Golden State’s Front Office Stands at a Crossroads: Will Trey Murphy III Become the Missing Piece—And Will Brandin Podziemski Be the Toll?

When the Warriors bowed out of the 2024‑25 playoffs—falling shy of Stephen Curry’s quest for a fifth ring—the organization promised to “explore every bold option.” Barely two weeks into June, one rumor has leapt to the front of that queue: Golden State is exploring trade avenues for New Orleans Pelicans wing Trey Murphy III, the 6‑foot‑9 marksman fresh off a four‑year, $112 million extension.

Murphy, still just 25, checks nearly every box the Warriors have been scrambling to fill since the dynasty’s first glow faded. He shoots north of 40 percent from deep on high volume, can credibly defend positions 2‑through‑4, and—crucially—doesn’t need the ball to warp a defense; one well‑timed relocation and Curry suddenly has a release valve that detonates weak‑side help. “Murphy’s off‑ball gravity would fit like a glove in Steve Kerr’s read‑and‑react scheme,” Bleacher Report’s Grant Hughes wrote this week, tagging him the Warriors’ “most ambitious but attainable” target of the off‑season.

At first glance, flipping a young, rising wing on a team‑friendly extension feels illogical for the Pelicans, yet context matters. Zion Williamson’s max deal, Brandon Ingram’s looming contract year, an early extension for Herb Jones, and sizeable commitments to CJ McCollum and Jonas Valančiūnas have pushed New Orleans to a payroll fork in the road. League insiders believe executive vice president David Griffin is gauging the market on multiple rotation players to preserve future cap flexibility—especially if the club tilts toward a partial rebuild around Zion.

Pelicans scouts, sources say, are enamored with Brandin Podziemski’s feel and rapidly evolving play‑making chops. The 2023 No. 19 pick rewrote the Warriors’ development timeline last year, carving out a nightly role by crashing the glass like a small forward and threading slick pocket passes out of split‑action sets. His contract is a bargain: $3.7 million for 2025‑26 with a $5.7 million team option the following season.

If Griffin is going to relinquish a starter‑caliber wing under team control until 2029, he’ll want an asset who can blossom on a cost‑controlled deal—and Podziemski fits that description better than any young Warrior not named Jonathan Kuminga.

Yet that’s precisely what makes the scenario so unsettling for Dub Nation. Podziemski was drafted to be the connective‑tissue guard who would help bridge the Curry era to whatever comes next; shipping him out now would signal a full‑throttle commitment to a “championship or bust” two‑year sprint.

Golden State’s books are already swollen. Curry earns $55 million next season. Draymond Green and Andrew Wiggins combine for roughly $52 million. And if the recently reported pursuit of Jimmy Butler gains traction—reports have Golden State “monitoring Butler’s availability” as Heat ownership hesitates on a max extension—the Warriors could be dancing on the very edge of the punitive second apron.

Adding Murphy’s $26‑million average annual value forces hard choices: Wiggins’ contract would almost certainly go out in the same deal, or in a parallel move, simply to satisfy salary‑matching rules and dodge the harshest Collective Bargaining Agreement penalties.

Even then, CBA restrictions on second‑apron teams—squashing mid‑level exceptions, limiting aggregated salaries in trades, freezing future draft flexibility—mean the Warriors can’t afford another mis‑step. “They have to be right,” one Western Conference executive told Sports Illustrated, “because there’s no path to undo a mistake once you’re above the apron.”

Strictly on the court, the case is compelling. Pair Murphy with Curry in two‑man off‑ball actions, flank them with Butler’s bruising drives (should that acquisition also materialize), and Steve Kerr would regain the dual‑wing play‑making he’s missed since Andre Iguodala and Shaun Livingston aged out. Spread‑pick‑and‑rolls featuring Curry and Butler could feast on switches, while Murphy spot‑ups from 28 feet punish every scram attempt. Defensively, a Murphy‑Butler‑Kuminga trio would cover for Curry’s point‑of‑attack burden and allow Kerr to gamble again with his switching schemes.

But where does that leave the timeline hedge Golden State has nurtured since 2020? The franchise spent three drafts stockpiling youth—James Wiseman, Kuminga, Moses Moody, and Podziemski—to soften the post‑Curry landing. Wiseman is already gone; Moody’s role oscillates; Kuminga finally popped but remains extension‑eligible this summer. Moving Podziemski would erode that safety net, effectively wagering the entire future on Curry’s age‑37 to age‑39 seasons.

One theoretical compromise is a three‑team structure in which Golden State ships Wiggins and draft capital, while a third club sends New Orleans the rangy perimeter defender Griffin covets. Yet rival executives predict the Pelicans will insist on at least one blue‑chip prospect plus a first‑rounder; they can always keep Murphy and reassess at the 2026 trade deadline when Ingram’s free agency looms.

History tells us contending windows slam shut abruptly. Curry remains an All‑NBA force, but Father Time has never lost a series; Draymond and Butler (if acquired) both ride the wrong side of 35. The Warriors’ dynasty brand was built on asymmetrical shooting advantages and switch‑everywhere lineups—the very qualities Murphy augments. If the front office believes he is the difference between a plucky playoff team and an actual favorite, sentimentality over Podziemski’s upside may prove a luxury they cannot afford.

Conversely, mortgaging the lone rookie‑scale creator in the pipeline means trusting that Curry’s ankles stay sturdy, that Butler’s two‑way engine roars through 82 games, and that Murphy’s leap from 16‑point scorer to borderline All‑Star is real. Miss on any variable and Golden State could echo Brooklyn’s infamous 2013 gamble: expensive, aging, asset‑drained, and staring into a half‑decade rebuild.

General manager Mike Dunleavy Jr. has preached “relentless optionality,” but optionality fades the closer a team creeps to the second apron. By July’s moratorium, the Warriors must decide: double‑down on a furious two‑year chase with Trey Murphy III as their oxygen‑mask wing, or keep Podziemski, eat the growing pains, and hope their two‑track plan yields one more banner down the line.