Veteran Grizzlies guard Kentavious Caldwell-Pope is exercising player option for next season, reports Shams Charania of ESPN (via Twitter).

Caldwell-Pope will earn $21.6MM in 2026/27. He’s on track for unrestricted free agency next summer.

The move was expected, as Caldwell-Pope was unlikely to approach that $21.6MM figure on the open market.

Caldwell-Pope, who was acquired from Orlando last summer in the Desmond Bane trade, made 51 appearances for the Grizzlies in 2025/26, averaging 8.4 points, 2.7 assists and 2.5 rebounds in 21.3 minutes per game. His shooting line was .410/.316/.913.

The 33-year-old was a quality three-and-D contributor for several years and won a pair of championships — with the Lakers in 2020 and the Nuggets in 2023 — as a key role player. However, his production has fallen off the past two seasons, particularly from three-point range, after signing a three-year, $66MM contract with the Magic in the summer of 2024.

Caldwell-Pope has been remarkably durable throughout his 13-year career, never missing more than eight games in a season until 2025/26. He underwent season-ending surgery in February to address a misalignment of his right pinky finger.

While his contract wouldn’t have positive value on its own, the fact that Caldwell-Pope is on an expiring deal and doesn’t fit Memphis’ rebuilding timeline makes him an obvious trade candidate.