Kentavious Caldwell-Pope Reportedly Exercises $21.6M Grizzlies Contract Option, Updated Salary Cap

After spending the 2025-26 season with the Memphis Grizzlies, veteran wing Kentavious Caldwell-Pope has opted to stick around for another year.

Per ESPN's Shams Charania, Caldwell-Pope will exercise the $21.6 million player option on his contract to remain with the Grizzlies for the 2026-27 campaign.

Prior to Caldwell-Pope exercising his contract option, the Grizzlies were over the salary cap by $1.2 million, per Spotrac.

Memphis had acquired Caldwell-Pope in an offseason trade with the Orlando Magic, with whom he had signed a three-year, $66 million contract in 2024. The 33-year-old played in 51 games with 14 starts and averaged 8.4 points, 2.5 rebounds and 2.7 assists.

The Grizzlies finished last in the Southwest Division and 13th in the Western Conference with a 25-57 record, marking their second time failing to reach 30 wins in the last three years. Star point guard Ja Morant was limited to just 20 games due to an elbow injury, and Memphis revamped its core by trading star center Jaren Jackson Jr. to the Utah Jazz in an eight-player deal that also acquired three first-round draft picks.

As a two-time NBA champion, Caldwell-Pope brings some much-needed veteran leadership and guidance to a young Grizzlies team that is still finding its footing under head coach Tuomas Iisalo, who completed his first full year at the helm last season. Memphis will try to continue developing its young core next year, and retaining Caldwell-Pope is a smart move to help its future stars find their way.