4:52pm: The Jazz have officially waived Neto, the team announced today in a press release.
Utah agreed to send Jae Crowder, Kyle Korver, Grayson Allen, the No. 23 pick in the draft and a future first-round pick to the Grizzlies for Conley in June, revamping their franchise with hopes of contending for a championship next season.
The Jazz also agreed to deals with free agents Bojan Bogdanovic (4-year/$73MM) and Ed Davis (2-year/$10MM) at the start of free agency. Utah has competed in the playoffs in each of the last three years, losing to the Rockets 4-1 in the opening round this past April.
Neto, 27, will become a strong option on the market for teams seeking a back-up guard, according to Charania. He’s spent all four of his seasons with the Jazz, holding career-averages of 4.8 points, 1.9 assists and 14.2 minutes per game.