Dwight Howard and the Grizzlies have completed the buyout of his contract. The move will allow Howard to officially sign with the Lakers.
Memphis had no intention of bringing Howard to training camp, according to Adrian Wojnarowski of ESPN.com (Twitter link), so allowing him to move on was best for the franchise.
Memphis made out financially as a result of their experience with Howard. The big man was scheduled to make $5.6M this upcoming season, though he agreed to give up nearly $2.6M as a part of the buyout arrangement.
Earlier in the summer, Memphis acquired Howard in exchange for C.J. Miles, who is making $8.7M for the 2019-20 season. The trade netted the team over $3M in savings, which brings the franchise’s total savings this summer to roughly $5.6M.
The Grizzlies have the option to keep Howard’s remaining $3M on their books this year or use the stretch provision, as Bobby Marks of ESPN.com tweets. Memphis is approximately $7.4M below the luxury tax line.
