The Official September Exchange
NBA.com's September 8 report confirms Memphis sent AJ Johnson and Taj Gibson to New Orleans for Jordan Hawkins, Micah Peavy, a future second-round pick and the right to swap another future second-round pick. That is a four-player deal with two additional draft mechanisms, not simply a Hawkins-for-Johnson exchange. The league report says both teams made the transaction official that afternoon. The precise value of the two future selections is unresolved because neither future draft outcome has occurred; a swap right also cannot be treated as a second guaranteed selection.
Memphis Acquired Two Younger Wings
Hawkins entered the deal after three Pelicans seasons, averaging 8.0 points and 2.3 rebounds in about 18 minutes while making 34.8% of his 3-point attempts, according to NBA.com. New Orleans drafted him 14th overall in 2023 after his UConn career. Peavy, the 40th pick in 2025, averaged 4.3 points and 1.9 rebounds as a rookie. Memphis received two players with actual NBA appearances as well as the future pick and swap. That gives the Grizzlies multiple ways to derive value, but future Memphis production isn't yet available for a hindsight judgment.
New Orleans' Return Has a Different Risk Profile
The Pelicans received Johnson, a former 23rd overall choice in the 2024 draft, and veteran Gibson. NBA.com reported that Johnson had not appeared for Memphis after arriving from Dallas in a larger offseason transaction. Across 48 games with Dallas and Washington during the preceding season, he averaged 3.3 points. Johnson's upside is developmental rather than demonstrated high-level production. Gibson was 41 when traded and had played ten Memphis games the previous season, averaging 3.4 points and 2.7 rebounds. New Orleans waived him after the deal, sharply limiting his realized return.
How to Judge the Picks and Early Grades
The clubs pursued different timelines. Memphis acquired two younger contributors who already had NBA minutes plus two future second-round mechanisms, while New Orleans consolidated its side around Johnson after Gibson's waiver. Memphis' package offers more direct and contingent paths to return, supporting an early edge, but neither the new players' future seasons nor the fate of the picks is settled. In particular, the swap's outcome depends on future draft positions. The B+ and C+ grades are therefore provisional trade-day evaluations, not completed historical scores. Revisiting actual minutes and the eventual draft results is necessary.
Provisional Verdict
Grizzlies Edge, provisionally. Memphis earns an early B+ for Hawkins, Peavy, a future second-round pick and a second-round swap right. New Orleans is provisionally C+ because Johnson still must establish a larger NBA role and Gibson was waived. No future draft result or post-trade production is credited as if it has already happened.