Luke Kennard to re-sign with Grizzlies on one-year, $11 million deal, per report

Memphis declined Kennard's $14.8M team option earlier this offseason

By Sam Quinn Jul 31, 2024 at 1:38 pm ET• 1 min read

Luke Kennard is re-signing with the Memphis Grizzlies on a one-year, $11 million deal, according to ESPN's Adrain Wojnarowski. The Grizzlies had a $14.8 million team option on Kennard this offseason that they chose to decline. Now, they are bringing Kennard back at a slight discount.

The Grizzlies first acquired Kennard at the 2022 trade deadline. He has played 63 regular-season games in Memphis and shot 48.3% from deep in those games. The Grizzlies need to maximize spacing around Ja Morant, arguably the best driver in the NBA, and Kennard is a key element of that plan. He has a history of injuries, so getting him back on a one-year deal was a good way of avoiding long-term risk.

This $11 million deal, on its own, takes the Grizzlies slightly above the luxury tax line. Spotrac had them with a bit more than $10 million in room beneath that line before the deal, so Kennard alone likely takes them just over that threshold. Typically, when a team is so close to the line, they find a way to duck it in the end by moving off of a smaller salary. Luxury taxes aren't determined until the end of the season, so the Grizzlies still have plenty of time to get their books in order.