Nick Calathes is a restricted free agent after the Grizzlies extended a qualifying offer to him on Tuesday, Eric Pincus of Basketball Insiders reports.

Calathes is a restricted free agent after the Grizzlies extended a qualifying offer to him on Tuesday, Eric Pincus of Basketball Insiders reports.

Analysis:

This doesn't mean that the team is going to keep Calathes, as Memphis has reportedly been looking at the option of a sign and trade with the point guard should Calathes sign the offer sheet worth around $1.4 million. Regardless of how it happens, it is unlikely Calathes is back with the team's crowded point guard position consisting of Mike Conley, Ben Udrih and the newly acquired Andrew Harrison.