The Memphis Grizzlies freed up some long-term flexibility when they traded Desmond Bane to the Orlando Magic. That flexibility is being prioritized to renegotiate-and-extend Jaren Jackson Jr. and to re-sign Santi Aldama.
Jackson has one year left on his contract at $23.4 million. That figure is considered too low for the veteran big man to sign a veteran extension off of. The Grizzlies are within range of being able to create cap space this offseason (while keeping Aldama's cap hold on the books). That space would then be used to renegotiate Jackson's salary up to over $30 million for the upcoming season. Memphis would then add years off in an extension at 140% of whatever Jackson's new salary is.
As for Aldama, the Grizzlies can make the versatile big man a restricted free agent this offseason. That would mean keeping Aldama's $11.8 million cap hold on the books. That's a low enough figure that it shouldn't keep Memphis from playing out the process with Jackson. By having Aldama as a restricted free agent, the Grizzlies should be able to hold off any offer sheets from other teams.