2:33pm: The trade is official, the Magic and Grizzlies announced via press releases.
10:21am: The Grizzlies and Magic have agreed to a trade that will send Luke Ridnour to Memphis, reports Adrian Wojnarowski of Yahoo! Sports (Twitter link). The Magic will get the rights to 2013 second-round pick Janis Timma, Wojnarowski adds (on Twitter).
The 34-year-old Ridnour was reportedly considering retirement as of March, and he hasn’t publicly said whether or not he intends to play next season. His $2.75MM salary is non-guaranteed, though it becomes fully guaranteed if he remains under contract through July 10th. So, the move doesn’t immediately add to the roughly $47MM the Grizzlies have in guaranteed salary for next season, nor does it reduce the Magic’s nearly $39MM in commitments. Orlando was almost certainly going to waive Ridnour before his salary locked in, tweets Josh Robbins of the Orlando Sentinel.
The Grizzlies have a trade exception worth more than $3MM as a vestige of having sent Quincy Pondexter to the Pelicans in January’s Jeff Green trade, so the Grizzlies could use that to officially acquire Ridnour before July 1st. They could open cap space to make the move if they wait until next month to formalize it, though they’re unlikely to go under the cap unless Marc Gasol bolts, so it would seem the trade exception will go to use. Orlando, which is already under the cap, doesn’t have the chance to create a trade exception of its own for Ridnour.
Memphis is gaining a backup point guard who’s also seen time at the two, so his acquisition would seemingly create competition for Beno Udrih, whose salary of nearly $2.175MM is partially guaranteed for $923K, and Nick Calathes, who’s entering free agency. The Grizzlies can make Calathes a restricted free agent if they tender a qualifying offer $1,147,276 by month’s end, though perhaps today’s news is a signal that they’re prepared to move on from him. It’s also possible that the Grizzlies will try to flip Ridnour in another trade, Wojnarowski suggests.
Timma, a small forward who turns 23 next month, averaged 12.6 points, 5.0 rebounds and 3.5 assists in 28.9 minutes per game this past season for VEF Riga of Latvia. It’s assumed that his contract with that team expires this year, as Mark Porcaro notes in our Draft Rights Held Players database.