Desmond Bane has agreed to a five-year, $207 million contract extension with the Memphis Grizzlies, his agents told ESPN's Adrian Wojnarowski. This is the largest contract in Grizzlies history.
Bane, 25, was drafted No. 30 in 2020 and has developed into a fringe All-Star. He's a 42.5% career 3-point shooter, which is particularly impressive taking into account the deep and difficult 3s he shoots with regularity. In 2022-23, he attempted 3.5 catch-and-shoot 3s per game and 3.3 pull-ups per game and made them both at an above-40% clip. He became a max guy, though, because he raised his usage rate to 25.2% and had the most efficient season of his career. Projected by many to be only a 3-and-D guy coming out of college, Bane averaged 21.5 points, 5.0 rebounds and 4.4 assists in 31.7 minutes last year.
Given that he has yet to actually make an All-Star team, this type of money might seem a bit generous. That's probably only a matter of time, though, and there is not a long list of young players who are effective both running pick-and-rolls and shooting off movement. That Bane is also a sturdy, switchable defender makes him even more irreplaceable for Memphis.
Based on the initial reporting, Bane will sign a five-year deal with neither a team option nor a player option. Notably, the max extension Ja Morant signed with the Grizzlies last summer didn't include an option, either.
Memphis' core is now signed long-term. Reigning Defensive Player of the Year Jaren Jackson Jr. will be an unrestricted free agent in the summer of 2026, Morant in 2028 and Bane in 2029. If there is a downside to that security, it is that it will sacrifice some financial flexibility next summer -- without the extension, Bane would have had a cap hold of only $11.5 million as a restricted free agent. Getting this done early, though, means the Grizzlies don't have to worry about another team playing the offer-sheet game.
