Stein’s Latest: Butler, Morant, Sixers, Mavericks
The Warriors will reportedly consider all their options leading up to the February 5 trade deadline, but it’s unlikely that they’ll include Jimmy Butler in an in-season trade after he suffered a season-ending ACL tear, Marc Stein writes for The Stein Line (Substack link). General manager Mike Dunleavy Jr. said as much on Tuesday, and that wasn’t just posturing, according to Stein.
As Stein explains, while the Warriors went that route with De’Anthony Melton last season after he tore his ACL, Melton was on a modest expiring contract, whereas moving Butler’s deal ($54.1MM this season, $56.8MM in 2026/27) would be far more complicated. Additionally, Golden State has posted a 46-22 regular season record with Butler on the court since acquiring him last season and still believe he can return and help the team before the end of the 2026/27 season.
On top of that, there’s the human element to consider, Stein notes. Dunleavy played with Butler in Chicago before his retirement as a player and has known him for more than a decade, which could make the Warriors’ GM more reluctant to part ways with the star forward in the early stages of his recovery from a serious injury.
Here are a few more rumors and notes from Stein:
- Ja Morant‘s popularity in Memphis will be a factor the Grizzlies take into account as they weigh trade scenarios involving the two-time All-Star, says Stein. In Stein’s view, the Grizzlies would have a hard time selling their fans on a return similar to the one Atlanta got for Trae Young earlier this month (CJ McCollum and Corey Kispert) and would probably need to get back more than a couple favorable veteran contracts to make a deal worthwhile. Given the limited league-wide interest in Morant so far, extracting a stronger package that includes intriguing young talent and/or draft assets will be a challenge.
- The Sixers and Mavericks are among the teams with multiple players on two-way contracts whom they want to promote to their standard roster before the end of the season, Stein writes. A league source says Philadelphia is expected to find a way to convert both Dominick Barlow and Jabari Walker, and Stein believes Dallas will seek a path to promote both Ryan Nembhard and Moussa Cisse. The 76ers currently have one open standard roster spot but are operating in tax territory, while the Mavs have a full 15-man roster and minimal flexibility below its second-apron hard cap.
- As we outlined over the weekend in a Front Office story, the Sixers are fast approaching their limit of 90 “under-15” games — a team carrying fewer than 15 players on its standard roster can only use a total of 90 active games for all of its two-way players, and Philadelphia is now at 86. That means in order to keep Barlow and Walker active beyond this Saturday, one will have to be promoted sooner rather than later, or the 76ers will have to fill their 15th roster spot with a newcomer.
Wiggins Receives Warm Welcome In Monday Return
- Veteran forward Andrew Wiggins received a warm reception from the Warriors and their fans on Monday in his first game back at Chase Center since he was traded to Miami last February as part of the Jimmy Butler blockbuster, according to Janie McCauley of The Associated Press. The team played a video tribute for Wiggins, who spent five years with the Warriors and helped them win the NBA Finals in 2022. “Wiggs is just such a great human being and beloved in our locker room. Had so much success here and helped us turn things around from that two-year stretch when we didn’t make the playoffs,” head coach Steve Kerr said. “He was just a joy to coach every single day. When you get a guy like that on your team and you go through a lot together, both on and off the court, then you make a trade, it’s just like that. It’s just crazy, this league, how this business operates. You have to just deal with it but it is sad when your relationships like that are all of a sudden — I mean you still have a relationship but you don’t see each other.”
Warriors’ Dunleavy, Kerr Discuss Butler, Kuminga
Speaking to the media prior to Tuesday’s game against Toronto, Warriors general manager Mike Dunleavy Jr. said he doesn’t expect to trade Jimmy Butler in the wake of his season-ending torn right ACL, per Anthony Slater of ESPN (Twitter video link).
“I don’t envision that, but now that you’ve brought it up, I guess I’d say what I envision for him is kind of give us a boost next year the same way he did last year when he arrived,” Dunleavy said. “And so, at some point during the (2026/27) season he’ll be returning.
“And being the player he’s been — I mean, at his age, what he’s doing this year, to have the year he’s had is impressive. I think he’s got the style of game that can play for a long time with his skill, his physicality, his mind for the game. So I guess my vision for him is him returning at some point between now and this time next year.”
