The 2026 NBA trade deadline is just three days away. We’ve already seen one notable deal — the Cleveland Cavaliers sent De’Andre Hunter to the Sacramento Kings for Dennis Schroder and Keon Ellis — and could see many more before 3 p.m. ET on Thursday.
As we wait to see what will happen at this year’s deadline, including if the Milwaukee Bucks will trade two-time MVP Giannis Antetokounmpo, let’s take a look back at last year’s deadline to re-grade the three biggest deals, including one of the most stunning trades in NBA history, which officially went down one year ago today on Feb. 2, 2025.
The Luka-to-the-Lakers stunner
Full trade:
Original grades (via CBS Sports’ Brad Botkin):
- Lakers: A+
- Mavericks: F
- Jazz: N/A
Lakers grade one year later: A+
Does Dončić have his issues, particularly on the defensive end? Sure. But at worst he’s one of the five best players in the world, and the Lakers got him for a cut-rate price: an aging and injury-prone Anthony Davis (who has barely played since the trade and will turn 33 next month); Max Christie, a solid young role player; and a 2029 first-round pick that will likely be in the 20s as long as Dončić remains in L.A.
In 40 appearances this season, Dončić is averaging a league-leading 33.6 points per game, eight rebounds and 8.8 assists. Late last month, he was named an All-Star starter, and come the spring will add another All-NBA honor to his résumé as long as he clears the 65-game threshold.
The 29-19 Lakers are in a strange spot as they transition from the LeBron James era to the Dončić era, but they’re in sixth place in the uber-competitive Western Conference and will have a chance in the playoffs as long as Dončić and James are healthy.
Whatever happens this season, the Dončić trade reset the Lakers’ future, which looked murky this time a year ago, but is now mich brighter. The trade was, and remains, a brilliant piece of business by Rob Pelinka.
Mavericks grade one year later: F*
The actual trade remains absurd on numerous fronts from the Mavericks’ perspective.
Dončić was a beloved figure in Dallas and never wanted to leave the city or the franchise. Nico Harrison (who is no longer employed by the Mavericks) and the rest of the Dallas brass completely underestimated how much Dončić resonated with the fanbase and the emotional damage a trade would cause.
It’s one thing to decide to trade Dončić. Doing so without opening up a bidding war to see what other offers may have been out there was incomprehensible. And then, to leak concerns about Dončić’s health and conditioning after trading for one of the most injury prone players in the league — who is six years older than Dončić — was insulting.
The trade didn’t make sense at the time, and doesn’t make sense now. However, it’s impossible to write about the deal without acknowledging what transpired after the fact.
If we were grading where the Mavericks are now vs. where they were when they traded Dončić, they would, miraculously, get an “A.”
Late last season, the Mavericks endured an injury crisis that included a long-term absence for Davis and torn ACL for Kyrie Irving. They wound up in the Play-In Tournament, where they were eliminated before reaching the playoffs. They had the 11th-best lottery odds. Incredibly, they jumped up to No. 1 and won the lottery despite a 1.8% chance of doing so. It allowed them to draft Cooper Flagg.
The Mavericks don’t get Flagg, one of the best prospects in recent memory and the likely Rookie of the Year, without making the Dončić trade. That doesn’t absolve Harrison, because his process was completely flawed and unintentional, but the Mavericks now have Flagg, Davis and Irving — a trio that gives them hope and flexibility in both the present and future. They can keep those three together and try to compete in the West as Flagg comes of age, or move Davis and/or Irving to reset around the 19-year-old Flagg, whose 49-point outing last week was the highest-scoring game by a teenager in NBA history.
Jazz grade one year later: B
Hood-Schifino is no longer with the organization, but the Jazz still got two second-round picks for free, which is always good business. They used one of them (Jamir Watkins, No. 43 pick in 2025) to move up from No. 21 to No. 18 in last year’s draft so they could select Walter Clayton. He’s struggled thus far, but it’s too early to give up on someone with his offensive talent. The 2029 second-round pick they have via the Clippers could end up being useful as well.
