Sharpshooting guard Luke Kennard will remain with the Memphis Grizzlies after signing a new contract, the team announced Wednesday.

The Grizzlies declined Kennard’s $14.8 million team option before the June 29 deadline, making him a free agent. His new deal is worth $11 million for one season, according to ESPN.

The decision to decline Kennard’s option was risky, but the Grizzlies have said on multiple occasions that they value his game. Kennard’s shooting was the main reason he was traded to Memphis in February 2023, and since joining the team, he has lived up to that billing.

Kennard has shot 48.3% on 3-pointers in 63 games with the Grizzlies. Memphis expanded his role and allowed him to play more with the ball in his hands this season.

Memphis has historically struggled to build rosters with elite shooting. The Grizzlies have not finished in the top 10 of 3-point shooting percentage since the 2006-07 season. Their highest finish under Grizzlies general manager Zach Kleiman and coach Taylor Jenkins since 2019 is 17th.

Having Kennard back should help the Grizzlies reach new heights not only with their shooting, but the team’s depth is expected to improve. Kennard has been a double-digit scorer off the bench in Memphis, and big man Brandon Clarke has also provided instant offense as a reserve.

Clarke and Kennard have only played nine games together due to injuries. When Memphis acquired Kennard, Clarke suffered a torn Achilles a couple of weeks later on the road against the Denver Nuggets.

That combination will give the Grizzlies two players who can score points in an instant and take the pressure off of stars Ja Morant, Desmond Bane and Jaren Jackson Jr. And that doesn’t include GG Jackson, who averaged 14.6 points last season in an elevated role as a rookie.

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The Grizzlies now have 15 players under standard contracts. Memphis recently traded Ziaire Williams in a deal and landed Mamadi Diakite.

NBA rosters must be cut to 15 players on standard contracts by the start of the regular season.

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: Luke Kennard contract: Grizzlies reach deal to keep guard