JULY 13: The buyout is official, the Grizzlies announced (via Twitter).
JULY 12: Cole Anthony has reached a buyout agreement with the Grizzlies, sources tell Shams Charania of ESPN, who adds that Anthony plans to sign with the Bucks once he clears waivers.
Anthony, who was acquired from Orlando in last month’s Desmond Bane trade, has an expiring $12.9MM contract. Charania doesn’t say how much money Anthony is giving up in the buyout, but it’s expected to be similar to whatever salary he gets in Milwaukee, likely a veteran’s minimum contract for one year.
When the move becomes official, Memphis will be able to use cap room to renegotiate and extend Jaren Jackson Jr.‘s contract, per Bobby Marks of ESPN (Twitter link). Once that happens, the Grizzlies can officially re-sign forward Santi Aldama and finalize their deal with free agent guard Ty Jerome.
Selected with the 15th pick in the 2020 draft, Anthony spent his first five NBA seasons with the Magic. He had been a consistent double-digit scorer throughout his career, but his playing time decreased last season and his scoring average dropped to 9.4 PPG.
The addition of Anthony will give Milwaukee 14 standard contracts. That includes Andre Jackson, whose deal won’t become fully guaranteed until opening night.