Stephen A. Smith gets heated over how Chris Paul's career in the NBA ended. (2:45)
Between trades, free agent signings, extensions and more, NBA teams collectively make hundreds of transactions every year. Some work out great. Some fail spectacularly. And most end up somewhere in the middle.
As the 2025-26 regular season draws to a close, let's look back on the last year of transactions and focus on those extremes, ranking the 10 best and 10 worst moves since the end of the 2025 NBA Finals.
I'm judging these decisions based on results, not process, and with the benefit of hindsight; some of the best moves might have been panned at the time, while some of the worst might have made sense, only to play out counter to expectations.
All net rating and on/off data in this piece comes from databallr, which removes low-leverage minutes from its calculations. Stats are through March 21's games.
Jump to a move: Best: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 Worst: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10
Why it's on the list: From the moment they acquired him at the trade deadline -- for the minor price of Dalen Terry, two second-round picks and cash -- Alvarado seemed like a perfect fit for the Knicks, and he has more than fulfilled those expectations in his first 19 games with his new team. The Knicks have a plus-11.8 net rating with Alvarado on the floor, the best mark on the team.
What's the potential playoff impact? Knicks coach Mike Brown still has to figure out his precise playoff rotation, which is already chock-full of guards even before Miles McBride returns from surgery for a sports hernia. Alvarado could lose some playing time in the shuffle.
But he'll certainly play some role in the postseason, adding to New York's depth, and the Madison Square Garden crowd is bound to love it.
Kenny Smith weighs in on the Knicks trading for Jose Alvarado from the Pelicans.
Why it's on the list: Melton has been an advanced stats darling for most of his career, but his 2024-25 season lasted just six games due to a torn ACL in his left knee. The Warriors used his salary in a midseason trade (for Dennis Schroder, whom they then re-routed in the Jimmy Butler III trade), then re-signed him in the offseason for $3.1 million, with a $3.5 million player option for 2026-27.
Since he returned to the court on Dec. 4, Melton has quietly been one of the best role players in the league. When he's on the floor, Golden State has a plus-6.0 net rating -- the second-best mark on the team, behind only Butler.
What's the potential playoff impact? Whatever remaining playoff hopes the Warriors have rest on Stephen Curry, who hasn't played since Jan. 30 due to a lingering knee issue. But if Curry can return to the court in time for the postseason, then Melton will serve as the best two-way backcourt partner for the two-time MVP.
Why it's on the list: When he's not active on his blog, Kornet is the definition of a solid backup center. The 2024 NBA champion signed a four-year, $40.7 million deal (with $24 million guaranteed) in free agency, and he's slotted in perfectly behind Victor Wembanyama.
What's the potential playoff impact? The difference between winning a title and losing in an early playoff round can come down to whether a team can tread water when its best player rests, or if it collapses entirely (see: many recent Nuggets seasons, with Nikola Jokic). And Kornet offers the Spurs stability when Wembanyama sits.
In 1,078 minutes when Kornet's on the floor and Wembanyama isn't, the Spurs have a plus-4.3 net rating. That's even better than treading water.
Why it's on the list: Only 14 qualified players this season have made at least 2.5 3-pointers per game on 40% shooting or better. One is Jamal Murray, and another is his new Nuggets teammate, Hardaway.
Signed to a one-year, $3.6 million contract last summer -- a far cry from the four-year, $75 million deal he'd previously played under with the Dallas Mavericks and Detroit Pistons -- Hardaway has done wonders for Denver's depth, averaging 13.9 points per game on a career-high 41% mark from distance.
What's the potential playoff impact? The Nuggets ranked 28th in 3-point makes last season, but they're up to 11th this year, in large part due to Hardaway's influence. He should play a major role as Denver attempts to return to the Finals this spring, and he could even close playoff games if the team's injury woes continue, or if fellow Nuggets newbie Cameron Johnson's impact remains muted.
