Report: Zach Randolph exercises 2014-15 player option, signs 2-year, $20M extension

Zach Randolph is staying in Memphis for three more years.

On Friday morning, Adrian Wojnarowski of Yahoo Sports reported that Randolph has exercised his player option for the 2014-15 season and signed a two-year extension worth $20 million. Randolph's agent has confirmed the deal.

Randolph's option for 2014-15 is worth $16.9 million, which will remain his cap hit for this coming season. While that salary figure is probably a one-year overpay, the two additional years at $10 million per is a relative discount. Overall, Randolph now has three years left with Memphis, at a total of $36.9 million, which is just shy of the contract Al Jefferson signed this past offseason.

This past season, Randolph averaged 17.4 points and 10.1 rebounds while shooting 46.7 percent from the floor. At age 32 - he'll be 33 by the time next season begins - he remains one of the premier interior scorers and rebounders in the NBA.

Over the past five seasons, all of them with Memphis, Randolph has made two All-Star teams and is one of just eight players to score 6,000 points and grab 3,000 rebounds in that span.

In terms of the option's impact on this offseason, the Grizzlies won't have cap space without unloading some salary but could stay under the luxury tax even after using the mid-level exception. They could also have plenty of cap space in the summer of 2015, depending on how substantial a contract Marc Gasol receives before then.