Dunleavy added that he was “crushed” for Butler and it was “tough to say” how his injury will impact the decisions the front office makes ahead of the February 5 trade deadline, tweets Nick Friedell of The Athletic.
“We hate it for him but the beat goes on,” Dunleavy said.
Golden State’s top basketball executive also discussed fifth-year forward Jonathan Kuminga, who demanded a trade on Jan. 15, the first day he was eligible to be moved. Dunleavy was surprisingly transparent about Kuminga’s market value, or lack thereof.
“As far as the demand, I’m aware of that,” Dunleavy said (Twitter video link via Slater). “In terms of demands, when there’s a demand, there needs to be a demand on the market. So we’ll see how that unfolds.”
Dunleavy said he was fine with working with Kuminga or any other player who wants a change of scenery, “but we’ve got to do what’s best for our organization and that’s what we’ll do.” He added that he would take the next couple of weeks to evaluate where the team stands following Butler’s devastating injury.
“I’m disappointed it hasn’t worked out better,” Dunleavy said, per Slater (Twitter link). “But it is what it is…I know a trade has been requested. But nothing is imminent. Things in this league can change in a heartbeat, as they did last night. So he’s gotta be ready.”
Here’s more on Butler, Kuminga and the Warriors:
- Dunleavy also talked about the possibility of trading future first-round picks, Slater adds (via Twitter). “If we’re talking about trading draft picks that will be going out when Steph (Curry) isn’t here, it’s going to have to be a player that we think we’ll be getting back that is going to be here when those picks are going out.”
- As Friedell writes for The Athletic, head coach Steve Kerr also discussed both players ahead of Tuesday’s contest. “Most of all just disappointed for Jimmy,” Kerr said. “He’s having a great year. I felt, like the last couple weeks, he was really at the top of his game. So, for him, and for us, obviously, but for him individually in the middle of a really great season with a lot of possibilities … I just feel terrible for him that he’s gonna miss the rest of the year. It’s part of the game. Injuries are part of it, but it hurts for sure.”
- Kerr said while the team will obviously miss Butler’s contributions, he’s confident the Warriors will remain competitive without the star forward, noting they have a “really good rhythm” after winning six of their past seven games.
- As for Kuminga, Kerr said he believes the 23-year-old wants to play for the Warriors and receive rotation minutes. But Kerr was noncommittal when asked if Kuminga would reenter the rotation, Friedell notes. The 6’7″ forward has only played 10 minutes since December 7. “He could be, yeah,” Kerr said. “He obviously hasn’t played in a while, but at this point, we have to experiment a little bit with rotations, see where we are, and he’s definitely a part of that talk, that conversation.”
- As Slater tweets, Kuminga is set to enter Tuesday’s game at the start of the second quarter with the Warriors trailing by 13 points. Slater reported earlier on Tuesday that the former lottery pick was open to playing for Golden State again, though his “long-term desires” and “feelings about the organization” haven’t changed. (Twitter video link via NBA Today).
Jimmy Butler Suffers Season-Ending Torn ACL In Right Knee
January 20, 3:49 pm: The Warriors have officially confirmed that Butler suffered a season-ending torn ACL in Monday’s game (Twitter link). He will undergo surgery to address the injury, though the team doesn’t yet know when the procedure will occur.
January 20, 2:25 am: Butler’s MRI revealed a torn ACL in his right knee, sources tell Shams Charania of ESPN (Twitter link). He will miss the rest of the season.
Sam Amick of The Athletic confirms the news (via Twitter).
The Warriors won’t be eligible for a disabled player exception in the wake of Butler’s season-ending injury, since the deadline to apply for a DPE passed on January 15.
January 19: Warriors forward Jimmy Butler suffered a right knee injury in the third quarter of Monday’s game against Miami and was ruled out for the remainder of the contest, per Angela Martin of NBC Sports Bay Area.
Butler landed awkwardly on his right knee after being bumped in the air while catching a pass from Brandin Podziemski (Twitter video link via NBC Sports Bay Area). Butler was fouled on the play by Davion Mitchell, who attempted to disrupt the pass.
Butler immediately yelled out in pain and was down on the court for a few minutes before being helped off with the assistance of Moses Moody and Gary Payton II, tweets Marcus Thompson II of The Athletic. The 36-year-old was unable to put weight on his right leg.
