Ridnour, an eleven year veteran who was originally drafted by the Seattle Supersonics with the 14th pick in the 2003 draft, is a career back up point guard that has played with six different NBA. He played in 47 games for the Magic, averaging four points and and two assists. According to the Yahoo Sports story filed by Wojnarowski, Ridnour's contract has one year remaining worth 2.75 million dollars and is non-guaranteed if he is cut before July 10th.
Janis Timma was drafted by the Grizzlies with the 60th pick of the 2013 NBA draft. Timma has spent time in the Latvian leagues since being drafted. He signed with VEF Riga and was named the league's Player of the Year.
Not that I have any insight with the Grizzlies, but it appears that this trade was made to free some salary cap by cutting Ridnour before July 10th, giving the Grizzlies more room for spending in the offseason. This move is similar to when the Atlanta Hawks traded Lou Williams to the Toronto Raptors for John Salmons, who cut his non-guaranteed contract for cap room.
(Editor's note: John Hollinger will now have to find some other excuse for galavanting across Latvia every year. -CF)