Knicks 2026 NBA trade deadline grade after 2 deals

The Knicks made two moves on trade deadline day, but it was really just one long transaction. Rose began the day with a small move, sending reserve forward Guerschon Yabusele to the Chicago Bulls for Dalen Terry.

The move seemed insignificant in the moment for both teams. Yabusele only averaged 2.7 points and 1.5 rebounds in 8.9 minutes off the bench for New York, while Terry posted slightly better numbers, averaging 3.5 points in 11.1 minutes. If anything, Terry is the slightly better player, given his 41.3 percent three-point accuracy in his fourth season with the Bulls.

However, the move turned out to be part one for the Knicks, who flipped Terry just hours later. The team’s second move sent Terry to the Pelicans for fan-favorite backup point guard Jose Alvarado. The second trade gave New York the player it wanted all along.

The Knicks also sent two second-round picks and cash considerations to the Pelicans for Alvarado. New Orleans subsequently waived Terry hours after the deadline.

Alvarado joins the Knicks averaging 7.9 points, 2.8 rebounds, 3.1 assists and 0.9 steals in 41 games for the Pelicans. His numbers are slightly down from a career year in 2024-2025, during which he averaged 10.3 points, 4.6 assists and 1.3 steals per game.

Knicks’ 2026 NBA trade deadline grade

Miles McBride and Jose Alvarado are functionally different players, which proves the Knicks’ goal was not simply to replace their injured guard. New York’s sole goal was to add a quality guard to provide backcourt depth in McBride’s stead, and it found an excellent one in Alvarado at great value.

With Alvarado in their rotation, the Knicks now have another elite perimeter defender who gives Mike Brown a secondary ballhandler to spell Jalen Brunson. Alvarado is not the same shooter as McBride, but he was shooting a career-high 36.3 percent from three-point range with the Pelicans before the trade. Alvarado is also a better playmaker, both in half-court sets and in transition.

The scrappy 27-year-old wasted no time getting settled in his debut, notching 12 points, two rebounds, two assists, two steals and a block in 25 minutes off the bench. His presence cut into the playing time of Jordan Clarkson and Tyler Kolek, who combined for just 12 minutes.

Alvarado is not a name that will make national headlines, but he fits exactly what the Knicks needed amid their championship pursuit. New York was likely going to release Terry after the deadline anyway, making the trade a clear win for the ‘Bockers at the deadline.

Grade: A