CapmathThe NBA Cap Ledger
Vol. XI · 2026-27 · Computed live
Vol. XI · 2026-27 · Computed live
New Orleans Pelicans · Salary cap report
Pelicans are $31.7M over the cap on payroll.
New Orleans Pelicans payroll for the 2026-27 season is $196.7M against a $165.0M salary cap.
Payroll, the salaries actually on the books plus dead money, is $196.7M. Counting cap holds for their own free agents, the Pelicans' cap number rises to $205.4M, which is why there is no usable cap space until those holds come off the books. Renouncing every free-agent hold would open -$31.7M of room and give up Bird rights.
Run Pelicans' offseason yourself→Under the tax on payroll
What the numbers mean
Payroll$196.7M
The salaries actually committed to players right now.
Counts against the cap$205.4M
What the league counts: payroll plus free-agent hold placeholders.
Luxury tax lineUNDERby $3.8M
Cross it and the team pays a penalty on every dollar over.
First apron lineUNDERby $5.4M
A stricter line. Over it, the bigger roster tools freeze. The apron figure counts $6.9M in unlikely bonuses on top of payroll: incentive money a player probably won't earn, which counts against the aprons but not the cap or tax.
Where the Pelicans land · payroll against the cap lines
Cap$165.0MTax$200.4MApron 1$209.0MApron 2$221.7M
The solid bar is real payroll. The hatched extension is a free-agent hold crossing the cap line. Renounce it and the room clears.
The apron math · what counts toward the aprons
Payroll (contracts, dead money, drafted rookies)$196.7M
Unlikely bonuses+$6.9M
Apron figure$203.6M
First apron $209.0MUNDERby $5.4M
Second apron $221.7MUNDERby $18.1M
Free-agent cap holds never count toward the aprons. Only payroll (with drafted rookies booked as signed) and unlikely bonuses, incentive money a player probably won't earn, do.
The books
2026-27 focused
| Player | Pos | 2026-27 | 2027-28 | 2028-29 |
|---|---|---|---|---|
| Signed contracts | ||||
| Zion Williamson | F | $42.2M | $44.9M | – |
| Jordan Poole | G | $34.0M | – | – |
| Dejounte Murray | G | $32.8M | PO$30.8M | – |
| Trey Murphy III | F | $27.0M | $29.0M | $31.0M |
| Herbert Jones | F | $14.9M | PO$20.9M | $22.5M |
| Jeremiah Fears | G | $7.9M | TO$8.3M | TO$10.5M |
| Bennedict Mathurin | G | $7.5M | PO$7.9M | – |
| Saddiq Bey | F | $6.6M | $20.1M | $18.5M |
| Derik Queen | C | $5.4M | TO$5.7M | TO$8.1M |
| DeAndre Jordan | C | $3.9M | $4.1M | – |
| Yves Missi | C | TO$3.5M | TO$5.6M | – |
| AJ Johnson | G | TO$3.2M | TO$5.5M | – |
| Trendon Watford | F | $2.9M | – | – |
| Bryce McGowens | G | $2.6M | TO$2.9M | – |
| Karlo Matkovic | F | TO$2.3M | – | – |
| Signed subtotal | $196.7M | $185.5M | $90.6M | |
| Payroll | $196.7M | $185.5M | $90.6M | |
| Cap holds · placeholders, not paid | ||||
| Julian ReeseMIN HOLD | F | $2.2M | – | – |
| Jaron Pierre Jr.MIN HOLD | F | $2.2M | – | – |
| Malik DiaMIN HOLD | F | $2.2M | – | – |
| Jalon MooreMIN HOLD | F | $2.2M | – | – |
| Bennedict MathurinEARLY BIRD | G | – | – | $10.2M |
| AJ JohnsonBIRD 300% | G | – | – | $16.5M |
| Jordan PooleBIRD 150% | G | – | $51.1M | – |
| Dejounte MurrayBIRD 150% | G | – | – | $46.1M |
| Zion WilliamsonBIRD 150% | F | – | – | $56.7M |
| Derik QueenBIRD 300% | C | – | – | – |
| Trey Murphy IIIBIRD 150% | F | – | – | – |
| Bryce McGowensNON-BIRD | G | – | – | $3.5M |
| DeAndre JordanEARLY BIRD | C | – | – | $5.3M |
| Jeremiah FearsBIRD 300% | G | – | – | – |
| Karlo MatkovicBIRD 300% | F | – | $6.9M | – |
| Yves MissiBIRD 300% | C | – | – | $16.8M |
| Counts against the cap | $205.4M | $243.5M | $245.8M | |
What they can add
Non-Taxpayer MLEup to $15.0M
The full mid-level signing slot for adding an outside free agent. Using it locks their spending at the first apron for the rest of the season.
