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Can Pelicans' big three of Holiday, AD and Cousins compete in West?

The Pelicans keep their core together with the re-signing of Jrue Holiday. Justin Ford-USA TODAY Sports

Can the New Orleans Pelicans compete in the Western Conference this season?

They took the first step toward doing so Saturday morning, agreeing with point guard Jrue Holiday on a five-year contract worth $126 million with incentives that could push its value to $150 million according to ESPN's Adrian Wojnarowski.

Re-signing Holiday allows the Pelicans to retain their core and build off the chemistry they started to develop after acquiring DeMarcus Cousins in a blockbuster trade at last season's All-Star Game in New Orleans. With other West teams loading up on stars, however, will that be enough for the Pelicans to break through?