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The Memphis Grizzlies have cleared in the neighborhood of $16 million in a pair of deals that unloaded the contracts of Rudy Gay and Marreese Speights.
On Wednesday, Gay and Hamed Haddadi were sent to the Toronto Raptors. The Raptors in turn sent Ed Davis, a 2013 second-round pick and cash to Memphis. The Detroit Pistons also sent Tayshaun Prince and Austin Daye to the Grizzlies, in return for Jose Calderon from Toronto.
Just over a week earlier, the Grizzlies sent Josh Selby, Wayne Ellington, Speights and a first-round pick to the Cleveland Cavaliers for Jon Leuer.
The Speights’ deal set up the Gay trade, which was structured as three transactions.
- When Speights was traded to Memphis, the Grizzlies attained a $4.3 million trade exception. The Grizzlies used that exception to acquire Daye, who makes $2,958,077 this season. Memphis is left with $1,241,923 remaining in the Speights exception.
- The Grizzlies traded Gay, who makes $16,460,538 this season, for Prince ($6,764,045) and Davis ($2,207,040). With the two making a combined $8,971,085, Memphis also received a trade exception for the difference ($7,489,453).
- Haddadi was traded to the Raptors without any salary coming back in return, generating another Memphis trade exception ($1.3 million).
http://www.hoopsworld.com/how-the-grizzlies-cleared-16-million/
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