NBA free agency is a time full of surprises, and the first one for the Memphis Grizzlies came on Saturday afternoon. ESPN reported that the Grizzlies were declining sharpshooting guard Luke Kennard's $14.8 million team option, making him a free agent.

A declined option typically signals the end of a player's tenure with a team, but maybe there will be a second surprise in Memphis. ESPN also reported that the Grizzlies and Kennard are hoping to pursue a restructured deal, which makes a lot of sense in this unique situation.

Kennard is one of the NBA's top shooters. He joined the Grizzlies shortly before the trade deadline in February 2023 and shot a blistering 54% on 3-pointers. He played 39 only games last season but still made 45% of his 3-pointers.

The free agency negotiation period opens at 5 p.m. Shooting is one of the NBA's most coveted skills, so there will certainly be a market for Kennard.

Could that market lead him back in Memphis?

Luke Kennard's fit in Memphis

Kennard's shooting skill in Memphis is valued. The Grizzlies have taken swings in recent drafts at adding quality shooters to surround with their talented core of stars. Trading for Kennard has given Memphis instant offense on the bench and helped made spacing easier for teammates. As evident by the drafting of Jake LaRavia, David Roddy, Vince Williams Jr., GG Jackson and Jaylen Wells, Memphis wants bigger wings who can fit alongside of Ja Morant and Desmond Bane.

Kennard's natural position is shooting guard, which can limit how many minutes he gets in Memphis. Not only because Kennard and Bane play the same position, but Grizzlies coach Taylor Jenkins also likes to surround Morant with plus defenders against Western Conference teams stocked with elite wing talent. For example, Jenkins faced questions in the Grizzlies' first-round series loss to the Los Angeles Lakers in 2023 after Kennard sat on the bench during key stretches of two road losses. Lakers star LeBron James hunted mismatches with Morant, so Jenkins opted for his best defenders in the other four spots.

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Memphis Grizzlies financial free agency outlook

In the simplest form, Kennard's role in Memphis is a hefty price to pay at $14.8 million. Especially when you consider the ripple of decisions that come behind the idea of picking up the team option.

Picking up Kennard's option would have put the Grizzlies in the luxury tax and first apron, which limits their financial flexibility for the offseason. The Grizzlies would essentially be bargain-shopping in free agency.

That's why there could be a path to a return. An ideal scenario for Memphis would be bringing Kennard back on a lower salary that helps the team avoid the first apron. Kennard could win by securing a contract with more guaranteed years attached than the one season he would have had on the team option.

Memphis is playing a dangerous game by allowing other teams to get involved in negotiations with Kennard, but the risk would be worth it if the two sides come together on a reworked deal.

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: The Memphis Grizzlies could bring Luke Kennard back on a new deal