Grizzlies, Dwight Howard Agree To Buyout

AUGUST 24: The Grizzlies have officially waived Howard, the team announced in a press release.

AUGUST 23: Dwight Howard and the Grizzlies have completed the buyout of his contract. The move will allow Howard to officially sign with the Lakers once he clears waivers.

Memphis had no intention of bringing Howard to training camp, according to Adrian Wojnarowski of (Twitter link), so allowing him to move on was best for the franchise.

Memphis made out well financially as a result of their experience with Howard. The big man was scheduled to make $5.6MM this upcoming season, but he agreed to give up nearly $2.6MM as a part of the buyout arrangement.

Earlier in the summer, Memphis acquired Howard in exchange for C.J. Miles, who is making $8.7MM for the 2019/20 season. The trade netted the team over $3MM in savings, which brings the franchise’s total savings in the series of moves to roughly $5.6MM.

The Grizzlies have the option to keep Howard’s remaining $3MM on their books this year or use the stretch provision, as Bobby Marks of tweets. Memphis is approximately $7.4MM below the luxury tax line.

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