There has only been one in-season trade so far in the 2025-26 season, but with the NBA trade deadline on Feb. 5 now just nine days away, a surge in activity is surely on the horizon.
Giannis Antetokounmpo’s uncertain status is holding everything up, but even teams with designs on landing the All-NBA forward still have to eventually take care of business with this season in mind. It might take until right before the deadline for teams to start shifting focus away from Antetokounmpo and make trades to bolster their roster for this season. While the trades themselves might not happen until the deadline itself, the conversations to explore what’s available and begin structuring the framework of potential deals are already happening.
Two fascinating teams going into the trade deadline also happen to be two of the league’s most notable brands. The New York Knicks and Los Angeles Lakers are both firmly in the playoff mix in their respective conferences, with nearly identical records — 27-18 for New York and 28-17 for L.A. — but both displayed some fatal flaws and appear to be solidly in the tier below the true championship contenders as currently constructed.
For two franchises desperate to get into the title picture, that usually means some activity at the deadline, but they also have a long-term vision to consider. Those two teams are the focus of the most notable NBA rumors and rumblings on Tuesday, offering some idea into what we may see from them over the next nine days.
Knicks interested in Jrue Holiday, downplaying desire to trade Karl-Anthony Towns
The Knicks reportedly made calls to the Portland Trail Blazers to explore what a potential deal would look like to bring two-time NBA champion Jrue Holiday to New York, per Marc Stein. Holiday won titles in Milwaukee and Boston before being shipped off to Portland this summer for Anfernee Simons, and he remains a coveted veteran for contenders.
The Knicks would view adding Holiday as a positive both for their ability to compete for a title this year, viewing him as an ideal backcourt complement to Jalen Brunson because of his defensive abilities, and also a helpful addition to wooing Antetokounmpo, with whom Holiday won his first title.
However, Knicks also stated their desire to give this group a chance to go through a full season and playoff run before making any major changes. James Dolan said at the beginning of the month he didn’t see the Knicks “making a big change” and highlighted how much he loved the vibes in the locker room. That was before their recent swoon, of course, but it does bring into question whether New York will be willing to meet Portland’s price on Holiday.
Somewhat related, Stein also reports the Knicks “downplayed” the availability of Karl-Anthony Towns in trade talks, but rival teams view the All-Star center as still being gettable for the right price. Towns figures to be the centerpiece of any Giannis trade and the Knicks took a major swing to land him prior to the 2024-25 season. That said, Towns has drawn the ire of Knicks fans for some lackluster play in the middle of this season and there have been questions about how he’s fitting in Mike Brown’s system.
The problem with trading Towns is he’s not likely to yield a huge return if the Knicks were to shop him actively. That likely explains why they’re downplaying his availability on the market, as the best possible deal is going to come from a team that feels more desperate to acquire a stretch big of Towns’ caliber, not by shopping him from team-to-team.
Lakers canvassing the league to see what their options are
The Lakers were long the “boy who cried wolf” of trade rumors, with the franchise constantly attached to stars during the LeBron James era, but after the disaster of the Russell Westbrook trade, they became a bit gun shy of taking swings at the behest of their star. Last year marked the Lakers’ return to making splashy moves with the biggest trade in recent memory, when they landed Luka Dončić from the Mavericks.
Now, one wonders if the Lakers are back to being aggressive with their assets to maximize their chances to contend immediately, or if the uncertainty of this summer with so many free agents will keep them from making major moves. Those are the debates within the Lakers organization, but at the very least GM Rob Pelinka is exploring potential options ahead of the deadline — particularly seeing if the Lakers can turn one of their future first round picks in 2031 or 2032 into multiple firsts, according to ESPN.
Adding multiple firsts would give them some more flexibility in trade talks alongside their expiring contracts like Rui Hachimura, Gabe Vincent and Maxi Kleber. The biggest area of need for the Lakers remains at center, where Deandre Ayton fell out of favor with JJ Redick. Finding a long-term answer at center will be the top priority for the Lakers this summer, but whether they can find that player in the next week is less certain.
Rockets not interested in trading Tari Eason
The Houston Rockets are going to have some difficult decisions to make financially, as their young, talented roster is going to get progressively more expensive to keep intact. Amen Thompson is next up for a massive extension in Houston. Might make the Rockets willing to listen to offers for Tari Eason? Eason hits restricted free agency this summer.
However, per Stein, the Rockets made it clear to hopeful suitors that Eason isn’t on the market at the deadline. Houston is fourth in the West and views itself as a contender, so they seem focused on keeping their team as strong as possible for this year’s playoff run and will leave the tough decisions on contracts for this summer.
While teams rarely extend offer sheets to restricted free agents anymore, Eason might be the exception. He won’t command a max deal, but his value as a strong three-and-D wing may intrigue other teams to see if they can’t make Houston balk at a big offer sheet with other players to take care of. That’s a bridge the Rockets will cross this summer, but for now they know Eason’s value to this team and that it’d be hard to replace him in a trade with someone that helps them more.
