Full new contract terms revealed as Luke Kennard finally re-signs with Grizzlies

After weeks of waiting, the Memphis Grizzlies and Luke Kennard have officially come to terms on an agreement to remain united heading into 2024-25.

As first reported by ESPN's Adrian Wojnarowski, the sharpshooting two-guard has accepted a short-term pact with the organization, as he is agreeing to a one-year, $11 million contract to stay in Grind City.

Luke Kennard re-signs with Grizzlies on one-year, $11 million deal

In the grand scheme of things, Kennard has taken roughly a $3.7 million pay cut to remain with the Grizzlies, as his original salary for the upcoming campaign was slated to be $14.7 million before the front office declined his team option for the final year of his previous deal.

Seeing the details of his new deal, it may come as a bit perplexing, as the belief was that the two parties would be working on getting a longer-term contract so that it would be mutually beneficial.

Following the Ziaire Williams trade from earlier this month, it only seemed to reinforce the idea that a multi-year pact was on the horizon, as Zach Kleiman and company managed to part ways with the former lottery pick's $6.1 million guaranteed salary in the exchange.

Alas, the two have come to a decision to reunite on a one-year agreement, which could still be advantageous for all involved, as a sound showing from Kennard could go on to earn him an even larger pay-day next summer while keeping the team's payroll well under the dreaded first apron.

One of the top long-range shooters the league currently has to offer, since arriving in Memphis mid-way through the 2022-23 campaign, Kennard has only upped his stock as a lethal sniper as he has sported impressive per-game averages of 11.1 points, 3.0 rebounds, and 3.0 assists on 47.5 percent shooting from the field and 48.3 percent shooting from distance.

Now with him officially back in tow for this coming season, assuming they can remain healthy, the Grizzlies have only strengthened their odds of securing their third Southwest Division title in four years as well as thrusting themselves soundly back into the playoff picture following a tumultuous and injury-plagued 2023-24.