Memphis Grizzlies’ 2025 Offseason: Key Moves, Contracts and Cap Picture
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MEMPHIS, Tenn. — The Grizzlies reshaped their roster and balance sheet during a busy 2025 offseason that included a high-profile trade, a max-level renegotiation and seven free-agent agreements.
Free-Agent Signings
Santi Aldama re-signed for three years, $52.5 million, with a team option in Year 3. Ty Jerome arrived on a three-year, $27.66 million room-exception deal that carries a third-year player option and a 15% trade kicker. Second-year guard Cam Spencer secured four years, $10.40 million, with a team option for 2028-29. Front-court depth came via minimum-salary pacts for Jock Landale, Tyler Burton, Braxton Key and Lawson Lovering, each of them on one-year contracts; Burton, Key and Lovering are Exhibit 10 non-guarantees.
Major Trade
Memphis sent Desmond Bane to Orlando for Kentavious Caldwell-Pope, Cole Anthony, the No. 16 pick in 2025, Orlando’s unprotected first-rounders in 2028 and 2030, swap rights in 2026 and 2029, and a conditional 2026 pick swap involving Phoenix and Washington. Anthony was later bought out for $11.1 million of his $13.1 million salary.
Draft Activity
The Grizzlies packaged Orlando’s 2028 first-rounder, No. 16 overall and two future second-rounders to Portland for No. 11 pick Cedric Coward, who signed a four-year, $26.35 million rookie deal. Second-round guard Javon Small (No. 48) inked a two-way contract, while No. 59 selection Jahmai Mashack was assigned to the G League. Additional draft-night moves landed Cedric Coward, a 2029 Portland second-rounder and junked contracts in separate agreements with Indiana and Golden State.
Renegotiation and Extension
Memphis dipped under the cap to raise Jaren Jackson Jr.’s 2025-26 salary from $23.41 million to $35 million, then extended him for four years and $205 million starting in 2026-27. The deal includes a player option in 2029-30.
Two-Way Contracts
PJ Hall, Olivier-Maxence Prosper and Javon Small signed two-way deals. Each contract carries an $85,300 partial guarantee that rises to $318,218 on opening night; Small’s second season is 50% guaranteed at that figure.
Departures
Free agents Marvin Bagley III (Wizards), Yuki Kawamura (Bulls), Luke Kennard (Hawks) and Lamar Stevens (Paris Basketball) moved on. Center Jay Huff went to Indiana for a 2029 second-round pick and a 2031 second-round swap.
Salary-Cap Snapshot
The Grizzlies project to carry approximately $171.5 million in guaranteed salary — over the $154.6 million cap but below the $187.9 million tax line. They remain hard-capped at $195.945 million.
Roster Outlook
Memphis holds 15 fully guaranteed contracts and its full allotment of three two-way slots. With Jackson, Ja Morant and newcomer Caldwell-Pope headlining the rotation, the club expects to open camp with no remaining primary roster spots. Front-court injuries to Jackson, Zach Edey and Brandon Clarke could push Landale or two-way big Hall into early minutes.
Extension Eligibility
Morant is eligible for a veteran extension but still has three years left on his deal, making talks unlikely before 2026. Clarke and John Konchar also qualify for extensions through Oct. 20; neither is considered a close candidate as they enter the second season of their current contracts.
Source: Hoops Rumors
