On September 10 Beijing time, media outlet Bleacher revealed a proposed Spurs-Pelicans trade scenario.
Specific trade details
The Pelicans receive Fox, Kornet, plus two first-round picks, two first-round pick swaps, and three second-round picks.
The Spurs receive Murray and Murphy.

For the Spurs, after reaching the Finals last season and losing to the Knicks, the missing piece was elite wing strength. They are currently in a championship window, and the choice between cautious observation and an all-out push seems clear.
To take another step forward, Fox has to be the trade asset moved. His abilities and playing style are considered largely established, with limited room for major improvement in the future. Keeping him would only take up salary and playing time while wasting the championship window.
After Fox leaves, Harper can naturally move into the starting role. The young guard improved quickly last season and was solid on both ends of the floor, capable of holding together the backcourt without creating a drop-off in strength.
Murphy, acquired in the trade, would directly address the Spurs' biggest weakness on the wing. The matchup issues from last season's Finals could be solved, immediately improving the team's physicality on both offense and defense and completing the final piece of the championship puzzle.
Another new addition, Murray, is a former Spur who is familiar with the team's system. He would not need a long adjustment period after joining, and his contract worth more than three million dollars runs through 2028, having almost no impact on the salary structure.

Many people believe the Spurs are giving up too many draft picks, but the impact is considered limited. With the Spurs' current strength, their first-round selections in the next few years are likely to be late picks, making it unlikely they find a young player with star-level potential.
Furthermore, the Spurs' current goal is to compete for a championship, leaving little time to develop young players. Low draft picks have limited value, so exchanging them for immediate contributors could improve the team's current strength and take advantage of the championship window.
After the trade, the Spurs' roster depth would immediately reach an elite level. The starting lineup would consist of Harper, Castle, Vassell, Murphy and Wembanyama, with no obvious weakness at any position and strong balance on both ends.
The rotation would also include Murray, Harris, Champagnie, Keldon and Barnes. This group would have enough depth to handle regular-season rest management and playoff adjustments, with strong competitiveness.
As long as the team stays healthy, this roster could remain among the top championship contenders for a long time, and could even replicate the dynasty-level competitiveness of the Warriors in the past while establishing dominance in the Western Conference.

For the Pelicans, this trade would also be highly beneficial. With Zion and Poole's contracts expiring one after another, the team's salary flexibility would increase significantly. The team already planned to rebuild and would not be concerned about long-term contracts.
Fox could serve as the Pelicans' core player during the transition period, helping stabilize the regular-season record and push for the playoffs. His ability to lead a team during the regular season with the Kings was widely recognized, and giving him enough offensive opportunities could provide a foundation for the team.
The large number of draft assets brought by the trade would be the core capital of the Pelicans' rebuild. Two first-round picks and two swaps are equivalent to four first-round-level assets, plus three second-round picks, giving the team significant future flexibility.
Additionally, Fox's arrival could potentially help Queen find his form. If he develops successfully, the Pelicans would gain another young asset and accelerate the rebuilding process, creating an unexpected bonus.

Overall, this trade would be a win-win scenario: the Spurs would gamble on their current championship window, while the Pelicans would convert current talent into future assets. If it actually happens, the competitive landscape of the Western Conference would rise to another level.