As ESPN’s Anthony Slater observes (via Twitter), Butler has a history of right knee injuries. He tore his right meniscus in 2018 and sprained his MCL in 2024.
While the Warriors went on win Monday’s game to improve to 25-19 following a 6-1 homestand, Butler’s injury is obviously a major concern. The five-time All-NBA member is currently undergoing an MRI, according to Slater (Twitter link).
“Praying for the best, as far as scans,” said Stephen Curry.
Butler, who has also made five All-Defensive teams in his 15-year career, entered Monday averaging 20.1 points, 5.6 rebounds, 4.9 assists and 1.4 steals on .519/.381/.862 shooting in 37 games (31.4 minutes per contest).
Butler is under contract through 2026/27. He’s making $54.1MM this season and will earn $56.8MM next season.
Latest On Jimmy Butler, Warriors
The Warriors have yet to officially confirm reports from late Monday night indicating that Jimmy Butler has suffered a torn ACL, but the star forward and his agent both tacitly acknowledged on Tuesday that those reports are accurate.
Butler’s initial response was brief and relatively lighthearted, given the circumstances. In an Instagram post featuring an edited photo of Butler wearing a military uniform with the caption “General Soreness,” he wrote, “Be back before you know it.”
The statement that Bernie Lee, Butler’s agent, provided to Anthony Slater of ESPN (Twitter link) was more sober and more in-depth, but Lee also attempted to look on the bright side of the lengthy recovery period facing the six-time All-Star.
“Obviously a gut punch on every level for Jimmy and the entire group, but I firmly believe that this is a part of the journey and we can’t only expect to take the good things out of it,” Lee said. “We’ve watched life happen to countless others and now it’s his turn to face this. It’s how life works.
“I’ve known for over 10 years now that Jimmy is going to win a championship before he is done. My belief in that is unwavering.
“I’ve watched Jimmy support and uplift and change the lives of countless people, including my own and now is a time for people to rally around him and offer him that same support, which we will. We will make some functional decisions here in the next few days and then we are onto the next. If you know anything about Jimmy you know exactly how he will attack this challenge. Put simply, he has this.”
Here’s more on Butler and the Warriors:
- With role players like De’Anthony Melton and Al Horford playing their best basketball of the season as of late, the Warriors had become increasingly confident about their chances of emerging as a contender if they could stay healthy, according to Sam Amick of The Athletic. Instead, Amick writes, Butler’s injury could put a dagger into what head coach Steve Kerr recently referred to as a “fading dynasty.”
- With league-wide interest in Jonathan Kuminga at an apparent all-time low, Amick suggests that the fifth-year forward could help himself and the Warriors if he’s called upon to return to the rotation with Butler out. A strong couple weeks could increase the number of suitors in play for Kuminga and boost the odds that he gets his much-desired change of scenery while also putting Golden State in position to make a more favorable deal.
- In a story examining what’s next for the Warriors after Butler’s injury, Brett Siegel of ClutchPoints says that all options will be on the table for the front office, including the possibility of trading Butler.
- In case you missed it, we published a Community Shootaround discussion post this morning about the next steps in Golden State.
Wizards Rumors: Zion, Kuminga, Salary Dumps, Middleton, More
The Wizards‘ trades for Cam Whitmore last summer and Trae Young earlier this month exhibit the front office’s willingness to roll the dice on high-upside players in need of a change of scenery, according to Josh Robbins of The Athletic, who hears from league sources that Washington will likely be keeping an eye out for similar opportunities at this season’s trade deadline.
Multiple sources who spoke to Robbins identified Pelicans forward Zion Williamson as one player who fits that bill. While New Orleans has reportedly told rival teams that Williamson won’t be traded this season, people around the league are skeptical that the former No. 1 overall pick is truly off limits, Robbins explains.
According to Robbins, the general consensus is that the Wizards wouldn’t give up their most valuable assets – including any of their own first-round picks – for a player like Williamson, but their “least favorable” 2026 first-rounder (which will likely be Oklahoma City’s pick) could hold some appeal to the Pelicans.
Robbins stresses that a Wizards trade for Williamson is a long shot and that the idea is mostly based on speculation, but he notes that the Pelicans forward was mentioned by several of the sources he talked to. Another player who fits into the same “distressed asset” category would be Jonathan Kuminga, Robbins adds, though multiple recent reports suggested Washington may not be among the most serious suitors for the Warriors forward.
