Memphis

Memphis Grizzlies Secure Luke Kennard on $11M Deal, Exceed Luxury Tax Threshold

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Published on July 31, 2024
Memphis Grizzlies Secure Luke Kennard on $11M Deal, Exceed Luxury Tax ThresholdSource: Wikipedia/All-Pro Reels, CC BY-SA 2.0, via Wikimedia Commons

The Memphis Grizzlies are doubling down on their offensive prowess, retaining the services of Luke Kennard with a one-year deal worth $11 million. This move was confirmed by ESPN's Adrian Wojnarowski, signaling that the Grizzlies are serious about keeping their sharpshooter in the mix for another season as they aim to stay competitive in the Western Conference. Kennard has notched an impressive 48% on three-pointers across 63 games with the team, according to the same ESPN report.

By agreeing to this contract, Kennard is set to fortify the Grizzlies' floor-spacing abilities, a critical aspect as they look to construct an optimal environment for their centerpiece, Ja Morant — arguably the league’s top driver. Details from CBS Sports indicate Kennard's history with injuries, which likely prompted the Grizzlies to lock him down on a short-term deal while avoiding a longer-term financial commitment.

A $11 million agreement nudges Memphis slightly above the luxury tax threshold, a financial line teams often dance around. Prior to the deal, the team had just in excess of $10 million to spend before hitting the tax, per reporting from Action News 5, suggesting that Kennard's deal is the push that could make the accountants start sweating.

The Grizzlies' roster, as articulated by CBS Sports, will likely feature starters including Desmond Bane, Marcus Smart, Jaren Jackson Jr., possibly a big man like Zach Edey or Brandon Clarke, and of course, the stellar Morant. Luke Kennard, coming off the bench with the likes of John Konchar and Santi Aldama, is expected to reinforce one of the deepest rotations in the NBA.