Gay agrees to max deal with Grizzlies
The fifth and final year of the contract will be at Gay’s option.
“We have a verbal agreement on a deal,” said Gay’s agent, Jeff Austin.
The Grizzlies had the right to match any offer made to Gay because he’s a restricted free agent. But by reaching agreement quickly, they prevented another suitor – like the New Jersey Nets – from front-loading a contract offer with a signing bonus that could have necessitated a first-year payment of $20 million.
The Memphis Commercial Appeal first reported the agreement.