Why it's on the list: It seemed like Brooks was included in the Rockets' trade for Kevin Durant primarily for salary-matching purposes. But the veteran wing has had a much greater impact in Phoenix, where he's spearheaded the Suns' turnaround from lottery team in 2024-25 to playoff hopeful in 2025-26.
This move makes the "best" list not only because of Brooks' play on the court -- he's averaging a career-high 20.9 PPG -- but because of his off-court influence on the Suns' culture.
"He's in the gym more than anybody that I know," Suns guard Collin Gillespie told ESPN's Tim MacMahon earlier this season. "You see how hard he works, how competitive he is, and you want to not let your teammate down when you see that. He makes you want to work harder. He challenges you to be in the gym with him, challenges you to play harder."
What's the potential playoff impact? Brooks hasn't played since Feb. 21 due to a broken hand, though his projected four-to-six-week absence means he could return in time for the postseason. The Suns need a healthy Brooks to make any noise in the playoffs, as he ranks second on the team in points and minutes.
Why it's on the list: Only two 2026 All-Stars changed teams last summer: Durant, from Phoenix to Houston; and Powell, from the Clippers to the Heat. And the price to add an All-Star was Kyle Anderson and Kevin Love -- two veterans past their prime who had no place on this Heat squad.
Powell is an unrestricted free agent after this season, and it's unclear whether Miami will re-sign him -- especially with Tyler Herro eligible for an extension at the same time. But even if he only ends up playing in Miami for one season, this move was well worth it.
What's the potential playoff impact? Powell's playoff impact is more uncertain than his All-Star status would suggest. Due to injuries for both players, Powell and Herro have shared the floor for just 207 minutes this season, and the Heat have been outscored in that time. It's notable, perhaps, that Powell missed all of Miami's recent seven-game winning streak, before he returned for Miami's losses to the Magic, Hornets and Lakers last week.
Still, with a team-high 22.3 PPG, Powell should play a key role as Miami seeks another underdog playoff run.
Why it's on the list: Brooklyn traded Cameron Johnson to Denver for Porter and a 2032 first-round pick, and Porter has significantly outplayed Johnson this season. So Brooklyn got the best player in the trade and a future unprotected pick to add to its vast war chest.
Despite a massive increase in usage rate -- Porter ranks 12th among qualified players this season with 30.4% usage, while his previous career high was 22.7% -- on a worse team, Porter's efficiency hasn't dropped much. All those extra opportunities have boosted his scoring to a career-high 24.2 PPG, 5.2 points above his previous best.
What's the potential playoff impact? None, with the Nets' sights squarely on the lottery. But Brooklyn seeks to contend in 2026-27, with no control over its own draft pick next year, so Porter could be much more relevant then.
3. Atlanta Hawks add Nickeil Alexander-Walker via sign-and-trade
Why it's on the list: Alexander-Walker wasn't even supposed to start this season. With the Timberwolves deciding to pay Julius Randle and Naz Reid last summer instead of their reserve guard, Atlanta swooped in, nabbing Alexander-Walker for four years and $60.6 million. But still, he profiled as a role player who'd back up Trae Young and Dyson Daniels.
Instead, with Young hurt and then traded, Alexander-Walker has stepped into the spotlight and been Atlanta's second-best player. The onetime defensive standout is now posting career highs in just about every offensive statistic on the board: His 20.3 PPG are nearly double his previous season best (11.0), and he's 10th among qualified players with 3.1 3-pointers per game.
Alexander-Walker initially ranked fourth on this list, but he jumped up another spot after he scored a career-high 41 points in a big Hawks win over Orlando last week.
What's the potential playoff impact? The Hawks are the hottest team in the East, with a 12-1 record in their last 13 games. That run has boosted them from ninth to a tie for sixth place in the East, and Alexander-Walker and Jalen Johnson are making a case that they can compete in a fairly open playoff field.
