Grizzlies decline Luke Kennard’s team option, both sides 'eager' to discuss deal
Luke Kennard.
The Grizzlies did not exercise Luke Kennard‘s $14.8M team option for 2024-25 prior to Saturday’s deadline, reports Adrian Wojnarowski of ESPN (X link).
While the move will make Kennard an unrestricted free agent, the two sides are “eager” to discuss a new, restructured deal, according to Wojnarowski.
Kennard was limited to just 39 games (22 starts) this past season for health reasons, including a left knee bone bruise, but was effective when he was available, with averages of 11.0 points, 3.5 assists and 2.9 assists in 25.6 minutes per game.
One of the NBA’s best three-point shooters, the 28-year-old wing has made at least 44.6% of his attempts from beyond the arc in each of the past four seasons, including 45.0% in 2023-24.
A $14.8M salary isn’t unreasonable for a shooter of that caliber, but the Grizzlies would have been above the first tax apron if they had exercised Kennard’s option. As Bobby Marks of ESPN notes, team salary is now $8M below the luxury tax line and $11.5MM below the first apron.
The Grizzlies value Kennard and what he brings to the rotation, according to Damichael Cole of The Memphis Commercial Appeal (X link), so a new deal is possible. However, as Cole notes, the veteran sharpshooter figures to draw interest on the open market.
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