The Grizzlies have agreed to trade Marreese Speights, Wayne Ellington, Josh Selby and a future draft pick to the Cleveland Cavaliers for Jon Leuer, a source confirmed Tuesday morning.
The move, which will save roughly $6 million, will allow Griz management to avoid a $4 million luxury tax bill this season.
The future pick is a protected first-round pick in 2015. The Grizzlies will also receive a $6.4 million trade exception that they can use to sign a free agent or balance a trade. The exception expires in a one year.
The Grizzlies are expected to sign two free agents to fill out their roster. With this trade, the team has 11 players on the roster. According to Chris Vernon, the Grizzlies are going to sign former Knick Bill Walker and former Celtic Delonte West. They’re also expected to sign Sasha Vujacic.
via Ronald Tillery, Memphis Commercial-Appeal