Sources told ESPN's Adrian Wojnarowski that the New Orleans Pelicans have reached an agreement to trade Steven Adams, Eric Bledsoe, and two future first-round draft picks, including the 10th pick in Thursday's NBA Draft, to the Memphis Grizzlies for center Jonas Valanciunas, and the 17th overall selection.Sources say that the Pelicans will include the Los Angeles Lakers 2022 first-round pick, which is protected to 10, in the trade to provide significant financial flexibility and free agency. Sources say that Memphis (51) and New Orleans (44) are also exchanging second round picks in Thursday’s draft.The deal places the Grizzlies at No. 10 in the lottery. The deal gives the Grizzlies 10 draft picks in 2021 and adds another important piece to their already playoff-tested young players. Memphis could be home to three first-round picks by 2022, with protected picks through the Utah Jazz or the Lakers.New Orleans has the salary-cap space now to match an offer sheet for restricted-free-agent guard Lonzo Ball, or pursue unrestricted free agent point guards in the marketplace, including veteran All-Star Kyle Lowry. Josh Hart, a restricted-free agent, is also being resigned by the Pelicans.If Hart and Ball were to leave, the Pelicans could be left with $36 million in salary-cap room. If Ball were to leave, the room would be reduced to $25 million. Hart, however, would remain.Bobby Marks of ESPN noted that due to the high salaries involved (14 million for Valanciunas; $17.1 million for Adams; $18.1 million per Bledsoe) the trade could not be completed until August 6, when free agency starts.Bledsoe was brought in by the Pelicans last offseason as part of the trade that saw Jrue Holiday traded to the Milwaukee Bucks. New Orleans signed Adams shortly thereafter to a $35 million, two-year extension.Bledsoe was coming off two back-to-back All Defensive team nominations in Milwaukee. He had a disappointing year as he was asked for a new role in the Pelicans offense. His lowest shooting percentage (.421) was his worst season and his lowest scoring average (11.2) since 2012-13.Adams is a more traditional big, who rarely steps out beyond the arc. Adams also saw a decline in his production after four seasons of double-digit scoring. Adams averaged 8.9 rebounds per contest, but shot a career-worst 44% from the foul line.Although Valanciunas isn't a floor spacer, he did shoot 21-of 57 from deep (36.2%) last season with Memphis.He is also coming off his best season, averaging 17.1 points per game and 12.5 rebounds per match while shooting a career-best 59% in just 28.3 minutes per night.Valanciunas was third in league rebounding and second in offensive scoring per game (4.1), two spots behind Adams. He also finished third in the league for double-doubles (49), just behind Russell Westbrook and Nikola Jokic.Bledsoe still has two years on his current contract, which is $18.1 million in 2021-22, and $19.4million the next season. However only $3.9 of this amount is guaranteed. The full amount will trigger on June 30, 2022. Adams owes $17.9million in 2022-223. Valanciunas will receive $14 million this season, and $14 million in the next year.Memphis traded both its draft picks this year, but the Pelicans still have four picks in the second round because they still have No. 35, No. 43 and No. 53 to go with the pick they traded with the Grizzlies.
