to fruition, the Pelicans have until then October 21ston the last day before the start of the regular season to sign TMIII to an extension.

In the last update we heard about the contract negotiations, Christian Clark of NOLA News reported that the two sides, the Pelicans and Murphy III's camp, had “different views” on the young wing's financial value.

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

When talking about his upcoming potential extension before the summer, Murphy III hinted that he might give the Pelicans a discount:

“I hope we can achieve something. At the end of the day, it's not about money. I just want to play basketball. Hopefully we can achieve something.”
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– Trey Murphy III

New Orleans has just over two weeks to find a deal that will please both the team and Trey Murphy III. Anything less than that $28.5 million should be a given and would likely be a bargain compared to what he could receive in restricted free agency next summer. He's been a perfect match for Zion so far and the Pelicans have to do everything they can to keep the two together.