2. Oklahoma City Thunder extend Ajay Mitchell and trade for Jared McCain
Why it's on the list: One of the defending champions' only weaknesses was their playmaking options behind Shai Gilgeous-Alexander, as the team often struggled to score without its MVP. But a pair of shrewd moves mean the Thunder now have two young, cheap scorers under contract for three years.
First up was Mitchell, a second-round pick in 2024 who signed an extension for three years and $8.7 million last summer. Now that Mitchell has broken out to the tune of 14.2 PPG on strong efficiency, that deal looks like a masterstroke for Thunder GM Sam Presti. Mitchell is being paid $3 million this year, and he's on the books for just $2.85 million next year and another $2.85 million in 2027-28. (That last year is technically a team option, but the Thunder are guaranteed to either pick up that option or use it as leverage in another extension negotiation.)
In all three seasons, Mitchell's salary accounts for less than 2% of the salary cap.
Next was McCain, whom the Thunder acquired for a late 2026 first-round pick and three second-rounders. McCain is still on his rookie deal, and in 19 games with his new team, he's scored 22.9 points per 36 minutes while making 44% of his 3-pointers.
What's the potential playoff impact? Thunder coach Mark Daigneault has so many perimeter options that Mitchell and McCain could lose playing time in the postseason. After all, Mitchell ranked 12th on Oklahoma City in playoff minutes last year, and all 11 players ahead of him are still on the team.
But Mitchell recently entered the starting rotation, and McCain has led the Thunder in scoring in three games since the All-Star break. Both young guards have above-average usage rates, suggesting they've earned Daigneault's trust.
Shams Charania gives details of the 76ers' trade of Jared McCain to the Thunder.
Why it's on the list: The first two picks of the 2025 NBA Draft carried little suspense: Cooper Flagg and Dylan Harper were the consensus top two prospects in the class, and the Mavericks and Spurs obliged by taking them first and second, respectively.
The decisions got harder from there, with a large group of players in contention to go in the next couple picks. Tops among that group was Rutgers forward Ace Bailey, who was third on our ESPN Big Board, albeit with questions around his representation. But Philadelphia passed on Bailey and other candidates with the No. 3 pick, instead selecting VJ Edgecombe, who looks like a future All-Star.
Next up was Charlotte, which slammed an even mightier home run with the No. 4 selection, Kon Knueppel. Suffice it to say, that was the right choice: Knueppel is the Rookie of the Year favorite, having already smashed the rookie record for 3-pointers, and he is already one of the most efficient scorers in the NBA.
What's the potential playoff impact?: Charlotte appears headed for the play-in round, so it's unlikely -- even with the team's strong play since the new year -- that Knueppel advances very far this spring.
But from a long-term perspective, the Hornets made the best, most important decision for any team over the last year. Knueppel is a cornerstone for what could be the franchise's most successful stretch since it was reborn as an expansion team in 2004.
Why it's on the list: Cleveland's offseason swap of Isaac Okoro for Ball made a lot of sense at the time. Okoro is a solid defender but could never stick in Cleveland's playoff rotation because of his offensive struggles, while Ball profiled as a higher-upside connector for Cleveland's star-studded lineup.
But Ball's offense cratered in Cleveland, where he averaged 4.6 PPG on 30% shooting, with the worst true shooting percentage in the league (minimum 700 minutes).
Is there any hope? No. Cleveland used two future second-round picks to dump Ball's contract as a money-saving measure at the deadline, and Utah waived him thereafter. He's now a free agent.
Why it's on the list: The Magic were looking for a dependable backup point guard when they signed Jones for one year and $7 million. Instead, they got a player who averaged just 3.0 PPG on 34% shooting (29% from 3). Orlando was 11.3 points per 100 possessions worse with Jones on the floor.
Is there any hope? No. Like the Cavaliers with Ball, the Magic used two second-round picks to dump Jones' contract at the deadline, and he's since bounced from Charlotte to Dallas to Denver, where he's played a small role for the Nuggets.
