When NBA trades go down, they're usually conducted the old-fashioned way, just between two teams. However, when complicated tax aprons and salary matching become an issue, multiple teams may become part of the transaction to complete the deal.
This would be proven as necessary when the Toronto Raptors ultimately decided to end the Spicy P era, by trading away Pascal Siakam to the Indiana Pacers, in a deal that also included the New Orleans Pelicans.
The Raptors would acquire a mixed bag of players and draft capital in the deal, which included veteran wing Bruce Brown (via Pacers), Kira Lewis Jr. (via Pelicans), Jordan Nwora (via Pacers), two 2024 first-round picks (via Pacers), and a protected 2026 first-round pick (via Pacers).
In all honesty, it seemed like the Raptors might have wasted precious time exploring the market for Siakam, eventually settling for a deal that didn't particularly warrant a return of anything truly spectacular. On the recent one-year anniversary of this trade, I reflected on it with hindsight in mind to evaluate both teams' efforts. I gave the Raptors a B grade.
Toronto ultimately used the 2024 first-round pick from Indiana to select Ja'Kobe Walter with the 19th overall pick, and he has shown promising potential as an energetic contributor for this young Raptors squad. The other 2024 pick included in the deal was flipped at last year's deadline to acquire Canadian veteran Kelly Olynyk and three-and-D wing Ochai Agbaji from the Utah Jazz. Agbaji has turned over a new leaf in Toronto, making that gamble a worthwhile bet from the Raptors' front office.
Lewis Jr. and Nwora didn’t last long in Toronto, leaving the fate of the last piece of the player puzzle in the hands of Bruce Brown. There was uncertainty surrounding Brown’s future in Toronto; the Raptors had opted to keep him at last year’s deadline, he faced injury concerns going into this season, and then he had a strong stretch of performance that boosted his trade value once again.
Sometimes, you can never doubt a front office's careful execution. The Raptors were able to flip an accumulation of different assets either acquired in the initial Siakam deal or as part of further transactions completed later. Toronto traded Bruce Brown, Kelly Olynyk, the 2026 first-round pick from Indiana, and a 2025 second-round pick from Portland for Brandon Ingram at this year's deadline.
That's a remarkably low-risk package of assets needed to acquire a player of Ingram's caliber, despite his injury concerns and impending free agency status. So, if Raptors fans are considering the situation from a butterfly effect perspective, Toronto ultimately turned Siakam into Ingram; that certainly looks much better than what was initially returned to Toronto.
Raptors' trading Siakam gains luster after Brandon Ingram acquisition
So, the return for Pascal Siakam is Brandon Ingram, Ochai Agbaji and Ja'Kobe Walter. Certainly looks better on paper than it did a year ago but Ingram's fit with Barnes + the current core is murky at best and now you have to pay him this summer (and move somebody else or pay tax)
— Josh Lewenberg (@JLew1050) February 6, 2025
Now, while Raptors reporter Josh Lewenberg may not have the most optimistic stance on this Ingram deal, he raises an important point: "Certainly looks better on paper than it did a year ago..."
Raptors fans are well aware of how deals can evolve over the years, often resulting in incredible outcomes as pieces are moved. A prime example is the trade of fan-favorite role player Greivis Vasquez in 2015, which ultimately led to the acquisition of Norman Powell, OG Anunoby, and later, Gary Trent Jr. Additionally, Anunoby was traded for RJ Barrett, Immanuel Quickley, and a pick that turned into Jonathan Mogbo, further expanding the roster's impact in this timeline.
The Raptors had two and a half seasons to test a core led by Siakam and young star Scottie Barnes, but it showed little promise, aside from a strong playoff run against the 76ers in 2022 and a disappointing appearance in the 2023 Play-In tournament against the Bulls.
As a result, Toronto's front office made the bold decision to move on from Siakam, and now they're embracing a new, hopeful vision centered around a core of Ingram and Barnes, surrounded by a mixed bag of players.
We'll need to assess how this Ingram/Barnes era turns out to make a definitive conclusion, but for now, it appears the chapter is closed on the series of events that follow Siakam's departure from the North.