The Toronto Raptors are reportedly in the mix to add more homegrown talent on the wing prior to the NBA’s 3 p.m. ET trade deadline on Thursday. And given the lack of alternatives presented by the league’s new apron restrictions, another star-for-star swap isn’t out of the question.
Could one of these potential upcoming trades top Sunday’s earth-shattering moves?
No. Of course not. The Dallas Mavericks and Los Angeles Lakers sent a shockwave through the basketball world, leaving fans, media, team staff, and players alike in utter disbelief. It was the biggest trade in NBA history.
And the pairing of Fox with burgeoning mega-star Victor Wembanyama is sure to strike fear into the hearts of Western Conference playoff opponents for years to come.
But myriad former All-Stars that have been reported as available remain on the board, including Jimmy Butler, Brandon Ingram, Nikola Vucevic, and Andrew Wiggins, along with other enticing names like Cam Johnson and Anfernee Simons.
The Raptors are also yet to leverage their optionality in this year’s trade market. Toronto’s three expiring contracts of varying size and over $10 million in space below the tax line put them in a strong position to either take on salary for assets, or make a larger deal work amid the restrictive trade environment.
A potential homecoming for Wiggins
Initial reports by both Doug Smith of the Toronto Star and NBA Insider Jake Fischer that the Raptors are eager to get involved as a facilitator in a larger trade — ahem, Jimmy Butler — date back two weeks. This idea has only continued to gain momentum.
Toronto’s Bruce Brown ($23 million), Chris Boucher ($10.8 million), and Davion Mitchell ($6.5 million) are all on expiring contracts. Kelly Olynyk has one year left after this season but has also been mentioned in reports by NBA insider Marc Stein as a “trade-friendly contract.” Because of this, Stein called the Raptors a linchpin of the upcoming deadline.
But as time has passed, the Heat’s difficulty finding a deal for Butler and the continually deteriorating relationship between him and the team has caused Miami to lower Butler’s price tag, according to another report from Slater and Thompson.
The Warriors are also 7-8 since the initial report. They have a 24-24 record, are in 11th place in a competitive Western Conference and the last vestiges of their championship core in Stephen Curry and Draymond Green aren’t getting any younger. According to Slater and Thompson Golden State’s middling season has upped the desperation for a “shake up,” with a “noticeable increase in intrigue from the (Warriors) front office about the idea of getting Butler at a bargain.” It’s hard to see Golden State being able to make this kind of move without including Wiggins’ $26.2 million cap figure to match salaries.
In this scenario, the Raptors would be eager to slot in as the third or fourth team in a deal that sends Butler to San Francisco. Stein reported that in such a trade, there is a “strong expectation” that the Raptors would try to acquire Wiggins. After bringing home two players with roots in the Greater Toronto Area — Olynyk and RJ Barrett — at last year’s deadline, Toronto could continue the trend by adding the “Maple Jordan.”
Before we get too excited at the prospect of another Canadian coming north, a conflicting report from ESPN’s Brian Windhorst did signal that trade talks to send Butler to Golden State have ended for now. Yet, these kinds of discussions are often fluid. Given the urgency of the Warriors’ situation and that their other wing option in Zach LaVine has just been dealt to the Sacramento Kings, it is possible their motivation will increase.
As an additional kicker, Miami has also shown interest in Brown, according to Fischer, whose salary would have to be included regardless for the move to make sense for the Raptors. An important contributor to the Denver Nuggets’ 2022-23 title run, Brown also played his collegiate basketball for the nearby Miami Hurricanes. The Heat are reluctant to take on any salaries that extend past the 2025-26 season, according to multiple reports, including Stein’s. This possibly rules out Wiggins for Miami, whose deal includes a $30.1 million player option for 2026-27.
You don’t have to squint to see how the Toronto-born wing would fit on the Raptors. While their defence has performed an about-face as of late — they’ve posted the league’s best defensive rating over the past 10 games (105.7) after ranking 28th (117.8) through the first 39 games of the season — it is still incomplete. Both Barrett and Gradey Dick are below-average wing defenders with relatively low ceilings there. Wiggins’ strength and length on the ball, particularly against larger wing players, would be a significant boon to the Raptors’ defence.
And as one of the NBA’s lowest volume and least efficient three-point shooting teams, the Raptors would certainly benefit from Wiggins’ outside shot. He is shooting 38.3 per cent on 5.8 attempts per game this season. If you stretch the three-point shooting sample out beyond where it’s known to normalize (750 attempts) he’s shooting an identical 38.3 per cent over the last five seasons on 5.1 attempts.
If Wiggins were to join the Raptors, he would be the fifth Canadian on the roster including two-way guard A.J. Lawson, tying the record for most Canadians on an NBA roster that the Raptors set earlier this season when they signed forward Eugene Omoruyi to a 10-day contract. That is if trade candidates Boucher and Olynyk remain in Toronto after the deadline, a big if.
