Examining Grizzlies' Salary Cap, Decisions for 2025 NBA Free Agency After Thunder Loss
The offseason has begun for the Memphis Grizzlies.
Considering all that happened during the 2024-25 NBA campaign, perhaps that's a relief. Between on- and off-court matters with star player Ja Morant and a midseason firing of head coach Taylor Jenkins, it was a chaotic year in Memphis.
The bright side, amid those issues, is the Grizzlies still won 48 games before their season ended with a Game 4 loss to the Oklahoma City Thunder in the first round of the NBA Playoffs.
Memphis has a sturdy foundation in place with a bit of cap space to bolster the roster over the summer for 2025-26 and beyond.
Salary Cap
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Entering the offseason, Memphis finds itself in a good financial position.
The franchise has $136.5 million in contracts on the books, which is a healthy bit below the projected $154.6 million salary cap. That number will be used up quickly—more on that shortly—but gives the Grizzlies some flexibility.
Staying below the $187.9 million luxury-tax line would also allow Memphis to take advantage of the full mid-level exception, for example.
As the NBA's salary cap continues to rise, the Grizzlies are well-positioned to continue paying their homegrown talent as usual.
Top Contract Decisions
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The lone contingent contract on the roster is a big one.
Young forward Santi Aldama is headed for restricted free agency with a $5.9 million qualifying offer. In reality, though, he's going to command a long-term contract that will result in a larger final number.
Given what he provides to the Grizzlies—a versatile, 6'11" floor-spacer who just averaged 12.5 points, 6.4 rebounds and 2.9 assists—there is little doubt that re-signing Aldama will be a top priority.
The fifth year Memphis only can offer is a useful bargaining chip. But if a bidding war gets started for Aldama, will it be enough to avoid a sign-and-trade?
Otherwise, the Grizz will be aiming to sign Jaren Jackson Jr. to a long-term extension prior to the final season of his contract.
Free Agents to Pursue
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Luke Kennard is effectively the lone rotation piece heading into free agency, although Marvin Bagley III as an expiring deal, too.
Assuming the Grizzlies re-sign Aldama, they are unlikely to keep Kennard. He's been a valuable three-point shooter in two-plus seasons with Memphis but slumped badly during the second half of the campaign.
Not only is Memphis rarely a player in free agency, the front office has excelled in the NBA draft recently. That will probably be the main source of additions for the Grizzlies—who hold a pair of second-rounders in 2025—since the roster already has 12 players, if you include Aldama, under contract for next season.
But if Memphis hits the market, it would be through the mid-level exception.
Ideally, the MLE would bring a player like Nickeil Alexander-Walker or Ty Jerome if—and that's a big if—the money is enough. Both of them are expected to attract plenty of attention this summer.
As for replacing Kennard's long-range prowess off the bench, a likely inexpensive option such as Seth Curry would be a feasible target.
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