The Grizzlies announced today that they have officially signed guard Nick Calathes. Per team policy, terms of the deal were not disclosed. However, ESPN's Marc Stein provided an outline of the deal in two tweets dating back to August 9th.
Hearing that Nick Calathes' deal with Memphis is a two-year pact at just under $2 million— Marc Stein (@ESPNSteinLine) August 9, 2013
Some more bookkeeping on Nick Calathes' new deal with Memphis: Grizzlies, I'm told, will hold team option on second year of PG's contract— Marc Stein (@ESPNSteinLine) August 9, 2013
After missing out on free agent point guards Mo Williams and Beno Udrih, it became clear that the Grizzlies would need to get a deal done with Calathes to bring in somebody capable of being Mike Conley's backup. Conley's current backup, Tony Wroten, can't be trusted with significant minutes at this stage in his development, and Jerryd Bayless, another potential backup point guard option, is a lot more comfortable playing off the ball as a secondary ball handler. The Calathes signing means he will be in a Grizzlies uniform for the 2013/14 season.
Calathes most recently played for Lokomotiv Kuban of the Russian Professional Basketball League. The twenty-four year old was named the 2012-13 EuroCup MVP after recording 12.9 PPG, 5.9 RPG, and 6.7 APG on 52% shooting in 17 games during the competition.
If you haven't seen Calathes in action before, check out this highlight video below.
If Stein's reports are to be believed, then the Grizzlies had enough faith in Calathes' ability to offer him more than the veteran minimum salary, which would pay about $1.31 million over the next two years. It will be interesting to see the exact structure of his contract when more details leak out.