Grizzlies Guard Cashes In On Massive $21.6 Million Payday Next Season

If you thought Kentavious Caldwell-Pope was about to test the open market and cash in on a hot shooting stretch, think again. The conventional read on a 33-year-old 3-and-D wing with a player option is usually straightforward: opt out, secure one last multi-year deal, and ride off into the sunset. But league sources confirm that KCP is doing the opposite.

Shams Charania (@ShamsCharania) broke the news Thursday that Caldwell-Pope is picking up his $21.6 million player option for the 2026-27 season, keeping him in Memphis for at least one more year. The move had been building quietly behind the scenes. Those close to the situation say the decision wasn’t about a lack of offers—there was interest from contenders sniffing around for a veteran floor spacer. Instead, it came down to stability and a front office that has been quietly building a culture in the Bluff City that he didn’t want to leave.

The front office, led by Zach Kleiman, has made no secret of its desire to keep veteran pieces around Ja Morant and Jaren Jackson Jr. Caldwell-Pope, acquired last summer from Denver in a sign-and-trade, shot 38.4 percent from deep in his 74 starts this past season while providing the kind of defensive versatility that gets you minutes in a playoff series. His veteran presence was a steadying hand in a locker room that needed one after a few turbulent seasons.

Why it matters: This locks in a critical rotation piece for a Grizzlies team that spent the year climbing back to the top of the West. With Desmond Bane and Morant eating up touches, KCP’s willingness to play off the ball and guard the other team’s best perimeter scorer is exactly what a title hopeful needs. The cap hit is manageable for a player of his caliber—especially in a league where $21 million is now mid-level starter money.

What happens next: Memphis now turns its attention to the rest of its own free agents, including backup guard Luke Kennard, whose decision has been on hold pending this outcome. The expectation around the league is that the Grizzlies will remain aggressive in the trade market, dangling expiring contracts and draft capital to upgrade the frontcourt. For Caldwell-Pope, the bet is simple: bet on himself, stay in a system that fits, and hit free agency next summer at age 34 with another deep playoff run on his résumé.

Source: https://x.com/ShamsCharania/status/2068106805771657628