The Grizzlies have waived forward D.J. Kennedy, reports Ronald Tillery of the Memphis Commercial Appeal (Twitter link). Kennedy was the only asset going the Grizzlies' way in the July 25th trade that sent Jeremy Pargo, a 2014 second-round draft pick, and cash to the Cavaliers. He had a non-guaranteed minimum-salary contract, so the swap will wind up amounting to a salary dump for Memphis. Pargo has a guaranteed deal for $1MM this season.
The 22-year-old, 6'6" Kennedy signed with the Cavs for the final week of the regular season, and appeared in just two games, posting a total of 12 points, seven rebounds and three assists in 59 minutes. He went undrafted out of St. John's in 2011 and spent most of last season playing for the Erie Bayhawks of the D-League, averaging 15.7 points, 7.3 rebounds and 4.4 assists in 44 games.
Once he clears waivers, he'll be an unrestricted free agent, and the timing of the move allows him to catch on with another team before training camp. The Grizzles reached agreements with four camp invitees on Sunday, so getting rid of Kennedy brings the roster back down to 18 players, 13 of whom are believed to have at least a partial guarantee. Taking Kennedy's salary off the books lets the Grizzlies retain one of the camp invitees on a minimum-salary contract for the regular season, if they so choose, and stay below the luxury tax apron of $74.307MM, which allows for greater flexibility.