Bi-Annual Exceptionup to $5.4M
A smaller signing slot, usable every other year. Using it also locks their spending at the first apron.
Bird rightsLets them re-sign their own free agents for more than other teams can offer, up to the max.
Trade exceptions
Trade exception · from the Jose Alvarado tradeup to $4.5M
Absorbs one incoming contract up to this amount with no salary matching. Expires Feb 5, 2027.
A trade exception is a credit from an earlier trade, not money on the books, so it does not count toward the cap, tax, or apron. On file as of Oct 30, 2026; may not be complete.
Decisions ahead
Option calls before 2027-28
Dejounte Murray $30.8M player option, Herbert Jones $20.9M player option, Jeremiah Fears $8.3M team option, Bennedict Mathurin $7.9M player option, Derik Queen $5.7M team option, Yves Missi $5.6M team option, AJ Johnson $5.5M team option, Bryce McGowens $2.9M team option.
Expiring after 2026-27
Jordan Poole $34.0M, Trendon Watford $2.9M, Karlo Matkovic $2.3M come off the books.
Front office
Run the Pelicans offseason
Take these exact books into the GM Machine and re-sign, sign, waive, stretch, and draft, with every cap rule checked and explained as you go.
Draft picks through 2033
The Pelicans control 7 first-round and 8 second-round picks, 3 carrying swap rights.
2026
2026 2nd (via DET) · No. 58
Detroit's own second conveyed to New Orleans at pick 58, routed via New York, Brooklyn, Phoenix, Orlando, and the Clippers. Tied to the February 2026 Jose Alvarado trade.
Their own 1st, owed to ATL · No. 8
New Orleans's own first conveyed to Atlanta, landing at pick 8, as the more favorable of the New Orleans and Milwaukee 2026 firsts. From the June 2025 Derik Queen deal.
Their own 2nd, owed to CHI · No. 38
New Orleans's own second conveyed to Chicago at pick 38, routed via Boston, Detroit, and Portland.
2027
2027 1st (own, swap rights attached)Stepien-locked
New Orleans keeps the more favorable of the New Orleans and Milwaukee 2027 firsts, top-4 protected; the less favorable lands on Milwaukee's slot and goes to Atlanta.
2027 2nd (via HOU)
Houston's own second sits in the OKC, HOU, IND, MIA 2027 pool: Philadelphia takes the most favorable, New Orleans the second, New York the third, San Antonio the more favorable of its own or the least of the four, and Miami the least of five. Houston does not keep it; Oklahoma City is only a routing conduit.
2027 2nd (via IND)
Indiana's own second sits in the OKC, HOU, IND, MIA 2027 pool: Philadelphia takes the most favorable, New Orleans the second, New York the third, San Antonio the more favorable of its own or the least of the four, and Miami the least of five. Indiana does not keep it; it routes via Oklahoma City to Philadelphia.
Their own 2nd, owed to CHA
Charlotte holds the more favorable of the New Orleans and Portland 2027 seconds, no protections, tied to the February 2023 Josh Richardson trade chain.
2028
2028 1st (own)
Their own 2nd, owed to SAS
Unprotected second owed to San Antonio, February 2023 Josh Richardson trade.
2029
2029 1st (own)
Their own 2nd, owed to SAS
Unprotected second owed to San Antonio, February 2023 Josh Richardson trade.
2030
2030 1st (own)
2030 2nd (own, swap rights attached)
ORL holds swap rights from the June 2024 Antonio Reeves draft-night trade.
2031
2031 1st (own)
2031 2nd (own, swap rights attached)
ORL holds swap rights from the June 2024 Antonio Reeves draft-night trade, with OKC the ultimate recipient of the less favorable of the ORL and NOP seconds.
2031 2nd (via TOR)
Owed to New Orleans in the February 2025 Brandon Ingram acquisition.
2032
2032 1st (own)
2032 2nd (own)
2033
2033 1st (own)
2033 2nd (own)
Protections and swap conditions in plain English. Full story on the Pelicans draft picks page.
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