Kushner: Dealing Eric Bledsoe, Steve Adams right move. Now can Pelicans capitalize?

Based on Monday’s actions, it’s clear no one needs to explain the concept of sunk costs to David Griffin.

In economics, it refers to an expense that’s already been incurred and cannot be recovered. For the New Orleans Pelicans it means reversing course on nearly an entire offseason of work.

Steven Adams, gone. Eric Bledsoe, gone. Stan Van Gundy, gone.

Just like that, the three most significant acquisitions to the 2020 organization are now part of the Pelicans’ past.

Less than a year after they arrived, Griffin opted to pull the plug and make a clean break. While it’s fair to criticize him for getting into this position to begin with, Griffin should also be commended for recognizing what wasn’t working and decisively changing directions.

The only thing worse than making a mistake is compounding it by refusing to fix it. And this required fixing.

Because the vision Griffin had for the trio simply never materialized. There was no added toughness, wisdom or rugged edge added to last year’s Pelicans.

They were soft. Terrible on defense. And alarmingly lackadaisical.

In short, those Pelicans were punked. A lot. It was the exact opposite of what Van Gundy, Adams and Bledsoe were supposed to accomplish.

So it was time to reverse course without wasting time.

It resulted in New Orleans shipping off Bledsoe and Adams to the Memphis Grizzlies on Monday, acquiring the final year of center Jonas Valanciunas’ contract in exchange. In order to coax the Grizzlies into the deal, the Pelicans also had to ship a first round pick in next year’s draft (acquired by the Lakers, but retained by New Orleans if it lands in the Top 10) and move back seven spots in the first round of Thursday’s draft and 11 spots in the second round.

So, this week the Pelicans will pick at No. 17 instead of No. 10 and No. 51 instead of No. 40.

It’s the price of shedding a sunk cost.

Considering what we all witnessed from Adams and Bledsoe, and the multiple years left on their deals, it seems like a fair one, too.

Not only do the Pelicans shed two underperforming players, they also own upwards of $36 million in cap room when free agency opens next Monday (if they allow Lonzo Ball and Josh Hart to bolt in free agency).

It’s a far better position than this season, when New Orleans was pressed firmly against the salary cap ceiling, severely liming their personnel options.

In addition, Valanciunas is an upgrade over Adams at center. He’s a better shooter at the free throw and 3-point line. He is an equally proficient rebounder, which fills those gaps if the Pelicans opt to keep him.

At this point, it’s still hard to foresee what corresponding moves are to come. But it’s clear the Pelicans of last season are going to look a whole lot different than the ones this time around.

And that’s to be commended.

Knowing when to fold ’em is a valuable skill.

Now, it’s time for Griffin to get one he can cash in on. Just like he got a chance to hire a new coach after a whiff — formally replacing Van Gundy with Willie Green on Tuesday — he will get the same opportunity next week with a potential truckload of cap space and spots to fill in the starting lineup.

Apparently Griffin knows a sunk cost when he sees one. But more crucially, can he flip them into assets that are worth something?

Because making the right moves is a lot more important than admitting the wrong ones.

Looking back on quotes before the start of last season, when Griffin characterized Adams, Bledsoe and Van Gundy’s presence as a makeover in grit, it rings totally hollow in hindsight. The judgment that got the Pelicans into that position deserves scrutiny, even if they have deftly maneuvered their way from taking a long-term hit.

Clearly the trio never fit properly around the core of Zion Williamson and Brandon Ingram. So, who will?

That’s for Griffin and his staff to determine in the next two weeks.

Right now, the Pelicans have cap flexibility and a foundation. It’s an enviable position.

So, there’s no excuse for not improving.

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