The Oklahoma City Thunder were one win away from a return trip to the NBA Finals, but the loss of Jalen Williams (hamstring) gave the San Antonio Spurs the edge they needed to win Game 7 of the Western Conference Finals.

Now Williams is out for a long time after suffering a devastating dislocated left ankle and broken fibula in Sunday's loss to the LA Clippers. Cason Wallace (shoulder) also went down in that game and is out for months—neither may return this year, regardless of how far the franchise goes in the playoffs.

Are the Thunder still an elite contender? What can they do to restore their shaken depth?

The good news: the team has multiple trade exceptions and enough draft compensation to get a deal or two done. The bad news: the luxury-tax bill.

Trade 1: Herb Jones

The Oklahoma City Thunder receive: Herb Jones, $4.9 million trade exception (Thomas Sorber)

The New Orleans Pelicans receive: Thomas Sorber, 2027 first-round pick (second-highest of LA Clippers, top-5 protected Denver Nuggets, and Thunder), 2027 Chicago Bulls second-round pick, $14.9 million trade exception (Herb Jones)

Trade 2: Derrick Jones Jr.

The Oklahoma City Thunder receive: Derrick Jones Jr.

The LA Clippers receive: 2027 first-round pick (highest of Clippers, top-5 protected Denver Nuggets, and Thunder), 2029 Boston Celtics second-round pick, $10.5 million trade exception (Derrick Jones Jr.)

Why the Oklahoma City Thunder Do It

The question for the Thunder is appetite: roster quality vs. tax bill. The team has the roster space, pick flexibility, and trade exceptions to make both deals.

Herb Jones, via the Lu Dort $17.7 million trade exception, is a tremendous switchable defender, comfortable on the point of attack or covering elite-scoring wings. His shooting is inconsistent, but he peaked at 41.8 percent from three-point range in 2023-24. He'd benefit from open looks on a strong squad like the Thunder's.

Derrick Jones Jr. fits within the Isaiah Joe $11.3 million trade exception. If he keeps shooting 53.8 percent from three, the Clippers won't deal him—hot start aside, he should eventually settle near 36 percent. He's another active, versatile wing defender. He's a bouncy athlete who reached the NBA Finals with the Dallas Mavericks.

The Thunder give up two first-rounders in 2027, expendable seconds, and Sorber. The team projects to have a nearly full roster under contract next season; Sorber's importance to Oklahoma City may be marginalized by the addition of Aday Mara.

The team may not be able to replace Williams' scoring and playmaking, but Ajay Mitchell filled that role well last year. The two incoming defenders help offset the loss of Wallace (and Williams) on defense, giving the Thunder the depth needed to resume their championship pursuit.

The franchise may balk at the financial repercussions of the two deals. The Thunder are currently projected at just under $20 million in luxury-tax penalties. After both trades, that jumps to almost $119 million. Oklahoma City also ventures above the second apron but can navigate back under next season. Frozen draft picks only lock in when a team stays above the second apron for multiple seasons.

A compromise could be one of the two, with Sorber routed instead to the Clippers in the Derrick Jones Jr. version for nearly $41 million in penalties, under the second apron.

Herb Jones alone puts the Thunder over the second apron with a $62 million tax bill. He is also a significant commitment, with $67.6 million due over the next three seasons (final year is a player option), unlike Jones Jr., who is on an expiring contract.

Why the New Orleans Pelicans Do It

The Pelicans are in transition, with new leadership building around younger players like Jeremiah Fears and Derik Queen. That's led to a significant decrease in minutes, with Jones coming off the bench at 17 minutes per game—after starting for almost his entire career with the team.

That's not ideal for Jones and the team, given his contract length. New Orleans swaps him out for what will likely be the Denver Nuggets' first-round pick—whichever is the second-highest among the Clippers, Thunder, and Nuggets.

The Pelicans also get a look at Sorber, who hasn't had much chance to play yet because of injuries, along with what should be a high second-rounder from the Bulls. That's a rich haul for Jones.

New Orleans would acquire Sorber via its Jordan Hawkins trade exception, allowing the franchise to create a new one for Jones' full 2026-27 salary.

Why the LA Clippers Do It

The Clippers are also navigating an odd transition from the Kawhi Leonard era to what comes next. The franchise is competitive for now, but its goal isn't as much a deep playoff run as setting up for the future.

Jones Jr. is one of many players on the team in the final year of his contract. None of the veterans have a deal beyond 2027-28. The Clippers could have significant cap room next summer or hold it for massive space in 2028.

Long-term commitments seem off the table; with that in mind, getting a first-rounder back from the Thunder for Jones Jr. is a win. The Clippers still owe Oklahoma City a 2027 swap from the 2023 James Harden acquisition.

If the Thunder finish ahead of the Nuggets, followed by the Clippers, LA would get its own selection back, plus Oklahoma City's selection (which it could then swap with the Toronto Raptors). It's tricky, but the Clippers are looking to replenish their pick stock after forfeiting several following the Leonard investigation.

LA also adds a second-round pick and the trade exception for Jones Jr.'s full salary.