The Martin Trade and the Gilliam Sale Were Separate Transactions
Basketball-Reference's Seattle, Portland and NBA transaction ledgers all list two distinct September 2, 1976 moves between the same clubs. Seattle sold the player rights to Herm Gilliam to Portland, and Portland separately traded LaRue Martin to Seattle for future considerations. Harry Glickman's Portland executive record and Bill Russell's Seattle executive record preserve the same separation. This review therefore evaluates only Martin for future considerations and does not fold Gilliam into the exchange.
The Future Consideration Was Conditional on Martin Making the Team
The standard Basketball-Reference ledgers do not identify the future consideration by round, but an archival Portland account of a September 3 report quotes Russell clarifying that Seattle had not traded a first-round pick. Russell said the consideration would be a 1977 draft pick and that it was conditional on Martin making Seattle's opening-day roster. That detail resolves the legacy "not exercised" note: the draft asset existed only if the roster condition was satisfied.
Seattle Waived Martin Before the Regular Season
RealGM records Seattle acquiring Martin on September 2, placing him on waivers on October 12 and Martin becoming a free agent on October 14. Basketball-Reference's career page lists four NBA seasons, all with Portland, ending in 1975-76. Martin therefore produced zero regular-season games, minutes or points for Seattle. The SuperSonics took a low-cost look at a former No. 1 overall pick, but the basketball return from the transaction was zero.
Portland's Return Also Finished at Zero
Because Martin did not make Seattle's opening-day roster, the conditional 1977 pick never became an exercised Portland asset. No draft selection or player outcome should be assigned to the Trail Blazers from this transaction. Herm Gilliam did appear in 18 games for Portland in 1976-77, but that value came from the separate same-day rights sale and cannot be used to improve Portland's grade on the Martin deal.
Final Verdict
Even Trade, D/D. Seattle receives a D because Martin never played a regular-season game for the SuperSonics and was waived before opening day. Portland also receives a D because the conditional 1977 draft consideration did not trigger, leaving the Trail Blazers with no realized asset from this specific exchange. The transaction was inexpensive for Seattle and allowed Portland to move on from Martin, so neither side warrants an F, but neither side generated measurable on-court or draft value from the deal itself. Confidence is high on the transaction, the separate Gilliam sale, Martin's waiver and the zero-game outcome; the exact round of the conditional 1977 pick remains unspecified.