This story was updated to add more information on Grizzlies roster openings.

The Memphis Grizzlies are signing point guard Scotty Pippen to a multiyear standard contract, the team announced Tuesday evening.

The news was first reported by ESPN.

Pippen joined the Grizzlies on a two-way contract in January. Since then, he has been one of the team’s most productive players, averaging 12.9 points and 4.7 assists per game in 21 appearances last season. He followed that with a dominant showing in Las Vegas Summer League play and was named first-team all-summer league.

"How is Scotty Pippen Jr. not the MVP of the summer league? I'm still confused by that,” Grizzlies general manager Zach Kleiman said at media day in September.

Derrick Rose’s surprising retirement opened up a roster spot that was destined for point guard depth. Instead of signing an outside free agent, the Grizzlies decided to elevate Pippen from his two-way deal.

Pippen likely will serve as the backup point guard behind Ja Morant.

The Grizzlies now have 14 players on standard contracts. They have one open roster spot and a two-way contract slot available.

Memphis doesn't have to fill its 15th roster spot or the two-way slot, but it likely will add another player to fill the three two-way contracts.

Four currently rostered players on Exhibit 10 deals could be candidates for the two-way slot. The Grizzlies have used Yuki Kawamura, Armando Bacot, Miye Oni and Maozinha Pereira sparingly this preseason. The team likely will make decisions on their futures by Saturday.

Damichael Cole is the Memphis Grizzlies beat writer for The Commercial Appeal. Contact Damichael at damichael.cole@commercialappeal.com. Follow Damichael on X, formerly known as Twitter, @DamichaelC.

This article originally appeared on Memphis Commercial Appeal: Memphis Grizzlies sign Scotty Pippen Jr. to standard contract