Summary
Hernangomez got more time this season than I expected after only signing for a non-guaranteed minimum contract. With Steven Adams missing some games, Jaxson Hayes still being far away from being a real contributor, and Zion playing very little at center, this gave Hernangomez some opportunity. While Hernangomez hasn't been terrible, I don't think he's done enough to change my opinion of him, which is generally that he's a third center that shouldn't be in a regular rotation.

While he has some touch on offense, his finishing numbers inside are poor, and he can't stretch the floor. On defense, he cannot move laterally at all, and can get cooked either switching out or even just trying to contain in the pick-and-roll. I think Hernangomez can be a "break glass in case of emergency" center that can fill in when injuries occur, but that's about all I would trust him with, and would rather spend that roster spot on a younger prospect.
 
Cap Considerations
Hernangomez will be an unrestricted free agent with a $1.7 million cap hold and Non-Bird Rights. This means that the highest starting salary the Pelicans could offer him using the Non-Bird Exception is $2.3 million. This should be enough to retain Hernangomez, since he settled for the minimum of $1.7 million to come to New Orleans. Alternatively, the Pelicans could use their Mid-Level Exception or Bi-Annual Exception to re-sign Hernangomez if he demands more than $2.3 million.

Other teams will have multiple ways to sign Hernangomez as even teams without cap space could possibly use any of the Non-Taxpayer MLE, Taxpayer MLE, or possibly even the Room MLE or Bi-Annual Exception to sign him. It's also likely that Hernangomez only gets minimum offers.