Update: According to the Memphis Commercial-Appeal, the Bobcats have declined to match the Grizzlies' offer and Cunningham will join Memphis this season. The offer from the Grizzlies has two years guaranteed and a third year as a team option. He will make a little over $2million this season and next season, which is about double what the Bobcats offered for this season.
Original post follows:
When NBA restricted free agent Dante Cunningham declined to accept the Charlotte Bobcats' qualifying offer in order to listen to what other teams had to say, some worried about his career's future. The Bobcats can unilaterally rescind that offer, which totals about $1 million, at any time before Friday, but team officials have told the media that they have no plans to do so. After Friday's deadline, the offer can only be rescinded by mutual consent, meaning that Cunningham would have to sign off on it.
The Memphis Grizzlies, however, have signed Cunningham to an offer sheet today. That offer is likely worth more money per year than the one made by the Bobcats and reportedly is for two years guaranteed with an option for a third year.
Once an offer sheet is extended and signed by the restricted free agent, the Bobcats have three days to decide whether to match the offer and sign Cunningham to the terms offered by the Grizzlies. If they decline to do so, Cunningham would then be under contract with the Grizzlies organization.
The Grizzlies are in need of front court help this season and they view Dante as a potential replacement for Darrell Arthur, who suffered a season-ending injury. They are also expected to pursue a trade for Marresse Speights, who currently on the Philadelphia 76ers.
See also: Memphis Grizzlies press release