Here’s more on the Wizards:
- Although the Wizards will monitor the market for another buy-low opportunity like the one for Young, they’re more likely to operate as a “dumping ground for assets” at the deadline, Robbins writes. In other words, Washington – which is operating roughly $30MM below the luxury tax line – would be willing to take on unwanted multiyear contracts if they come attached to young players or draft picks.
- Robbins points to Raptors guard Immanuel Quickley ($32.5MM cap hit this season) and Trail Blazers forward Jerami Grant ($32MM) as a couple examples of players with long-term contracts that their respective teams are looking to move off of. Quickley has three seasons on his deal beyond this one, while Grant has two more (one guaranteed year plus a player option). However, the sense is that neither Toronto nor Portland wants long-term salary relief badly enough to send out draft assets with Quickley or Grant in exchange for Khris Middleton‘s $33MM expiring contract. The Raptors and Blazers would prefer to use those contracts in deals that actually upgrade their rosters, per Robbins. “I think any smart front office would first obviously use those salaries to get better,” one rival team official told The Athletic.
- Most league sources who spoke to Robbins believe the most likely outcome with Middleton is that he remains in D.C. through the trade deadline and then emerges as a buyout candidate.
- According to Robbins, the Wizards will be reluctant to make a trade that would interfere with the development of any of their most important young players, such as big man Alex Sarr, forward Kyshawn George, guards Tre Johnson and Bub Carrington, and wing Bilal Coulibaly. However, Washington has no obvious long-term answer at power forward and should be more open to pursuing players at that position.
- Assuming they don’t acquire this sort of player at the trade deadline, the Wizards are expected to explore the free agent market during the offseason for a big man who can improve the club’s defensive rebounding and provides more rim protection, Robbins reports.
Community Shootaround: Next Steps For Warriors
Monday’s victory over Miami should have represented a new high point for the 2025/26 Warriors, who registered their fourth consecutive win and moved to six games above .500 (25-19) for the first time this season.
Instead, they’re facing an uncertain second half without star wing Jimmy Butler, who suffered a torn right ACL that will bring his season to an early end and limit the short-term ceiling of this Golden State team.
Even before Butler’s injury, there were questions about the Warriors’ ability to legitimately contend for a title this season. They’ve hovered around .500 for most of the season, and despite their recent hot streak, they still rank just eighth in the West.
Still, if the club had stayed healthy and been able to turn trade candidate Jonathan Kuminga (and maybe a draft pick or two) into another quality rotation player, it wasn’t hard to envision the Warriors securing a playoff spot and becoming a tough out in the postseason. That’s a more difficult outcome to imagine with Butler sidelined the rest of the way.
With 16 days left until February 5, the Warriors will now have to reevaluate their approach to this season’s trade deadline. Kuminga is at the center of those plans. A deal involving the former No. 7 overall pick had long seemed like a foregone conclusion, even before he demanded a change of scenery upon becoming trade-eligible last week.
But with Butler out, could there be a pathway to Kuminga reentering the rotation? The fifth-year forward has been held out of 16 games in a row and has played fewer than 10 total minutes since December 6, but head coach Steve Kerr said on Monday that he’d “absolutely” consider using Kuminga going forward.
According to Nick Friedell of The Athletic, Kuminga declined comment when approached after Monday’s game, but when Kerr was asked if the 23-year-old would be ready to play, the Warriors’ coach simply replied, “Yeah.”
Appearing on SportsCenter (Twitter video link), ESPN’s Shams Charania acknowledged the possibility of Kuminga rejoining the rotation, but cited sources who say the relationship between the forward and Kerr is “fractured beyond repair.” Noting that the Kings are still interested in Kuminga after pursuing him as a restricted free agent over the summer, Charania wonders if the Warriors will instead try to use Kuminga as a trade chip to acquire a replacement for Butler, such as Sacramento’s DeMar DeRozan.
While some teams would transition from buyers to sellers after losing a maximum-salary star to a season-ending injury, that would probably be a last resort in Golden State. The Warriors want to do all they can to make the most of the time they have left with Stephen Curry, who will turn 38 in March.
Besides Kuminga, the Warriors could make players like Buddy Hield ($9.2MM cap hit) and Moses Moody ($11.6MM) available in trade talks, and they have the ability to trade multiple first-round picks and/or swaps — only their 2030 pick is partially constricted (it’ll be sent to Washington if it falls outside of the top 20).
