Report: Tyus Jones signs two-year deal to return to Memphis Grizzlies

The Memphis Grizzlies are bringing back Tyus Jones on a two-year deal worth $30 million, according to ESPN.

The deal makes Jones one of the NBA's highest paid reserve point guards. Only Eric Bledsoe (Portland) and Derrick White (Boston) are expected to earn higher salaries next season at that position.

Grizzlies general manager Zach Kleiman said Memphis would be willing to pay what it takes to retain players of value, and this contract is proof.

"Memphis we back!!!" Jones posted on Twitter.

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This also keeps the Grizzlies in a good financial spot for when a Desmond Bane extension could kick in. Bane will be extension eligible next offseason, and the deal would kick in the following year, when Jones reaches free agency.

Jones returns to Memphis as the backup point guard who has led the NBA in assist-to-turnover ratio each of the last four seasons. He led Memphis to a 19-4 record as a starter this season.

The Grizzlies drafted Kennedy Chandler No. 38 overall in the 2022 NBA Draft. He can now learn behind, and potentially play alongside, Jones while also giving the Grizzlies the No. 3 point guard that they didn't have last season.

Contact Damichael Cole at damichael.cole@commercialappeal.com and on Twitter @damichaelc

This article originally appeared on Memphis Commercial Appeal: Tyus Jones signs contract to return to Memphis Grizzlies