Why it's on the list: Yabusele excelled in his return to the NBA last season, averaging 11 PPG and making 38% of his 3-pointers for Philadelphia. The Knicks seemingly stole him from their division rivals in free agency -- and promptly watched his numbers regress to a mere 2.7 PPG and 29% mark on 3-pointers, as he fell out of coach Brown's rotation and left a hole on the bench.
Is there any hope? Yes. While Yabusele was also traded at the deadline, like Ball and Jones, the Knicks didn't have to dump his salary. Instead, they swapped Yabusele for Dalen Terry, then spun Terry to New Orleans for Alvarado. So indirectly, the Knicks already turned their worst move of the year into their best.
Why it's on the list: Finney-Smith was one of the NBA's best role players last season, while playing for the Nets and Lakers. His plus-14.2 on/off differential was third best in the league, behind only Nikola Jokic and Christian Braun of the Nuggets.
So it seemed like a coup when the Rockets signed him for four years and $53 million, on the heels of trading for Kevin Durant. Finney-Smith's addition was one reason the Rockets seemed like the offseason's biggest winners.
But Finney-Smith didn't debut with his new team until Christmas, and he's barely made an impact since. He's averaged just 3.2 PPG, and he still hasn't reached double-digit points in any game as a Rocket.
Is there any hope? Finney-Smith's playing time has perked up recently. He never exceeded 20 minutes in a game before February 10, but he's done so in 10 of 14 games since. The production still isn't there, but Rockets coach Ime Udoka is clearly trying to incorporate him before the postseason.
And because Finney-Smith is signed beyond this year, he'll have more opportunities in the future, preferably when his start to the season isn't waylaid by injury.
6. Sacramento Kings trade for Dario Saric to add Dennis Schroder via sign-and-trade
Why it's on the list: The Kings took the wrong lessons from the famous red paperclip story. Instead of a succession of small moves that led to something great, they made a series of transactions to end up in a worse place than before.
First, they traded capable backup center Jonas Valanciunas for Saric, who scored all of five points in five games this year. Then, they used the extra financial flexibility from that deal to commit $44.4 million over three years to Schroder, who didn't fit in Sacramento. And finally, to extricate themselves from Schroder's contract, they bundled him with valuable role player Keon Ellis in a trade for De'Andre Hunter, who's regressed and owed $24.9 million next season.
Is there any hope? Given the state of the franchise at this point, the Kings' best hope to salvage something from this sequence is that Hunter finally fulfills his 3-and-D potential in a sustained way next season, and they can trade him for picks at the 2026-27 deadline.
Why it's on the list: The Raptors didn't need to extend Poeltl last summer. He already had a fair value $19.5 million player option for the 2026-27 season. And they especially didn't need to extend Poeltl for three years and $84.1 million, in a deal that would take him through his age-34 season.
But the long-term concerns with such a pact accelerated to the short term: Back problems have limited Poeltl to 32 games this year, and his production has plummeted, from 14.5 PPG to 10.7.
Moreover, Poeltl's lengthy extension potentially complicated the Raptors' trade deadline plans, as they didn't make a big addition to boost their core but instead worked around the margins to duck under the luxury tax line.
Is there any hope? Poeltl has played better since the All-Star break, with his two best games of the season (21 points and 18 rebounds on 9-for-12 shooting against Detroit, and 23 points and 11 rebounds on 10-for-14 shooting against Denver) coming in the last week. Toronto would benefit if that surge continues through the spring -- though over the long term, Poeltl's health concerns mean he's still unlikely to live up to his new extension. Even in his late 20s, Poeltl hasn't played more than 57 games in a season since 2022-23.
4. New Orleans Pelicans sign Kevon Looney and trade for Jordan Poole
Why it's on the list: They were perhaps overshadowed by an even more perplexing move at the time, but this pair of Pelicans transactions was no less confusing in the moment. Looney left Golden State for an $8 million deal (with an equivalent team option for year two), and as part of a three-team deal, New Orleans traded CJ McCollum, who was entering the final year of his contract, for Saddiq Bey and Poole, who'd played better in 2024-25 but had an additional $34.0 million headed his way in 2026-27.