Could there be another star swap?
The prevailing themes of this trade season: Money and star-laden deals.
More specifically, how to make the money work in moves for high-salary trade candidates.
The draconian apron restrictions imposed by the NBA’s 2023 collective bargaining agreement came into full effect in 2024-25, including the most complicated trade rules in league history.
Under the NBA’s previous CBA, it’s possible, even likely, that a Butler deal would have been done already. However, two of the disgruntled star’s reported primary suitors — the Phoenix Suns and Milwaukee Bucks — are unable to aggregate multiple players to match salaries due to their status as second-apron teams.
The shocking star-for-star exchanges we have seen thus far can at least be partially attributed to the association’s tighter rules around the amount of salary teams can send and receive in trades. It’s easier to make the math work when there are stars with big contracts going both ways.
The latest example is an alternative to the Heat-Warriors-Raptors framework laid out above: A potential Butler-Ingram trade.
The New Orleans Pelicans have registered interest in Butler, who is serving an indefinite suspension while the Heat attempt to trade him, Stein reported Friday. The Pelicans’ offer would be built around Ingram’s $36 million expiring contract. According the Stein’s report, New Orleans decided to approach Miami about a deal themselves after first being involved in proposals where the contract was used to help facilitate Butler’s Miami exit.
No matter what happens, the Pelicans will be motivated to get under the luxury tax threshold prior to Thursday’s cut off. That means they would need to send out additional player’s salaries in the deal, or make subsequent moves. New Orleans has never been a luxury tax payor in franchise history.
The Heat are intent on getting the best deal possible for Butler, resolving the drawn-out saga. The 35-year-old’s preferred destination is still in the desert, however.
“Around the league, it’s become increasingly clear that where he would want to be long term and stay long term and commit long term, that’s the Phoenix Suns from everything I’m told,” Shams Charania said on ESPN’s Sunday evening edition of SportsCenter. However, that would require another star swap that is apparently far less likely.
There has been no change in Bradley Beal’s status. He and his agent Mark Bartelstein have repeatedly stated that Beal is unwilling to waive his no trade clause and is determined to stay in Phoenix, according to multiple reports. Miami also reportedly has no interest in the three-time All-Star, who would therefore have to be shipped to a third team in a trade. Beal has given the Heat and Suns a frustrating catch-22, as his $50.2 million cap hit would have to be outbound in a trade in order for the two mutually interested parties to unite.
The reports of the Suns needing to either include Beal or use a multi-team framework in order to trade for Butler is the best example of what second apron teams are facing this deadline.
• It wouldn’t be the NBA trade deadline without a Myles Turner to the Lakers rumour. Brett Siegel and Anthony Irwin of Clutch Points reported that the longtime Indiana Pacers centre may finally move this time considering he is on an expiring contract and the Pacers are facing a potential cap crunch given the money they’ve committed to Pascal Siakam, Tyrese Haliburton and Andrew Nembard.
Yet a report from Stein states that while the Pacers are receiving interest in Turner, they do not want to trade the six-foot-11 big man amid a strong stretch that saw Indiana post the league’s best record (10-2) in January. Stein continued that the Pacers would need a return that includes a starting-level centre to “even consider the notion.” Turner is one of the few centres in the league considered to be a genuine stretch big that can also protect the rim.
Indiana will need to open up space if they are going to sign Turner and remain under the tax. Considering this, Stein also reported that there is an expectation around that league that the Pacers might make some of their wing depth available. Canadian Bennedict Mathurin is still being monitored by teams around in this context.
• Speaking of the Pacers, they are among a list of teams including the Kings, Cleveland Cavaliers, and Memphis Grizzlies reported by both Fischer and Siegel to have interest in Brooklyn Nets wing Cam Johnson. We previously touched on Johnson as an obvious trade candidate considering he easily fits any team, his value has never been higher, and he is on the rebuilding Nets. Fischer went so far as to say that “trade chatter will continue to circulate until Brooklyn actually trades the sharpshooting swingman.” Johnson is averaging 19.4 points while shooting 41.9 per cent on 7.6 three-point attempts per game — all career highs.
• While they have been playing some good basketball as of late, the 20-29 Portland Trail Blazers are in a prime position to sell. They have a surplus of big men in DeAndre Ayton, Robert Williams III, and Donovan Clingan, the latter of which is the franchise’s future starting centre. The first two both have the potential to be dealt, according to Siegel. The report also indicates former first option Jerami Grant as an “under-the-radar type of player to keep an eye on ahead of the trade deadline,” and high-scoring guard Anfernee Simons as a player “the organization is not opposed to hearing offers for.”