The Warriors get Jimmy out of Miami
Full trade:
- Warriors receive: Jimmy Butler, two second-round picks (via Heat), cash considerations (via Heat)
- Heat receive: Andrew Wiggins, Kyle Anderson, Davion Mitchell, 2025 first-round pick (via Warriors)
- Jazz receive: Josh Richardson, KJ Martin, 2028 second-round pick (via Pistons), 2031 second-round pick (via Heat), cash considerations (via Heat)
- Pistons receive: Lindy Waters II, Dennis Schröder, 2031 second-round pick (via Warriors)
- Raptors receive: PJ Tucker, 2026 second-round pick (via Heat), cash considerations (via Heat)
Original grades (via CBS Sports’ Sam Quinn):
- Warriors: B+
- Heat: D+
- Jazz: N/A
- Pistons: N/A
- Raptors: N/A
Warriors grade one year later: C
You have to respect the Warriors’ effort to keep their title contention window cracked open by acquiring another All-Star-caliber teammate to pair with Steph Curry and Draymond Green, but Butler always came with risks. Now, the Warriors are paying the price for taking them.
Butler’s numbers, especially this season, were impressive — 20 points, 5.6 rebounds and 4.9 assists on 51.9% shooting — but there were often complaints about his reluctance to shoot (12.2 field goal attempts per game) and propensity to float through games without imposing his will. He made the Warriors better, but he didn’t elevate them into a true threat in the West.
Now, Butler is sidelined for the rest of the season after tearing his ACL in January, ending the Warriors’ hopes of making any noise in the playoffs (unless they can pull off a trade for Antetokounmpo). The Warriors have reportedly told Butler that they won’t move him, but will they actually be willing to stick with him through his rehab? Butler will turn 37 in September and has not played more than 65 games in a season since 2017. He’s owed $54 million this season and $56 million next season, and will spend a good portion of that time on the sidelines.
The good news for the Warriors is that they really didn’t give up much to get Butler. Wiggins, Schroder, Anderson and Waters weren’t difference-makers in the Bay Area. Kasparas Jakučionis, whom the Heat drafted with the first-round pick they got from the Warriors, has played sparingly, and they actually netted a second-round pick in the deal.
Heat grade one year later: B
The end of Butler’s tenure in Miami was a mess, and it’s possible the Heat could have gotten a more substantial return if they had done a better job of handling things with their notoriously prickly star, or traded him earlier. A year later, though, the deal looks better than it did in the moment.
Wiggins has been a dependable all-around role player, while Davion Mitchell has found new life as the starting point guard under Erik Spoelstra. Meanwhile, they were able to use Anderson in a subsequent trade during the summer to acquire Norm Powell, who is leading the team in scoring at 23 points per game, and was recently named an All-Star for the first time in his career. Kasparas Jakučionis, whom they drafted at No. 20 with the pick they got from the Warriors, hasn’t gotten much of a chance, but he is shooting nearly 40% from 3-point range.
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The Heat weren’t going anywhere last season with Butler, and while they’re still not a contender in the East, they’re 27-24, which has them right in the mix for a top-six spot and automatic playoff berth. Furthermore, Mitchell and Jakučionis could be part of the Heat’s offer to the Bucks for Antetokounmpo.
Jazz grade one year later: B
This was another deal where the Jazz added a few second-round picks (and some cash) for free. They already used the 2031 second-round pick they got from the Heat as part of the trade to acquire Jusuf Nurkić for Collin Sexton this summer. Nurkić has actually been awesome for them, and could fetch some future assets at the deadline.
Pistons grade one year later: B+
The Pistons snuck into this deal as a landing spot for Schröder, who helped them make the playoffs last season for the first time since 2019. They chose not to re-sign him in free agency, but he was a genuine asset to their rebuild by helping their young core get postseason experience. For their trouble, they also grabbed an extra second-round pick from the Warriors in 2031 that could be useful down the line.