While Bey has quietly turned in a career-best season, which somewhat redeems the Pelicans' decisions, the Looney and Poole portions haven't paid off. Looney has appeared in just 18 games for a center-heavy roster, while Poole's true shooting has fallen from 59% last season to 53% this year -- right in line with his 53% mark from his first rotten season in Washington. The rest of his stats have followed suit.
Is there any hope? It's unlikely. Poole began the season as a starter, but he's since fallen out of the Pelicans' rotation entirely. He and Looney have combined to appear in just two games in March.
It's now unclear what's next for Poole, but he's slated to be the Pelicans' second-highest-paid player next season. Looney will likely be a free agent again if New Orleans declines his option.
3. Clippers replace Norman Powell with Bradley Beal and Chris Paul
Why it's on the list: The Clippers planned to trade a guard (Powell) for a forward (John Collins), then backfill Powell's production with two veteran stars.
Collins, to his credit, has held up his end of the deal. But Beal averaged just 8.2 PPG in six games before undergoing hip surgery, while Paul -- a former franchise great -- averaged 2.9 PPG in 16 games before being unceremoniously sent home amid clashes with management.
Is there any hope? If the Clippers make good use of the cap space they're not devoting to a Powell extension this summer, they could reap some long-term benefit from this swap in a roundabout way. But there's no sugarcoating the disastrous impact it had on their 2025-26 campaign.
Stephen A. Smith gets heated over how Chris Paul's career in the NBA ended.
2. New Orleans Pelicans trade an unprotected 2026 draft pick to move from No. 23 to 13 in 2025
Why it's on the list: When ESPN's Tim Bontemps conducted a survey of coaches, scouts and executives last offseason, a majority picked this as the worst move of the summer.
A year later, it doesn't look any better. As a reminder, to move up 10 spots and select Derik Queen last year, New Orleans gave Atlanta an unprotected pick in the loaded 2026 draft -- the best of either the Pelicans' or Bucks' picks. With both New Orleans and Milwaukee headed for the lottery, based on ESPN's Basketball Power Index projections, the Hawks have a 10.3% chance of nabbing the top pick in the draft as a result of this trade, and more than a 40% chance of a top-4 pick.
For context, according to my draft value chart, a fair price to move up to No. 13 from No. 23 would be the 28th pick in the draft. The Pelicans are likely going to give up a pick that's at least 20 slots better.
Is there any hope? Queen has hit something of a rookie wall, and his playing time and production have dwindled since the All-Star break. But he's flashed enough potential as a rookie that it's possible he'll prove worth this hefty cost in the long run -- even if the Hawks land a more prized prospect this summer.
1. Milwaukee Bucks waive and stretch Damian Lillard to sign Myles Turner
Why it's on the list: Milwaukee took the biggest risk of any team last offseason, when it waived the injured Lillard and stretched the remaining $113 million on his contract to acquire Turner in free agency. Turner signed a four-year, $108.9 million deal to replace Brook Lopez next to Giannis Antetokounmpo in the Bucks' frontcourt.
That two-step hasn't worked out in the short term: In his first season away from Indiana, Turner has posted the worst player efficiency rating of his career and his worst box plus/minus since he was a rookie. And the Bucks will finish with their first losing record in a decade, as the Antetokounmpo rumors swirl more than ever before.
In the long term, moreover, stretching Lillard means the Bucks will pay $22.5 million in dead cap charges every season through 2029-30, severely compromising their ability to build a winner during that period.
Is there any hope? Theoretically, Turner could rebound next season and serve as a proper stretch big next to Antetokounmpo, and the Bucks could return to contention on the strength of that duo.
But the Bucks made a desperate gamble when they sacrificed so much long-term flexibility to sign him. And desperate gambles don't often pay out.
