JULY 11: The Grizzlies have officially re-signed Valanciunas, the team announced today in a press release.
According to Chris Herrington of The Daily Memphian (via Twitter), the contract will have a descending structure, so it will likely start around $16MM. Wojnarowski first reported (via Twitter) several hours before free agency began that Valanciunas would be staying in Memphis on a three-year, $45MM deal.
The Grizzlies acquired the 27-year-old center in a February trade that sent Marc Gasol to Toronto. Valanciunas put up career-best number in 19 games with Memphis, averaging 19.9 points and 10.7 rebounds per night.
The fifth pick in the 2011 draft, Valanciunas was part of the Raptors’ foundation for six and a half years before being traded. Earlier this month, he opted out of a $17,617,976 salary for next season.
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