LAS VEGAS — The Memphis Grizzlies have agreed to a buyout with guard Cole Anthony, according to a report from ESPN. Anthony is expected to sign with the Milwaukee Bucks following the move.
Memphis has been shopping Anthony in recent weeks after he was acquired in a trade with the Orlando Magic. Anthony, four first-round picks and Kentavious Caldwell-Pope were traded to the Grizzlies for Desmond Bane.
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The Grizzlies needed to clear cap space in order to renegotiate Jaren Jackson Jr.’s contract and sign him to an extension. Now that Memphis is buying out Anthony, a pathway will be cleared to create the necessary cap space to make Jackson’s five-year $240 million deal official.
Jackson’s deal isn’t the only move that should become official following Anthony’s buyout. Memphis should now officially be able to sign Ty Jerome and Santi Aldama to new contracts. Neither of those moves could be completed before Jackson’s renegotiation deal since Memphis needed the cap space for Jackson’s contract.
Anthony is scheduled to make $13.1 million this season. The buyout will likely be around what Anthony will get with the Bucks, which is the veteran minimum.
After the buyout, the Grizzlies are expected to stretch a little more than $10 million in Anthony’s salary over three seasons since he has one guaranteed year left on his contract.
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Damichael Cole is the Memphis Grizzlies beat writer for The Commercial Appeal. Contact Damichael at damichael.cole@commercialappeal.com. Follow Damichael on X, formerly known as Twitter, @DamichaelC.I
This article originally appeared on Memphis Commercial Appeal: Cole Anthony, Memphis Grizzlies agree to buyout | Report