Grizzlies sign Mike Conley to contract extension

The Memphis Grizzlies signed point guard Mike Conley to a multi-year contract extension, Grizzlies General Manager and Vice President of Basketball Operations Chris Wallace announced today.  Per team policy, terms of the deal, which was completed minutes before the deadline last night, were not disclosed. Several reports said the contract is for five years and somewhere between $40-45 million.

“We are excited about completing a contract extension with our starting point guard Mike Conley,” Wallace said. “Mike has improved significantly during his brief time in the league, and we are optimistic that the best is yet to come for him.  With the signing of Rudy Gay last summer and now Mike, the organization has shown that it is serious about keeping the Grizzlies’ core together into the future.”

Conley, who is posting career highs in scoring (15.0 points), assists (8.3, T-9th in the NBA) and steals (an NBA-high 3.67) through three games this season, has steadily increased those averages in all of his four professional seasons.  The 6-1, 185-pound guard is also grabbing a career-best 5.7 rebounds this season, making him one of only four NBA players (Chris Paul, Derrick Rose, Brandon Jennings) to average at least 15 points, eight assists and five rebounds in 2010-11.

The 23-year-old, who tied a career-high with 11 assists and matched his own franchise record with seven steals in Memphis’ first home win this season on Oct. 30 against the Minnesota Timberwolves, has led the Grizzlies in assists every season since entering the league.

Currently ranked sixth in franchise history in assists (1,026) and eighth in three-point percentage (.383), Conley holds career averages of 11.0 points, 4.7 assists, 2.9 rebounds and 1.17 steals in 30.1 minutes in 218 games (190 starts) with Memphis.

The Fayetteville, Ark. native was drafted fourth overall in the 2007 NBA Draft by the Grizzlies after helping lead Ohio State University to the NCAA National Championship Game as a freshman alongside current Portland Trail Blazers center Greg Oden.