Knicks 2026 NBA trade deadline grade after 2 deals

The The New York Knicks have entered the 2026 NBA trade deadline with the ultimate goal of adding a backup point guard, and addressed that need with an acquisition Jose Alvarado from the New Orleans Pelicans. It was a low-key but productive day for the Eastern Conference hopefuls as they prepare to challenge for the title.

While the Knicks have been active on the market lately, their moves tend to come early in the season rather than at the deadline. New York acquired OG Anunoby and Karl-Anthony Towns early in the 2023-2024 and 2024-2025 seasons, while adding Mychal Bridges during the 2024 offseason.

However, the Knicks found themselves in a unique situation at the end of the 2025-2026 season. New York lost backup point guard Myles McBride on a sports hernia, giving her a clear need to add backfield depth for the final stretch. McBride went down while averaging a career-high 12.9 points per game, making him the team’s fifth leading scorer.

McBride is expected to return for the playoffs, but the 34-19 Knicks are tied with the Boston Celtics for the No. 2 seed in the Eastern Conference. New York has a chance to catch the conference-leading Detroit Pistons, but its main goal is to hold off the Celtics for the No. 2 seed.

Forced into uncharted territory in a do-or-die season, Leon Rose made a pair of moves at the 2026 NBA trade deadline that could have saved the Knicks’ season.

Knicks trade deadline recap

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

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

However, that move turned out to be the first part for the Knicks, who flipped Terry just hours later. The team’s second move sent Terry to the Pelicans for 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 to the Pelicans for Alvarado. New Orleans later waived Terry a few hours after the deadline.

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

The Knicks’ 2026 NBA trade deadline

Myles McBride and Jose Alvarado are functionally different players, proving that the Knicks’ goal wasn’t just to replace their injured guard. New York’s only goal was to add a quality running back to provide depth in the backfield in place of McBride, and they found an excellent one in Alvarado at a great value.

With Alvarado in their rotation, the Knicks now have another elite perimeter defender to give Mike Brown a secondary ball handler to spell Jalen Brunson. Alvarado is not the same shooter as McBride, but he shot a 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 lanky 27-year-old wasted no time settling into his debut, recording 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 isn’t a name that will make national headlines, but he fits exactly what the Knicks needed in their quest for a championship. New York is likely to release Terry at the deadline anyway, making the trade a clear win for the ‘Boxers at the deadline.

Grade: A