Still, Golden State is currently operating within $300K of its second-apron hard cap and will have limited financial flexibility in trade discussions. Additionally, Butler’s contract ($54.1MM this season; $56.8MM in 2026/27) will be problematic — he won’t have any value on the trade market following his ACL tear, but building a roster capable of winning playoff series will be extremely difficult as long as his contract remains on the books and he remains off the court.
We want to know what you think. What’s next for the Warriors after Butler’s injury? Will we see Kuminga on the floor as a Warrior again? What should Golden State do at the trade deadline?
Head to the comment section below to weigh in with your thoughts and predictions!
Pacific Notes: LeBron, Ayton, Melton, Green, Kings
For the first time in 22 seasons, Lakers superstar LeBron James was not named an All-Star starter, observes Tim Bontemps of ESPN.
The news isn’t surprising, given James missed the first 14 games of 2025/26 due to sciatica and understandably had to work his way into shape and form when he did return, having missed training camp and the preseason with the injury. But it’s still noteworthy, given that the 41-year-old has made the All-Star game a record 21 times — Kareem Abdul-Jabbar is second with 19 appearances.
As Bontemps writes, the league’s coaches will have to select James as a reserve in order for him to extend the record streak, which dates back to 2005. To this point in his career, the only season when James didn’t make the All-Star game (or an All-NBA team, for that matter) was in 2003/04, when he won Rookie of the Year.
While James has played much better lately and has put up impressive statistics (22.6 points, 6.9 assists, 5.9 rebounds and 1.1 steals on .509/.328/.757 shooting), especially considering he’s the NBA’s oldest player, it seems fairly unlikely that the 6’9″ forward will be selected. He has missed 17 of Los Angeles’ 41 games, and there are lots of other worthy candidates in a stacked Western Conference.
Here’s more from the Pacific:
- Lakers center Deandre Ayton missed Saturday’s loss to Portland due to left knee soreness but he returned to action on Sunday and had a huge night in the victory over Toronto, writes Dave McMenamin of ESPN. The former No. 1 overall pick recorded 25 points (on 10-of-10 shooting) 13 rebounds and no turnovers, becoming the first player in team history (since individual turnovers became an official statistic in 1977/78) to score 25-plus points on 100% shooting with zero turnovers, per ESPN Research. Ayton also became the third Laker to make 10-plus field goal attempts without missing a shot while grabbing at least 10 rebounds, joining Wilt Chamberlain and Mitch Kupchak, McMenamin adds.
- Warriors guard De’Anthony Melton will miss Monday’s game against Miami, which is the front end of a back-to-back, tweets ESPN’s Anthony Slater. While it’s a small sample size (373 minutes), Golden State has outscored its opponents by a staggering +19.6 points per 100 possessions when Melton is playing, compared to a -0.7 net rating in the 1701 minutes the 27-year-old has been off the court. Melton missed most of last season as well as the start of ’25/26 due to a torn ACL in his left knee. Forward/center Draymond Green will also miss Monday’s game after being downgraded to questionable and then out because of a right ankle sprain, notes Brett Siegel of ClutchPoints (Twitter link).
- Jason Anderson of The Sacramento Bee lists some surprising statistics from the Kings‘ four-game winning streak, which was snapped with Sunday’s loss to Portland.
Antetokounmpo, Curry Head List Of All-Star Starters
The NBA’s 2026 All-Star starters have been set, the league announced today (Twitter links). Here are the 10 players who earned those spots:
Eastern Conference
- Giannis Antetokounmpo (Bucks)
- Jaylen Brown (Celtics)
- Jalen Brunson (Knicks)
- Cade Cunningham (Pistons)
- Tyrese Maxey (Sixers)
Western Conference
- Stephen Curry (Warriors)
- Luka Doncic (Lakers)
- Shai Gilgeous-Alexander (Thunder)
- Nikola Jokic (Nuggets)
- Victor Wembanyama (Spurs)
This season’s All-Star Game will have a U.S. vs. World format. The round-robin event is scheduled to be played Sunday, Feb. 15 at 5 p.m. ET at the Clippers’ Intuit Dome in Inglewood, Calif. Two teams of U.S. players and one team of international players (the World team) will compete in a tournament featuring four 12-minute games. The three teams will each have a minimum of eight players.
