NBA TV: “Brandon Ingram is probably not on the Pelicans after 3 o’clock on Thu (Feb 6) afternoon” [Pelicans trade Brandon Ingram to Raptors]

It's likely a sign and trade at the end of the season much like Lonzo was. It will be hard for any time to sign them into open cap space. So, we'd probably get a little something in the offseason anyway if we wanted it instead of him purely expiring.
The trade was supposed to happen this past off season but the whole second apron thing pretty much handcuffed most of the league from moving assets like that. Now the Mavericks just showed the league how to avoid paying a super max. The NBA off season probably isn't going to be anything like it used to be. Jalen Brunson was lauded for taking a "discount" last off season, but that was a symptom of the new CBA, not something he really had much of a choice on if he wanted to stay in New York.