5:07pm: Franklin has been waived, the team confirmed via press release.
3:31pm: The Grizzlies waived Jamaal Franklin today using the stretch provision, Ronald Tillery of the Commercial Appeal reports (Twitter link). Franklin had two years remaining on his contract, with a salary of $816,482 for next season, and $947,276 for 2015/16 which was non-guaranteed. By using the stretch provision, Memphis can now spread his guaranteed salary for this coming season evenly over the next five years, as well as his cap hit.
The second-year guard out of San Diego State was the No. 41 overall pick by Memphis in the 2013 NBA Draft. In his rookie season, Franklin split time between the Grizzlies and the NBA D-League. In 21 NBA games, Franklin averaged 1.9 PPG, 1.1 RPG, and 0.3 APG. His slash line was .410/.455/1.000.
This move leaves the Grizzlies with 15 players on their preseason roster, 14 of whom have guaranteed contracts. The Grizzlies needed to waive Franklin prior to September 1st or they would have been forced to pay him his full salary during the 2014/15 season.