How the teams will be divvied up is yet to be determined.
Two-time MVP Antetokounmpo has been selected as a starter for the 10th consecutive season. 2024 Finals MVP Brown will be making his fifth All-Star appearance, while Brunson will be making his third consecutive appearance.
This marks Cunningham’s second NBA All-Star selection and first as a starter. Cunningham is the first Pistons player to be named an Eastern Conference starter in the All-Star Game since Allen Iverson in 2009. It will also be Maxey’s second All-Star appearance and first as a starter.
This will be Curry’s 12th All-Star Game and 11th as a starter. Doncic will be making his sixth All-Star appearance.
This marks the fourth career All-Star appearance for reigning NBA MVP and Finals MVP Gilgeous-Alexander and his third consecutive season as an All-Star starter. Three-time MVP Jokic has been named an All-Star for the eighth consecutive year. Wembanyama is the first Spurs player to be named an All-Star starter since Kawhi Leonard in 2017.
Fans accounted for 50% of the vote to determine the starters, while players and media accounted for 25% each. Wembanyama won a tiebreaker with the Timberwolves’ Anthony Edwards for a starting spot. The full voting results can be found through this NBA.com link.
Teams Holding Onto Assets For Potential Giannis Antetokounmpo Trade
Giannis Antetokounmpo and Bucks officials have both attempted to quash speculation about a potential trade over the past two weeks, but teams around the league continue to closely monitor the situation, according to two prominent NBA observers.
ESPN’s Brian Windhorst said during a recent appearance on NBA Countdown (YouTube link) that numerous deals are on hold because rival teams aren’t convinced that Antetokounmpo won’t be moved by the February 5 trade deadline. General managers are reluctant to part with assets that could be useful if the two-time MVP were suddenly to become available over the next two-and-a-half weeks.
“The biggest question in the NBA right now is are the Bucks really going to stand for this and is Giannis really going to stand for this,” Windhorst said. “And I know what Giannis has said on the record and I know that the Bucks have been out there trying to buy, but I’m telling you when I talk to people in the league, they’re still holding, waiting to see. … There are deals that are on hold … because teams still aren’t 100% sure whether Giannis is going to be on the team the rest of the year, and these last few games have made them even stutter some more.”
NBA insider Zach Lowe identifies the Hawks, Warriors, Lakers, Heat and Knicks as teams that are “considering holding onto their assets for a potential pursuit of Giannis Antetokounmpo now or in the summer” (Twitter video link). Lowe notes that Antetokounmpo, who’s signed through next season and holds a $62.8MM player option for 2027/28, will become eligible for an extension in October.
“If he doesn’t take that extension, that’s the same things as basically demanding a trade,” Lowe said. “… Right now, the Bucks are only 5-5 since he came back from injury. They are getting shellacked every second that he’s off the floor on the bench resting. They’re still in 11th in the East, and the time to convince him that this group can actually do anything serious might be now.”
Lowe suggests the Bucks should target Grizzlies guard Ja Morant in their search for immediate help. Morant, who had 24 points and 13 assists on Sunday as he returned from a right calf injury, has been among the most prominent names on the trade market, but he said after the game that he’s a “loyal guy” and prefers to stay in Memphis.
“The whole league is watching,” Lowe added. “If they slide any further down the standings, if they can’t even get up to 10th or ninth in the East, does Giannis push the button now instead of waiting until the summer? It’s the biggest story in the NBA potentially.”
Milwaukee is coming off a miserable week, dropping three straight games, including an 18-point loss to San Antonio and a 33-point loss to Minnesota. At 17-24, the team is still only 1.5 games behind 10th-place Atlanta for the East’s final play-in spot and 2.5 games in back of ninth-place Chicago.
The Bucks have sent out strong indications that they’ll approach the trade deadline as buyers in hopes of making a late-season run. But they have limited trade assets available and are reportedly reluctant to part with their lone tradable first-round pick (in either 2031 or 2032).
Even if Milwaukee manages to earn a playoff spot, there’s no guarantee that will satisfy Antetokounmpo, who has stated repeatedly that he wants to win another championship before he retires. Regardless of the Bucks’ official position, teams are preparing for the possibility that a trade might happen by the deadline.