The Memphis Grizzlies have completed a multiplayer trade with the Cleveland Cavaliers, slicing more than $6 million off their payroll to get under the luxury tax threshold.
Memphis sent big man Marreese Speights, guard Wayne Ellington, guard Josh Selby and a future first-round draft pick to the Cavs for forward Jon Leuer.
The pick is the most valuable part of the deal for the Cavs. In 2015 or 2016, if the Grizzlies' first-rounder falls between picks 6-14, the pick goes to the Cavs. Starting in 2017, if the Grizzlies' pick falls outside the top five, the Cavs then get the selection. In 2019, the pick becomes unprotected. It is the sixth first-round pick the Cavs have traded for since 2010.
The Grizzlies, under pressure to reduce payroll, had been in trade talks with teams around the league involving stars Rudy Gay and Zach Randolph.
This deal is expected to ease those concerns in the short term and allow the Grizzlies to keep their starters together. Memphis owes Gay, Randolph and Marc Gasol nearly $50 million combined next season.
Memphis is currently 26-14, fourth place in the Western Conference and second place in the Southwest Division, five games behind the San Antonio Spurs.
To get the deal done the Cavs used salary-cap space to absorb some of the contracts and waived guard Jeremy Pargo. The Grizzlies will receive a trade exception of more than $4 million that they can use in a future trade over the next year.
Speights averages 6.5 points and 4.7 rebounds and has been a key big man off the bench for the Grizzlies. He makes $4.2 million this season and has a player option at $4.5 million for next season. Ellington is averaging 5.5 points off the bench. Selby has played in only 10 games, averaging two points. Leuer, who the Cavs claimed off waivers over the summer from the Houston Rockets, has played in only nine games, averaging 2.4 points.
The Cavs enter Tuesday night's home game against Boston with a 10-32 record -- second-worst in the Eastern Conference. Speights will help Cleveland replace center Anderson Varejao, who was leading the NBA in rebounding but will miss the remainder of the season after developing a blood clot in his right lung.
Varejao remains hospitalized at The Cleveland Clinic.
The ownership group led by Robert Pera took over the Grizzlies on Nov. 5, and they had been scheduled to pay about $4 million in luxury tax this season with a payroll of more than $74 million.
Cleveland is trying to maintain salary-cap space and stay away from any maximum contracts so it can be active in free agency over the next two years. General manager Chris Grant has been doing all he can to attain assets to help the rebuilding.
"Marreese will strengthen our front court, while Wayne and Josh will add depth to our back court," Grant said in a statement. "At the same time, we are adding a valuable asset with another future first-round pick, while also maintaining our future flexibility."
Aww shyt Sasha back.
Why can't he come back to the Lakers.
