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The New Orleans Pelicans have created the financial flexibility needed to sign Bennedict Mathurin by completing a trade with the Memphis Grizzlies.

New Orleans is sending Jordan Hawkins, Micah Peavy, a second-round pick and a future second-round pick swap to Memphis.

In return, the Pelicans will receive Taj Gibson and A.J. Johnson.

The move allows New Orleans to remain below the first-apron hard cap once Mathurin’s contract is added.

Before the trade, the Pelicans did not have enough room to complete his signing without exceeding that threshold.

Hawkins departs after struggling to establish a consistent role during his first three NBA seasons.

The 6-foot-5 guard averaged slightly more than 13 minutes per game last season and has yet to shoot 40% from the field in a season.

He is entering the final year of his rookie-scale contract.

Peavy showed some potential during his time in New Orleans, while Memphis also receives additional second-round draft assets for using its available cap space.

Gibson is unlikely to remain with the Pelicans and is expected to be waived. His guarantee was increased from zero to $200,000 to help facilitate the transaction.

Johnson, meanwhile, could compete for a roster spot.

He has two seasons remaining on his rookie-scale contract, with New Orleans facing an October 31 deadline to decide on his fourth-year team option.

Most importantly for the Pelicans, the trade clears the way to finalize Mathurin’s addition while keeping the team compliant with its first-apron restrictions.