Depends on whether or not Dell Demps makes any other moves. The Pelicans are terrible: they're a three-man team right now.
With that being said, as deep and competitive as the west is supposed to be, there's only three 'lock' teams for the playoffs: Warriors, Rockets and Spurs. Thunder (who upgraded talent at a key position) and Trailblazers (who mostly stood pat) are highly likely to return to the playoffs, but not locks. The other three teams that made the playoffs in the west in 2017 all got worse, and you could make the case that some of them got substantially worse. They could all go back, or none of them could go back.
That does, indeed, leave 3-4 playoff spots that are "up for grabs," so to speak. I feel like most people would likely agree that the moves that they've made in the offseason would make the Timberwolves and Nuggets the favorites for two of them: that final spot is anyone's guess... The only team I'm completely ruling out of playoff contention in the west is the Suns; they're the only team that I feel has no shot. The Pelicans, depending on how well Cousins and Davis mesh, with the benefit of a full offseason and training camp, could finish anywhere between 6th and 14th. Having two bigs as skilled as those guys is still an advantage over most teams not named Golden State, Houston or Portland, but they have no depth, and no ability to stretch the floor.
Pending any further moves, my gut has the Pelicans finishing 41-41, which will only be good enough for 9th place.