MEMPHIS, Tenn. — NBA Free Agency starts on Sunday and with that teams all around the league are making moves and that includes right here in Memphis with the Grizzlies.
According to ESPN's Adrian Wojnarowski, the Memphis Grizzlies chose to decline guard Luke Kennard's $14.8 million team option.
The Grizzlies had until Saturday to make a decision on the option. Not picking it up helps on the money side of things and certainly gives the Grizzlies more flexibility come free agency.
Declining the option doesn't mean Kennard won't stay a Grizzlie. Woj also reported that both sides are 'eager to pursue a restructured deal' which aligns with what Memphis' GM Zach Kleiman said after Round 1 of the NBA Draft.
"We still feel very strongly about Luke as someone who is a right fit as part of this group," Kleiman said.
Kennard was acquired by the Grizzlies before the 2023 trade deadline.
This season he averaged 11-points per games and shot 45% from beyond the arc making him one of the best three-point shooters in the league, something that will be very appealing to a lot of teams when free agency begins on Sunday.
With the move the Grizz are now $8 million below the luxury tax and $11.5 million below the first apron. They would have been both a tax and apron team if they picked up the option.