In the 2021 offseason, the Pelicans and the Grizzlies conducted a trade, the Grizzlies recieved:
10 overall (Ziaire Williams)
Steven Adams
Eric Bledsoe on a pseudo-expiring contract
A top-10 protected Laker first (conveyed to 2 2nds). 40 in 2022

The Pelicans recieved:
17th overall (Trey Murphy)
Jonas Valanciunas
51 in 2022
~19 M in cap space

After Free Agency, the deal would be looped into the Pelicans S&T of Devonte Graham for a lottery-protected Pelican 1st in conjunction with the Ball S&T in order for New Orleans to operate as an over-the-cap team thus netting the trade exception used to bring in Larry Nance Jr. ~ 6 months later. The Grizzlies turned Bledsoe into Pat Bev, Rondo, and Daniel Oturu.

At the time the deal was looking at a win-win, even with all of the negativity on the Pelicans that offseason, but just about everything since then has gone south for Memphis.