Devonte’ Graham is signing with the New Orleans Pelicans by way of a sign-and-trade with the Charlotte Hornets, according to Shams Charania of The Athletic. New Orleans will send a first-round pick to Charlotte in exchange for the guard. It is unknown what first-round pick the Hornets are getting.
The 26-year-old guard will sign a four-year, $47 million contract, according to Adrian Wojnarowski of ESPN. Though it likely isn’t a flat deal, that averages out to around $111.75 million per year.
New Orleans completed a sign-and-trade with the Bulls earlier in the day, sending Lonzo Ball to Chicago in exchange for Tomas Staoransky and Garrett Temple. Adding Graham gives them a new starting point guard and puts some shooting around star Zion Williamson.
Meanwhile, the Hornets lose out on both of their restricted free agents. They decided not to give Malik Monk the qualifying offer, and are evidently choosing not to match this deal for Graham. Their backcourt will look much different next season.
Many believed that the Hornets would stay competitive in bringing back Graham despite his down season last year. Ultimately, they decided to move forward with a LaMelo Ball/Terry Rozier backcourt. James Bouknight falling to them in the draft may have also had something to do with this decision.
According to Keith Smith of Spotrac, the Hornets were also able to create around $8.8 million in cap space with the move. They now sit at about $13.5 million. There could be more moves to come, Hornets fans.