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With the conclusion of this season's NBA Cup in Las Vegas, teams and fans are now transitioning into holiday mode, eagerly anticipating the next big event that is sure to capture attention.

That event, needless to say, is the Feb. 6 trade deadline, when struggling teams look to bottom out in the hopes of attaining a better draft pick and when good teams look to make a move with an eye on the NBA Finals in June.

Let's close out the Eastern Conference with a look at the Southeast Division.

Previous divisions: Atlantic | Central

Atlanta Hawks

Status: Competitive
Approach: Flexible

Bottoming out isn't in the cards for the Hawks because San Antonio owns their 2025 first-round selection. This has allowed Atlanta to focus on winning and building a coherent team with an eye toward the future.

While that's NBA romanticism at its best, the Hawks do have some issues to sort out, beginning with the players that might not play a significant role in their future plans, such as Bogdan Bogdanović and Clint Capela.

Bogdanović, who is 32, remains enormously talented and a genuinely strong starter when he's healthy. He's on a descending contract, meaning he earns less money the longer the contract goes, which should also make him a trade asset, especially for teams looking to make a run.

As for Capela, he's an unrestricted free agent this summer. The Hawks could choose to re-sign him, assuming both sides agree to a number that makes sense. So between both, the 30-year-old looks more inclined to stick around.

The Hawks, generally, aren't in a rush to do something, nor should they be. De'Andre Hunter has improved, and Trae Young has embraced the role of leader, which should give Atlanta all the more reason to just ride out this season and make any trades during the summertime.

Likelihood of trade: Small

Charlotte Hornets

Status: Rebuilding
Approach: Buyers

While the Hornets have cycled through injuries all year long, they appear to be on the right track. LaMelo Ball has leveled up his production, as has Brandon Miller, and if Mark Williams can prove to be healthy over a long period of time, that is a pretty decent core to move forward with.

They could, in theory, find better use for the salary slot of Miles Bridges, who earns $27.1 million this year, but he isn't likely to have a strong market. Would the Hornets be interested in adding picks to a Bridges package and see if they can acquire a star? It shouldn't be dismissed, but it'd be a roll of the dice.

Not known as a free-agent destination, Charlotte will have to do something, though. The Hornets are not going to be big players in the summer, and unless they secure a high lottery pick, odds are good they'll struggle to add significant talent to the roster.

Does that mean they should rush things and trade for Zion Williamson? No. That'd be ill-advised, unless they can do so without relinquishing their pick this season. Because make no mistake, that selection is the most crucial asset they have and under no circumstances should they give that up.

The answer for them will be found in the margins. What can they get for Cody Martin? What about Vasilije Micić? Could they package both for a bad contract, but extract additional draft compensation?

Those are the frameworks they should be aggressive in seeking out.

Likelihood of trade: Decent

Heat star Jimmy Butler has been linked to trade talk. (Photo by Rich Storry/Getty Images)Miami Heat

Status: Competitive
Approach: Should be sellers

As usual, Miami has no intention of bottoming out, and that's fair. The Heat view themselves as being constantly relevant, and a 2023 trip to the NBA Finals makes that a fair perspective.

However, it's time to take a real look at this roster and reach the conclusion that something has got to give. Jimmy Butler, 35, is the big name, as he's currently in trade rumors, and if he's fair game in trade conversations for Miami, it would allow them to get younger and add assets for the future.

They could also be looking the way of pivoting off Terry Rozier or Duncan Robinson — both 30 — in the hopes of getting something in return that would pair well with their current youth core.

The latter would have been the most obvious route, but given Butler has a player option for next season, and thus holds the keys to his own future, Miami simply can't ignore that situation.

At this point, every player over 30 should be on the table.

Likelihood of trade: Already made one (Thomas Bryant to Indiana)

Orlando Magic

Status: Competitive
Approach: Buyers

Despite the oblique injuries to both Paolo Banchero and Franz Wagner, both of which will keep them out for a significant period of time, the Magic should push hard for a trade that makes them better.

With Wagner and Suggs both having signed contract extensions before the season, each contract triggers on July 1, meaning Orlando will have very little financial flexibility beyond this trade-deadline period.

(Remember, Banchero will likely sign a max extension of his own during the summer, when he's eligible, adding to the financial complexity.)

Cole Anthony has fallen out of the rotation, so that's $12.9 million that can be used for a trade. Gary Harris is on a pseudo expiring, as his $7.5 million next year is a team option, which can easily be declined. Even Jonathan Isaac is an interesting option, as he earns $25 million this season but stands to earn $15 million next year.

The Magic should be open to moving all those contracts for a player who can help them now and beyond this year as well. With them still lacking a real point guard, that's where their priority should fall.

Likelihood of trade: Big

Washington Wizards

Status: Rebuilding
Approach: Sellers

Washington's situation is fairly cut-and-dried. The Wizards are early in their rebuild, and they have several veteran contracts they're looking to shed, such as those of Kyle Kuzma, Malcolm Brogdon and perhaps even Jordan Poole.

While the Wizards would surely love to cash in on all three, it's doubtful that any of them carries significant trade value. Collectively, they should fetch at least a first-rounder and a few seconds, but the Wizards stand to improve their yield for those players if they're willing to take on bad money in a return.

It doesn't really matter if Washington adds long-term money, as the team is years away from becoming anything. As such, renting out its cap space is not a bad approach.

That being said, the organization needs to remember the need for balance. It's loaded with young players, so adults in the room will be necessary.

Jonas Valančiūnas, for example, offers much-needed guidance for Alexandre Sarr, so unless the Wizards are floored at an incoming offer for the Lithuanian center, they should keep him around for mentorship purposes.

Likelihood of trade: Significant