Grizzlies announce re-signing of Marc Gasol

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The Memphis Grizzlies have re-signed franchise center Marc Gasol, the team announced Monday.

Forgive the delay in paperwork, as the negotiations in Barcelona may have grown libatious - the deal was reportedly agreed to back on July 6 and will pay Gasol an estimated $113.2 million over five years. Gasol will receive an early termination option after the fourth year, allowing him to potentially re-enter free agency at age 34 in 2019.

A deal was always expected to get done, and Gasol didn't bother to set meetings with other suitors. Acquired in a package for brother Pau as a prospect in 2008, Gasol has been with the Grizzlies for his entire seven-year playing career. His impact has extended beyond the box score and standings table, reverberating through the franchise and the community.

General manager Chris Wallace highlighted the multifaceted influence of the re-signing in the team's release:

Re-signing Marc Gasol was the No. 1 priority for our organization this offseason. For many years, Marc has been a pillar of our franchise and in a Memphis community that has watched him become one of the best basketball players in the world, so this is a great day for our team, our city and our fans across the Mid-South and worldwide.

After considering multiple contract lengths that would have afforded him the opportunity to land another long-term deal when the cap rises in 2016 or 2017, Gasol settled on a five-year maximum deal around the time of July 2. That put Grizzlies fans at ease over potentially losing the All-NBA First Team center.

He'll be 35 at the end of his contract, and while that carries some risk for the Grizzlies, the rising-cap environment lessens the blow of the nearly $25.6 million Gasol will make in his final season. For the early years, it's more than fair value: Gasol is one of the game's premier two-way centers, a former Defensive Player of the Year who can score inside, knock down midrange jumpers, and create for teammates.

The two-time All-Star averaged a career-high 17.4 points this season, along with 7.8 rebounds, 3.8 assists, and 1.6 blocks, all while shooting 49.4 percent and operating as the team's offensive fulcrum around the elbows.

Gasol's 517 games with the organization are second only to teammate Mike Conley, and the Spaniard is the franchise's fifth-all-time leading scorer, its No. 3 rebounder, and its second-leading shot-blocker.