According to ESPN's Shams Charania, the New Orleans Pelicans are trading guard Jose Alvarado to the New York Knicks for Dalen Terry, two second-round picks, and cash.
On paper, this trade doesn't really impact Indiana much, outside of it strengthening one of its biggest rivals. However, back in November, The Stein Line's Jake Fischer reported that the Pacers had interest in the New York native.
Pacers reportedly had interest in Jose Alvarado in November
Alvarado was gradually seeing his role reduced due to the emergence of rookie Jeremiah Fears, and the Pelicans may have felt more inclined to trade him because of his $4.5 player option for next season.
At the time, I was a fan of the idea of the Pacers trading for Alvarado. He finished sixth in Sixth Man of the Year voting just two seasons ago, and he has built a reputation for being an incredibly pesky and energetic defender (And yes, he can shoot).
Not only did I think the 27-year-old would have been a solid fit in Indiana on paper, but I thought he also would have addressed a big need, considering that the team needed (and probably still needs) a third point guard. And given that his role was diminishing in New Orleans and the fact that he's on a cheap contract, it probably would have been pretty easy for them to land him.
Ultimately, nothing happened after Fischer's report. And now, Alvarado is headed back home to help the Knicks, who share the No. 2 seed in the East with the Boston Celtics, potentially compete for a championship.
Alvarado is a solid addition for the Knicks. He provides a lot of value on both sides of the ball, and he should be a good backup to Jalen Brunson. This is especially true given the latest injury update on Deuce McBride, who could be out for the rest of the regular season (h/t Fred Katz of The Athletic). But most importantly, it's the energy that he brings that will make him stand out in New York.
As for the Pacers, I doubt they're kicking themselves for not acquiring Alvarado. But another playoff series against their big-time rivals could be on the horizon as soon as next year. Hopefully for them, their lack of a trade in this instance won't come back to bite them when the lights are brighter.