Hoops Rumors

Hoops Rumors is checking in on the 2025 offseason for all 30 NBA teams, recapping the summer’s free agent signings, trades, draft picks, departures, and more. We’ll take a look at each team’s offseason moves and consider what might still be coming before the regular season begins. Today, we’re focusing on the Memphis Grizzlies.

Free agent signings

• Santi Aldama: Three years, $52,500,000. Third-year team option. Re-signed using Bird rights.
• Ty Jerome: Three years, $27,660,150. Third-year player option. Trade kicker (15%). Signed using room exception.
• Cam Spencer: Four years, $10,396,518. Fourth-year team option. Re-signed using cap room.
• Jock Landale: One year, minimum salary. Signed using minimum salary exception.
• Tyler Burton: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
• Braxton Key: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
• Lawson Lovering: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.

Trades

• Acquired Kentavious Caldwell-Pope, Cole Anthony, the No. 16 pick in the 2025 draft, the Magic’s 2026 first-round pick (with swap rights; details below), the Magic’s 2028 first-round pick, the Magic’s 2030 first-round pick, and the right to swap first-round picks with the Magic in 2029 (top-two protected) from the Magic in exchange for Desmond Bane.
  • Note: The Grizzlies will have the ability to swap the Magic’s 2026 first-round pick for the Suns’ 2026 pick (if the Wizards’ first-rounder lands outside of the top eight) or for the least favorable of the Suns’ and Wizards’ 2026 picks (if the Wizards’ first-rounder lands in the top eight).
  • Note: Anthony was subsequently bought out.
• Acquired the draft rights to Cedric Coward (No. 11 pick) from the Trail Blazers in exchange for the draft rights to Yang Hansen (No. 16 pick), the Magic’s 2028 first-round pick, the Hawks’ 2027 second-round pick, and the Kings’ 2028 second-round pick.
• Acquired the Trail Blazers’ 2029 second-round pick and the right to swap their 2031 second-round pick for either the Pacers’ or Heat’s 2031 second-round pick (whichever is least favorable) from the Pacers in exchange for Jay Huff.
• Acquired the draft rights to Jahmai Mashack (No. 59 pick), the Warriors’ 2032 second-round pick (top-50 protected), and the draft rights to Justinian Jessup from the Warriors in exchange for the draft rights to Will Richard (No. 56 pick).

Draft picks

• 1-11: Cedric Coward
  • Signed to rookie scale contract (four years, $26,345,863).
• 2-48: Javon Small
  • Signed to two-way contract.
• 2-59: Jahmai Mashack
  • Will play in G League.

Two-way signings

• PJ Hall
  • One year, $85,300 partial guarantee (will increase to $318,218 at start of regular season).
• Olivier-Maxence Prosper
  • One year, $85,300 partial guarantee (will increase to $318,218 at start of regular season).
• Javon Small
  • Two years, $85,300 partial guarantee (will increase to $318,218 at start of regular season); second year partially guaranteed for maximum two-way protection amount (will increase to 50% at start of regular season).

Departed/unsigned free agents

• Marvin Bagley III (Wizards)
• Yuki Kawamura (Bulls)
• Luke Kennard (Hawks)
• Lamar Stevens (Paris Basketball)

Other roster moves

• Renegotiated Jaren Jackson Jr.‘s 2025/26 salary (from $23,413,395 to $35,000,000) and gave him a four-year, $205,000,000 veteran contract extension that begins in 2026/27. Includes fourth-year player option.
• Bought out and stretched Cole Anthony (gave up $2,000,000 of $13,100,000 salary).
• Waived Zyon Pullin (two-way contract).

Salary cap situation

• Operating over the cap ($154.6MM) and below the luxury tax line ($187.9MM).
• Carrying approximately $171.5MM in salary.
• Hard-capped at $195,945,000.

The offseason so far

It has been a fascinating few years in Memphis, where the Grizzlies looked like one of the NBA’s best up-and-coming young teams as they won 56 games in 2021/22 and 51 more a year later. Ja Morant‘s off-court behavior and a series of injuries derailed the 2023/24 season, but the team seemed well on its way to picking up where it left off in ’24/25, running out to a 35-16 start and holding the No. 2 seed in the West at the trade deadline.

However, a 13-18 finish resulted in a late-season coaching change – Tuomas Iisalo replaced Taylor Jenkins – and some pretty significant offseason roster moves, creating some uncertainty about what exactly this team’s ceiling looks like going forward.

Let’s start with what, in some ways, was the most important decision of the Grizzlies’ offseason — with former Defensive Player of the Year Jaren Jackson Jr. entering a contract year and Memphis unable to offer him a market-value deal via a standard veteran extension, the team opted to dip under the cap in order to renegotiate his contract. Using that newly created cap room, the team was able to give Jackson an immediate raise of nearly $12MM for 2025/26, then extend him off his new $35MM salary. The end result was nearly $217MM in new money for Jackson, who is now locked up through at least the 2028/29 season, with a player option for ’29/30.

The Grizzlies made it clear with their actions that Jackson is one of the cornerstones they intend to build around for years to come. And they essentially confirmed that Morant – despite some poor off-court decisions a couple years ago and some nagging health issues since then – still falls into that category as well when they dealt Desmond Bane to Orlando in one of the biggest trades of the NBA offseason.

