Report: Grizzlies interested in signing Conley to extension

The Memphis Grizzlies got an absolute bargain when they signed point guard Mike Conley to a five-year, $40-million extension in 2010.

If the team wants to keep him for the foreseeable future, though, they may have to pay the 27-year-old in a big way.

Memphis has tried on multiple occasions to sway Conley into signing another extension, ESPN's Marc Stein reports. Unfortunately for the Grizzlies, with the NBA's salary cap expected to see a significant spike in 2016, it's in Conley's best interests to wait until next summer, when he's set to become an unrestricted free agent.

From Stein:

It would be foolish for him to consent to an extension now, computing the increases from his current salary of $9-plus million, when he has the chance to test the market in a year at the same time that the NBA's salary cap is poised to jump from the high $60 million range into $90 million territory.

The longest extension Memphis could offer Conley is $32.5 million over three years, beginning at the end of the 2015-16 season.

Conley was selected with the fourth overall pick in the 2007 NBA Draft, averaging 13.4 points and 5.6 assists in 581 regular season appearances for the franchise.

The Grizzlies have qualified for the postseason every year since 2011, getting as far as the Western Conference finals before falling in a four-game series sweep at the hands of the San Antonio Spurs in 2013.

Memphis was recently ousted from the second round in six games by the Golden State Warriors. Conley, who received facial fractures from a C.J. McCollum elbow in the opening round versus the Portland Trail Blazers, averaged 14.4 points and five assists during the Grizzlies' postseason run.

The team was also 4.4 points per 100 possessions better with him on the floor during that time.