While there was never any reason to think it was under consideration, the Rockets could not have traded Fred VanVleet after he suffered a season-ending knee injury last September, even if they had wanted to.

VanVleet signed a one-year, $25 million contract last July that included a player option for a second season. Under NBA rules, that structure gave VanVleet the right to veto any trade because he would have lost his Bird rights had he opted out of the second year.

VanVleet is back with the Rockets after exercising his $25 million option in July, and he’s healthy, but he no longer has the right to veto a trade. He’s now an expiring contract, and with the Rockets under pressure to take the next step, it’s fair to ask whether the clock is ticking.

Signed as a free agent three years ago, VanVleet is beloved within the Rockets organization. He took on the burden of leading a young team that had endured plenty of losing and provided a level of on-court professionalism that had been severely lacking. Alperen Sengun often refers to VanVleet as “the team’s brain,” but the Rockets are in a different place now.

The rebuild is over. It’s time for the Rockets to start winning — and winning at a high level. VanVleet should be given every opportunity to show he can return to the level he reached when he first joined the Rockets. But if he can’t regain that form, the team shouldn’t be afraid to upgrade at point guard, especially with free agency looming.

It’s impossible to know which players could become available between now and the NBA’s February trade deadline, but the Rockets will be as well-positioned as anyone to make a move. VanVleet’s expiring $25 million contract is valuable, and the Rockets have young players on team-friendly contracts who could be in demand. Few teams, if any, have a better collection of draft assets.

There Might be Additional Assets

The Rockets could wind up with two lottery picks in June’s draft, thanks to Phoenix’s first-round pick and a pick swap with Brooklyn. In 2029, they will have the right to the two most favorable first-round picks among their own, Phoenix’s and Dallas’ and control their own first-round picks in the years that follow.

It’s unfair to put a clock on a player returning from a serious injury, but the NBA is a business, and an unforgiving one at that. Outside of the Kevin Durant trade, in which Houston acquired a player worth far more than what it gave up,

Rafael Stone has been patient as the Rockets have improved the last three seasons. But after last season’s disappointment, will he be willing to act with urgency if VanVleet fails to perform at a high level?