MEMPHIS, Nov. 2 (UPI) -- The Memphis Grizzlies and guard Mike Conley have agreed on a multiyear contract extension, the team announced Tuesday.
The Grizzlies didn't reveal the terms of the contract, but The (Memphis) Commercial Appeal reported it was worth $40 million over five years.
"We are excited about completing a contract extension with our starting point guard Mike Conley," Grizzlies General Manager Chris Wallace said. "Mike has improved significantly during his brief time in the league, and we are optimistic that the best is yet to come for him."
Wallace said the signing of Rudy Gay to a reported $80 million deal and now Conley shows the team is "serious about keeping the Grizzlies' core together into the future."
Conley, 23, was the fourth overall pick of the 2007 NBA draft. He has averaged 15.0 points, 8.3 assists and a league-high 3.7 steals through three games this season.
In 80 games for Memphis last year, he posted averages of 12.0 points, 5.3 assists, 2.4 rebounds and 1.4 steals.
