As first reported by ESPN.com, the deal is worth a guaranteed $66 million with $1.3 million in possible individual and team incentives each season. The fourth year of the deal is a player option.
Randolph, 29, has been brilliant in two seasons with the Grizzlies. Since being acquired from the Clippers in 2009, Randolph has averaged at least 20 points and 11 rebounds in each of the last two seasons. He was an All-Star in 2010 and this season was the driving force behind Memphis' first playoff appearance since 2006. On Sunday, Randolph scored a game-high 25 points and pulled down 14 rebounds in Memphis' 101-98 win over top-seeded San Antonio, the Grizzlies' first playoff win in franchise history.
Within the last year, the Grizzlies have committed to deal worth $188 million to Randolph, Rudy Gay ($82 million) and Mike Conley ($40 million). The team still has to make a decision on center Marc Gasol, who will be a restricted free agent after this season.