Jerryd Bayless was a capable back-up at the guard spot for a Grizzlies team that reached the Western Conference Finals last season.
He had a player option of $3.1 million to return next year, but it was widely believed that he would choose to pursue unrestricted free agency instead.
Bayless, however, has decided to come back to Memphis.
From Marc Stein of ESPN.com:
I’m told Grizzlies G Jerryd Bayless, in mild surprise, has elected to invoke $3.1 million player option for next season to stay in Memphis
It’s possible that Bayless was pleased with the direction the team will take under new head coach Dave Joerger, which may open up additional opportunities for him to succeed.
But more likely is that after his agent did some research, the market may not have been all that demanding where Bayless was concerned, so it made more sense to play things out for one more season with a winning team in order to try to boost his value as a free agent for the following summer.
Bayless averaged 8.7 points and 3.3 assists in 22.1 minutes per game for the Grizzlies last season.