The NBA trade deadline is typically when championship contenders bolster their rosters for the stretch run of the season and the playoffs. Thanks to the league’s new collective bargaining agreement, the 2025 trade deadline could be vastly different in that regard.

Under the previous CBA, teams had far more flexibility with trades. Even if a team was well above the luxury-tax threshold, it could take back 125% of the salary it sent out in a trade, plus $100,000. There were also no aggregation restrictions, so any team could combine two or more smaller contracts to acquire a player with a bigger salary via trade.

That isn’t the case anymore. The new CBA introduced trade restrictions for teams over the first apron and even harsher limits for teams over the new second apron.

Teams over the first apron can still aggregate contracts, but they can’t take back more salary than they send out in a trade. Teams over the second apron also can’t take back more salary than they send out, and they aren’t allowed to aggregate contracts, either.

Those rules went into effect ahead of the 2024 offseason. Had they been in place last summer, the Boston Celtics wouldn’t have been able to acquire either Kristaps Porzingis or Jrue Holiday. Other title hopefuls will now have to navigate a far more restrictive trade market moving forward.

The Second Apron’s Wrath

The Celtics are a clear example of these new rules in action. Unless they’re willing to move off one of their top seven rotation players—Jayson Tatum, Jaylen Brown, Jrue Holiday, Kristaps Porzingis, Derrick White, Al Horford or Payton Pritchard—they’re effectively stuck.

The Celtics are nearly $7.7 million over the second apron, so they can’t aggregate contracts in trades or take back more salary in a trade than they send out. After those seven, their next-highest-paid player is Jaden Springer at roughly $4.0 million. They could flip him for someone on a minimum contract (roughly $2.1 million), but their trade options are otherwise limited.

The Phoenix Suns, who are a league-high $31.5 million above the second apron, are in a similar boat, albeit with one exception. Because of these new rules, they signed Josh Okogie to a well-above-market two-year, $16 million contract this past offseason. Like the Celtics, they aren’t allowed to aggregate contracts in trades, but they can take back someone earning $8.25 million or less if they trade Okogie. That gives them far more flexibility than the Celtics have.

The Minnesota Timberwolves, who are roughly $17.2 million above the second apron, face the same restrictions as the Celtics and Suns. However, they aren’t as top-heavy as those two teams, so they have some mid-sized contracts that they could move around. Julius Randle ($33.1 million) would be the obvious candidate to flip if they don’t intend to keep him beyond this season.

The Milwaukee Bucks are the only other team above the second apron this season. They’ve already begun searching for trades amidst their slow start, but the new rules are limiting their options, according to longtime NBA insider Marc Stein.

“The second apron coming in now really hamstrings them,” a rival general manager told ESPN’s Brian Windhorst in early November. “They’re doing due diligence trying to find options, but of course they know it.”

The First Apron’s Chilling Effects

The four teams above the second apron are the most restricted with trades, although teams above the first apron aren’t far behind. They’re allowed to aggregate contracts, but they can’t take back more salary than they send out.

Take the Philadelphia 76ers, for instance. They don’t have anyone making more than $8.15 million aside from Joel Embiid, Paul George and Tyrese Maxey. Unless they’re willing to trade one of those three, they effectively can’t acquire someone in the $20-25 million range without dealing multiple rotation players. (Like the Suns, they did sign KJ Martin to an above-market two-year, $16 million contract this past offseason to give themselves some salary-filler.)

The New York Knicks are in a similar bind. They’re less than $600,000 below the second apron after their offseason trades for Mikal Bridges and Karl-Anthony Towns. Unless they’re willing to trade one of their starters, Mitchell Robinson ($14.3 million) and Precious Achiuwa ($6.0 million) are their top two trade chips from a salary perspective. However, they shipped out most of their draft picks to acquire Bridges, so they’re now limited in the amount of draft compensation they can package with Robinson and/or Achiuwa.

The Los Angeles Lakers have plenty of mid-sized contracts, including D’Angelo Russell ($18.7 million), Rui Hachimura ($17.0 million), Gabe Vincent ($11.0 million) and Jarred Vanderbilt ($10.7 million). They’re $30,000 below the second apron, so they aren’t subject to any aggregation restrictions, but like the Sixers and Knicks, they can’t take back more salary than they send out in a trade. That means they can only trade with another over-the-apron team if it’s an exact dollar-for-dollar match or they loop in a third team.

The Denver Nuggets and Miami Heat are the other two teams currently over the first apron. The Nuggets have the contracts of Zeke Nnaji ($8.9 million) and Dario Saric ($5.2 million) to use for salary-matching purposes, while the Heat have Terry Rozier ($24.9 million) and Duncan Robinson ($19.4 million). The Heat also have two first-round picks and two first-round pick swaps that they can offer, although they likely won’t make a huge move until they figure out how to proceed long-term with Jimmy Butler.

Which Teams Can Make Moves?

The Dallas Mavericks and Golden State Warriors are both less than $1 million away from the first apron. They’re allowed to aggregate contracts and can technically take back more salary than they send out, but they can’t do so if they finish any trade over the first apron. They have slightly more flexibility than most other title hopefuls, but not much.

The Cleveland Cavaliers are $4.1 million below the first apron, so they legitimately can take back a bit more salary than they send out in any trade. They have some mid-sized contracts to dangle between Caris LeVert ($1.6 million), Max Strus ($15.2 million), Isaac Okoro ($10.2 million) and Georges Niang ($8.5 million), too. However, they traded control of their first-round picks through 2029 to the Utah Jazz as part of the deal to acquire Donovan Mitchell, so they have only one first-round pick and one swap to offer in trades.

The Houston Rockets are a dark horse to monitor leading up to the trade deadline. They’re $15.2 million below the first apron, so they have plenty of flexibility to take back more salary than they send out, and they have a few large contracts to dangle between Fred VanVleet ($42.8 million) and Dillon Brooks ($22.3 million). They also have plenty of young, high-upside prospects and draft capital to attach to deals.

However, longtime NBA insider Marc Stein reported in mid-November that the “consistent whispers out of Houston” are that they would “prefer to wait until the offseason before they seriously consider parting with any of the various prized recent draftees they have amassed.” With Giannis Antetokounmpo’s future in Milwaukee becoming increasingly murky, the Rockets might prefer to see whether he requests a trade before they make an all-in push elsewhere.

The Oklahoma City Thunder are the other title hopeful that’s lurking as a real threat to make a major splash before the trade deadline. They’re $16.2 million below the first apron and could have as many as 14 first-round picks over the next seven years. They also have a few mid-sized contracts in Isaiah Joe ($13.0 million) and Aaron Wiggins ($10.5 million), along with Isaiah Hartenstein’s $30 million deal if they intend to pursue a star.

Still, the trade deadline figures to look far different than it has in past years thanks to the new CBA.

Unless otherwise noted, all stats via NBA.com, PBPStats, Cleaning the Glass or Basketball Reference. All salary information via Spotrac and salary-cap information via RealGM. All odds via FanDuel Sportsbook.