One trade threatens to end WNBA exemption

Each free agency period serves as one move as the catalyst for all others in the WNBA.

This year, that move is a three-team trade that would send Jewell Loyd to the Aces, Kelsey Plum to the Sparks and assets to the Storm. Multiple league sources familiar with the proposed trade have indicated that until it is completed, no other moves will be made.

The issue at hand is getting the trade over the finish line, which currently appears to hinge on packaging the right pieces for Seattle.

Loyd’s trade request in December was the starting point for WNBA free agency because it forced Seattle into a position to restructure their roster rather than simply add to their Big Three. At one point, Sky were in trade talks with the Storm, which included the possibility of trading No. 3 overall for the Lincolnwood product. But according to multiple league sources, those talks have since dried up because Loyd’s preferred destination is Las Vegas.

Plum has not made a public trade request, but there is an understanding around the league that she would like to be moved. The Aces — operating without an official general manager — cored Plum on Jan. 11, who comes with a one-year supermax-eligible offer and immediately comes off the books.

On the surface, it seems like a clean trade between Storm and Aces for Loyd and Plum would make the most sense. The problem is fit. Installing Plum in a system with Skylar Diggins-Smith might not be as beneficial due to their similarities in playing style.

It benefits Seattle to take advantage of Loyd’s trade request for a shooting guard or small forward who can help diversify their backcourt.

Despite the Sparks not being in the same category as the Aces in terms of player regulations, the roster composition offers Plum an interesting option. Her addition could help speed up a rebuild alongside young stars like Rickea Jackson and Cameron Brink and former championship teammate Dearica Hamby. This could even indicate why the deal has stalled. If the Sparks aren’t willing to part with one of their 2024 rookies or their No. 2 overall pick in the upcoming draft, there may be little incentive for the Storm to agree.

The Storm and Aces are both working with an abstract salary cap until Loyd and Plum are moved, limiting their ability to make other moves in free agency. Loyd signed a two-year supermax extension in 2023, meaning the Storm have a $249,032 hold on their cap space. That, on top of the fact that Gabby Williams has shot forward, has them toward the bottom of the league in cap space.

The other factor is that none of these three teams can sell other free agents on what their rosters will look like until this trade is either completed or moved on entirely.

Free agents take meetings with teams across the WNBA. Mercury center Brittney Griner has opened up to the possibility of playing elsewhere for the first time in her career. Five-time All-Star Alyssa Thomas has become the core of the Suns and could end up being moved in a sign-and-trade. Young star Satou Sabally will also be in a different uniform when the season tips off in May.

What is clear at this point is that Loyd and Plum are at the center of the WNBA’s free agency. Until this domino falls, others will not.