What it means that Kentavious Caldwell-Pope exercised his option

The Memphis Grizzlies guard is a candidate to be moved

Isaiah J. Downing-Imagn Images

Memphis Grizzlies guard Kentavious Caldwell-Pope will exercise his $21.6 million player option for the 2026-27 season, per ESPN's Shams Charania.

Memphis Grizzlies guard Kentavious Caldwell-Pope is exercising his $21.6 million player option for the 2026-27 season, sources tell ESPN. pic.twitter.com/i4sBO1pyET

— Shams Charania (@ShamsCharania) June 19, 2026

Potentially more significant news is that Caldwell-Pope reportedly made the decision to opt in nine days before the June 29 deadline to do so. Of course, opting in allows him to be traded.

Caldwell-Pope's value will not be high. He is 33 years old and has had two rough seasons in a row. With the league's strict salary-cap rules in trades, however, his $21.6 million mark could be useful for matching salaries in potential deals.

This will be the final season of a three-year, $60 million contract Caldwell-Pope signed with the Orlando Magic in the summer of 2024.

After one season in Orlando, Caldwell-Pope was traded to Memphis along with Cole Anthony, four first-round picks, and first-round swap rights for Desmond Bane, who would play all 82 games for Orlando. Caldwell-Pope's first season in Memphis was arguably his worst since his rookie year. He averaged 8.4 points per game and shot just 31.6 percent from three. Memphis is loaded with guards who are younger, and would get longer looks this season as the rebuild starts in earnest.

The decision to opt in was a no-brainer for Caldwell-Pope. His production over the past two seasons has certainly not lived up to the value of the deal he signed with the Magic. When Caldwell-Pope signed with Orlando, he was coming off a very successful two-year run with the Denver Nuggets, where he was an integral part of their 2022-23 championship season.

Caldwell-Pope currently has the second-highest salary on the Grizzlies for 2026-27, behind Ja Morant at $42.1 million. Of course, Morant is likely to be traded this offseason, so Memphis could get a big chunk of money off the books between the two players.

If both Morant and Caldwell-Pope are not on the team when the season starts, it would leave Santi Aldama as the highest earner at $17 million. But Aldama is also a trade candidate, for teams looking for a serviceable big with some upside.

Much of the team's direction could sort out by Tuesday, when the Grizzlies have the third and 16th picks, though they could look to package other assets with the 16th pick to move up for a player they really covet. Cameron Boozer and Caleb Wilson are considered to be top candidates for the Grizzlies to select at No. 3.