The Memphis Grizzlies and free agent guard Luke Kennard have agreed to terms on a one-year, $11 million contract, according to multiple reports. Re-signing Kennard for $11 million would cost the Grizzlies about $1 million in the luxury tax.
That can be done with a small move. NBA teams are not required to be tax exempt at the start of the season. The last real day to dive under the tax is the trade deadline, according to Spotrac's Keith Smith.
The Grizzlies declined Kennard's $14.8 million team option before the June 29 deadline, making him a free agent. His previous deal was a four-year, $64 million extension he signed with the Los Angeles Clippers in December 2020.
ESPN sources: Free agent G Luke Kennard has agreed to a new one-year, $11 million contract to stay with the Memphis Grizzlies. Kennard is a career 44-point 3-point shooter and valuable floor space for a West contender. pic.twitter.com/zxXVUPwYbB
– Adrian Wojnarowski (@wojespn) July 31, 2024
Kennard, 28, averaged 11 points, 2.9 rebounds, and 3.5 assists while shooting 45% from 3-point range for the Grizzlies last season. He finished second in 3-pointers behind Phoenix Suns guard Grayson Allen (46.1%).
The Grizzlies now have 15 players under regular contracts. Memphis recently traded Ziaire Williams in a deal for Mamadi Diakite. NBA rosters must be reduced to 15 players on regular contracts at the start of the regular season.
Memphis Grizzlies guard Luke Kennard has the third-best 3-point shooting streak in NBA history
Additionally, Kennard shot 43.9% from 3-point range in his career, trailing only Steve Kerr (45.4%) and Hubert Davis (44.09%) on the NBA's all-time list, according to the Basketball-Reference website.
Memphis has historically not been efficient from beyond the arc. The Grizzlies haven't finished in the top 10 in three-point shooting since the 2006-07 season.
Kennard joined Memphis in a 2023 trade deadline deal with the Clippers and averaged 25.6 minutes in 39 games last season. The 6-foot-5, 206-pound guard shot 48% on 3-pointers in 63 career games with the Grizzlies.
Luke Kennard tonight:
🎯 Sets career-high and franchise record with 10 triples
🎯 Be the first player ever to have 10+ 3PM with 90%+ FG
🎯 Leads the Grizzlies to the W pic.twitter.com/7WEjWEi926– NBA (@NBA) March 25, 2023
On March 24, 2023, Kennard made a career high 10 3s against the Houston Rockets. He finished with 30 points on 10 three-pointers and 10-of-11 (90.9%) shooting from downtown.
In Memphis' 106–102 victory over the Brooklyn Nets on March 4, 2024, he recorded a season-high 25 points on 8-of-11 (72.7%) shooting from the field and 6-of-9 (66.7%) from deep.
Kennard was the 12th overall pick by the Detroit Pistons in the 2017 NBA draft out of Duke.
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