The Memphis Grizzlies and Zach Randolph have come to terms on a 2-year, $20 million contract extension, according to Yahoo Sports' Adrian Wojnarowski. The former All-Star power forward will opt-in to his $16.5 million player option next season before the extension goes into effect in the 2015-16 season.
Despite turning 32, Randolph had a resurgence this year, putting up his best statistical season since 2010-11.
Randolph averaged 17.4 points and 10.1 rebounds per game, while also dishing out a career-best 2.5 assists. His arrival in Memphis five seasons ago coincided with the best run of success in the franchise's history, which saw the team win its first ever playoff series against the one-seed San Antonio Spurs in the 2011 playoffs and reach the Western Conference Finals in 2013.
It was reported a few months ago that Randolph was considering opting out of the final year of his current contract to take a paycut that would give the Grizzlies some salary cap flexibility, but with the franchise unable to find a suitor for Tayshaun Prince, Memphis would still be over the cap even with Z-Bo restructuring his deal for the upcoming season.
With Randolph making $10 million in 2015-16, the Grizzlies will have the space to re-sign Marc Gasol and make a run at other costless agents next summer. Memphis will get $6.5 million off the cap with Randolph's extension, as well as having Prince's $7.7 million and Kosta Koufos' $3 million contracts off the books.
The Grizzlies may still be trying to ship out Prince, but he's been on the trade block for several months and the team has been unsuccessful in finding a decent return for the veteran small forward.
Unless a surprise move is made, Memphis will return all starters and most key contributers from the team that won 50 games in the Western Conference a season ago.