Raptors grade one year later: C-
The Raptors decided that they did not want to pay Mitchell, who was set to be a restricted free agent last offseason, and decided to take a second-round pick from the Heat rather than letting him walk for nothing in the summer. It’s not as if giving up on Mitchell is some sort of franchise-altering mistake, but the Raptors probably do regret letting him go.
Spurs swipe Fox from Kings
Full trade:
- Spurs receive: De’Aaron Fox, Jordan McLaughlin
- Kings receive: Zach LaVine, Sidy Cissoko, 2025 first-round pick (via Hornets), 2027 first-round pick (via Spurs), 2031 first-round pick (via Timberwolves), 2025 second-round pick (via Bulls), 2028 second-round pick (via Nuggets), 2028 second-round pick (via Bulls)
- Bulls receive: Zach Collins, Kevin Huerter, Tre Jones, their own 2025 first-round pick (had been owned by Spurs)
Original grades (via CBS Sports’ Sam Quinn):
Spurs grade one year later: A-
This was, and remains, a great trade by the Spurs, who made their team significantly better in the present without damaging their future. They only gave up one of their own future first-round picks in the deal, retained their best young players and kept all of the future draft assets the Hawks owe them via the Dejounte Murray deal.
Fox doesn’t have as big of a role in San Antonio as he did in Sacramento, so his numbers aren’t as impressive with the Spurs, but he’s putting up 19.8 points, 4.1 rebounds and 6.2 assists, while shooting a respectable 35.3% from 3-point range.
After years of toiling away at the bottom of the West, the Spurs are 33-16, which is good for second place. They’re well on their way to their first playoff appearance since 2019, and though the West playoffs will be a gauntlet, they have a real chance to go on a run.
The four-year, $229 million extension the Spurs had to give Fox in August was a bit of an overpay, but that was the cost of doing business. Plus, his deal will be off the books by 2030, and if they need to move him ahead of the final year of his deal, when Dylan Harper and Carter Bryant’s extensions will kick in, they can always do that. In the meantime, he’ll help them compete at the top of the West.
Kings grade one year later: C-
The Hornets’ 2025 first-round pick was lottery protected and reverted to two second-round picks, so the Kings essentially traded Fox for Zach LaVine, Cidy Sissoko, two first-round picks and five second-round picks.
LaVine is not a difference-maker and doesn’t have much trade value, while Sissoko was immediately flipped (along with two second-round picks) for Jonas Valančiūnas, who was then traded for Dario Šarić, who has since been traded (along with two more seconds, Keon Ellis and Dennis Schröder) for De’Andre Hunter. Not exactly awesome asset management.
As for the picks, the 2027 Spurs first is almost certainly not going to be a lottery selection and could be in the late 20s. There’s less certainty about the 2031 Timberwolves first, but there’s a good chance that’s not a lottery selection either, especially if Anthony Edwards is still in Minnesota. They did at least put the 2025 Bulls second to good use by grabbing Maxime Raynaud at No. 42 overall. He’s had a solid rookie season and looks like he can at least be a rotational big for the future.
The Kings were in a tough spot once Fox made it clear that he wanted to go to the Spurs, and they have already netted Raynaud. Even so, there’s a real chance they end up with little meaningful return for one of their few success stories of the last two decades.
Bulls grade one year later: D
The Bulls’ decision to trade LaVine and get their own first-round pick back in the process suggested that they were finally ready for a rebuild. Instead, they won 15 of their last 20 games last season, which dropped their first-round pick to No. 12. They selected French forward Noa Essengue, who only played two games before undergoing season-ending shoulder surgery.
Tre Jones has been solid as a back-up point guard, but Huerter has really struggled and Collins has been limited to 10 games. Perhaps Essengue eventually grows into a solid player, or they flip Jones and/or Huerter for future assets, but a year after the fact, their return for LaVine has been pitiful.
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