As I observed when I previewed Memphis’ offseason in early June, as good as Bane is, he had become a logical trade candidate as long as he was the third-most important player on this roster. His near-max deal was going to make it difficult for the Grizzlies to build a quality supporting cast around Morant and Jackson, especially with Jackson and some of the team’s younger players about to get more expensive.

I suggested at the time that it might make sense from a roster-building perspective for the Grizzlies to split up Bane’s salary slot into two or three players, which is essentially what the team did. The package Memphis got from the Magic was heavy on draft picks, and one of the two players sent to the Grizzlies in the trade (Cole Anthony) was bought out a few weeks later. But Kentavious Caldwell-Pope is a logical (albeit older and less dynamic) replacement for Bane in the lineup, and the Grizzlies used a couple of the first-round picks they acquired from Orlando to trade up in this June’s draft to nab forward Cedric Coward.

It’s a major roll of the dice for the Grizzlies, who paid a significant price (an unprotected future first-rounder and two second-rounders) to move up from No. 16 to No. 11 for Coward after he was limited to just six games in his senior college season due to a shoulder injury.

Coward, who spent his freshman year at Willamette University in Oregon and then played two seasons for Eastern Washington before transferring to Washington State, didn’t have a huge body of work against high-level college competition, but he was reportedly a standout during the pre-draft process — and, at age 22, he could be more ready than most first-rounders to contribute right away at the NBA level.

It would be misguided to believe that Coward is capable of immediately giving the Grizzlies what last year’s version of Bane did, but the front office clearly has high hopes for what the rookie can become. He’ll also be on a very team-friendly contract for at least the next four seasons, giving the team the flexibility to invest more heavily in some other role players who will complement Morant and Jackson.

One of those players is big man Santi Aldama, a notable 2025 restricted free agent who didn’t have to wait multiple months for a new deal. The Grizzlies and Aldama agreed to terms early in the summer on a three-year, $52.5MM contract that includes a third-year team option. It looks like a pretty good arrangement for both sides after Aldama enjoyed the best season of his career in 2025/26. He gets a nice payday after earning just $10.2MM in his first four NBA seasons, while Memphis has an out after just two years in case the 24-year-old doesn’t continue improving.

The Grizzlies also worked out a new multiyear agreement with Cam Spencer, who spent his rookie season on a two-way contract with the club. Spencer’s numbers – 4.2 points and 1.4 assists per game in 25 appearances – certainly don’t jump off the page, but he gave Memphis solid minutes when given the opportunity, and the front office hasn’t been shy about investing in longer-term, team-friendly deals for young players who show some promise. Spencer’s new four-year contract is fully guaranteed for three years, but is worth just $10.4MM overall, so it’s quite low-risk.

With Jackson and Spencer signed using cap room and Aldama’s Bird rights used to eventually complete his deal, the Grizzlies had the opportunity to use the $8.78MM room exception to go shopping for an outside free agent. They ultimately used that entire exception to land Cavaliers guard Ty Jerome, signing him to a three-year, $27.66MM contract. While the deal includes player-friendly terms like a third-year player option and a 15% trade kicker, it’s still a nice get for Memphis, given that Jerome was widely viewed as a strong candidate for a mid-level type contract in the neighborhood of $12-14MM per year.

The combined cap hits for Jerome, Caldwell-Pope, and Coward in 2025/26 are almost exactly equivalent to what Bane will earn in Orlando, and the Grizzlies will hope that the various skills those three players bring to the table can help fill the significant hole created by Bane’s exit. Jerome has his limitations, especially on the defensive end, but he showed last season that he can be a valuable scorer, shooter, and secondary play-maker.

Finally, it’s worth highlighting one more minor move made by the Grizzlies. As part of their efforts to clear cap room for Jackson’s renegotiation, they sent center Jay Huff to Indiana in exchange for a second-round pick and a second-round swap. Huff, a rim-protecting big man who can stretch the floor on offense, had flashed some upside in limited minutes in Memphis and could be primed for a larger role in Indiana.

While I certainly don’t expect Huff to become a star, it’s possible that move could backfire to some extent on a Grizzlies team that will likely start the season without Jackson, Zach Edey, and Brandon Clarke available in the frontcourt due to injuries. Minimum-salary free agent addition Jock Landale took Huff’s spot on the roster and could become the team’s opening night starting center by default.

Up next

The Grizzlies have 15 players on guaranteed salaries and three on two-way deals, so their regular season roster looks pretty much set. Two-way moves are always a possibility during the preseason, but Javon Small was a 2025 second-round pick who signed a two-year contract, Olivier-Maxence Prosper is a former first-rounder who could play his way into Memphis’ rotation, and PJ Hall could provide valuable frontcourt depth early in the season until the Grizzlies gets healthier.

As for potential preseason contract extensions, the Grizzlies have no players eligible for rookie scale extensions, but there are a few who could theoretically get veteran deals, starting with Morant.

While I do view the Bane trade as a vote of confidence in Morant, I’d be shocked if an extension happened this year. The former No. 2 overall pick is coming off a down year and still has three seasons left on his current deal. If the coming season goes well, the two sides could open negotiations in earnest during the 2026 offseason.

Clarke and John Konchar are also extension-eligible until October 20, but neither one looks like a legitimate extension candidate at this point. Clarke just underwent a procedure on his knee, while Konchar’s role declined significantly last season. Both players have two years left on their current contracts and seem more likely to be traded than extended at this point — that could change if they play well in 2025/26.