The Grizzlies entered the offseason with a clear goal to extend Jaren Jackson Jr. to solidify their All-Star duo for years to come. Ja Morant is already signed through the 2027-28 season, but Jackson Jr. was set to become an unrestricted free agent next summer. Following his second All-Star appearance last season, Jaren fell just short of making an All-NBA team, which meant no eligibility to sign for the supermax.
Due to his bargain of a rookie contract extension he signed in 2021, the max the Grizzlies could've offered him without renegotiation was a four-year, $146.8 million contract. General manager Zach Kleiman already prepared for that scenario when he traded Marcus Smart's $20 million contract for expiring deals at the trade deadline.
The Grizzlies needed cap space to add more money to Jaren Jackson Jr.'s 2024-25 deal and extend him out for the five-year, $240 million they agreed to at the start of free agency. The team needed roughly $10 million in cap room to make the deal official and has taken a major step in making that a reality.
Cole Anthony agreed to a contract buyout with the Grizzlies
ESPN's Shams Charania announced that Cole Anthony's agency and the Grizzlies were working towards a resolution to allow Memphis to create the cap space to complete the Jaren Jackson Jr. renegotiation and extension shortly after his deal was announced. However, nearly two weeks have passed since then, leading many to believe the Grizzlies were still looking to execute a trade.
His buyout shows that the market to trade him without returning much salary likely wasn't possible. He was making $13.1 million and is reportedly expected to sign with the Milwaukee Bucks. The Bucks have no cap space, so a trade with them wasn't possible, which likely led to their agreement on the buyout.
While Jaren Jackson Jr.'s extension was the highest priority, the team also had other deals waiting to be confirmed with their re-signing of Santi Aldama and signing of Ty Jerome. Those deals can't be made official until the Jaren Jackson Jr. renegotiation and extension are made official first, because of the renegotiation of the upcoming season's salary element.
Once the deals are made official, the Grizzlies will have their 15-man roster confirmed for the regular season. Completing the Cole Anthony buyout helps the team move forward with their current core in place, with flexibility to maneuver if they aren't satisfied with the final iteration.