5:54pm: The moves involving Williams and Biyombo are now official, the Grizzlies announced (via Twitter).
5:18pm: The Grizzlies will convert Vince Williams‘ two-way contract to a standard deal, tweets ESPN’s Adrian Wojnarowski. The new contract will be fully guaranteed at $7.9MM over three years and carries a team option for a fourth season, adds Wojnarowski, who states that it’s believed to be the richest ever for a player coming off a two-way deal.
To open a spot for Williams on the 15-man roster, Memphis will waive veteran center Bismack Biyombo, according to Woj, who notes that Biyombo has been impressive in his time with the Grizzlies and could return to the team later in the season if he clears waivers. Wojnarowski hears that Memphis will look for another big man to fill its open two-way slot.
Williams has emerged as an outstanding perimeter defender in his second year with Memphis after being taken with the 47th pick in the 2022 draft. The 23-year-old swingman has appeared in 27 games this season, making eight starts, and is averaging 5.9 points, 5.1 rebounds and 1.8 assists in 21.9 minutes per night.
Memphis will use part of the $7.4MM remaining on its non-taxpayer mid-level exception to cover Williams’ salary for the rest of the season, according to Bobby Marks of ESPN (Twitter link). The team already spent $5MM of its MLE to sign Biyombo in November.
Biyombo’s contract was only partially guaranteed and the Grizzlies could have saved money by waiving him before Sunday’s deadline, but Marks notes that they’re far enough below the luxury tax that it won’t affect their financial flexibility this season.
Memphis added the 31-year-old Biyombo after losing Steven Adams with a season-ending knee injury. Biyombo quickly took over as the starting center and averaged 5.2 points, 6.4 rebounds and 1.1 blocks in 30 games. The Grizzlies will be responsible for the rest of his contract unless another team claims him on waivers.