This trade is currently not possible because Mikal has signed a new contract and cannot be traded until February 1st, but after that the trade can be made.
In my opinion, this is a win-win trade for both teams. Even though the Pelicans are the worst team in the league, they have to strive for victories because they don't have their own pick for next year. The arrival of Bridges, who is an NBA iroman in the lineup with Fears, Trey Murphy, Zion & Queen definitely increases the chances of winning.
On the other hand, the Knicks look bad lately, and since they are the first favorites in the East, they have to fix some things. First is the defense and depth of the team. I think with this move the Knicks are making a strong defensive team around Brunson & KAT.