Grizzlies open up wallet, offer $58 million to Josh Smith

The Memphis Edge (blog) is reporting that, according to NBA sources, the Memphis Grizzlies have sent Josh Smith an offer sheet worth $58 million. "As the only team left with significant room under the salary cap, the Griz have shifted out of a summer holding pattern and targeted the versatile 6-9, 235-pound forward. Atlanta has seven days to match, per league rules, once Smith receives the offer sheet." (Read the rest after the jump.)