Jerryd Bayless will exercise his $3.1 million player option for next season with the Memphis Grizzlies.

The move is somewhat surprising as he was expected to become an unrestricted free agent on a longer deal.

Bayless became a valued contributor off the bench for the Grizzlies.

The Denver Nuggets have traded Kosta Koufos to the Memphis Grizzlies for Darrell Arthur and the 55th overall pick.

Koufos started for the Nuggets last season, but the team is committed to JaVale McGee.

The 2013 NBA Draft immediately delivered shock with the Cleveland Cavaliers' selection of Anthony Bennett. The Cavaliers were expected to pick between Nerlens Noel and Alex Len.

First Round
1. Cleveland Cavaliers: Anthony Bennett
2. Orlando Magic: Victor Oladipo
3. Washington Wizards: Otto Porter
4. Charlotte Bobcats: Cody Zeller
5. Phoenix Suns: Alex Len
6. New Orleans Pelicans (for 76ers): Nerlens Noel
7. Sacramento Kings: Ben McLemore
8. Detroit Pistons: Kentavious Caldwell-Pope
9. Minnesota Timberwolves (for Jazz): Trey Burke
10. Portland Trail Blazers: C.J. McCollum 
11. Philadelphia 76ers: Michael Carter-Williams
12. Oklahoma City Thunder: Steven Adams
13. Dallas Mavericks (for Celtics): Kelly Olynyk  
14. Utah Jazz (for Wolves): Shabazz Muhammad
15. Milwaukee Bucks: Giannis Adektokunbo 
16. Atlanta Hawks: Lucas Nogueira
17. Atlanta Hawks: Dennis Schroeder 
18. Atlanta Hawks (for Mavericks): Shane Larkin 
19. Cleveland Cavaliers: Sergey Karasev 
20. Chicago Bulls: Tony Snell 
21. Minnesota Timberwolves: Gorgui Dieng
22. Brooklyn Nets: Mason Plumlee
23. Indiana Pacers: Solomon Hill 
24. New York Knicks: Tim Hardaway Jr.
25. Los Angeles Clippers: Reggie Bullock
26. Minnesota Timberwolves (for Thunder): Andre Roberson
27. Denver Nuggets (for Jazz): Rudy Gobert
28. San Antonio Spurs: Livio Jean-Charles
29. Oklahoma City Thunder (for Suns): Archie Goodwin
30. Phoenix Suns (for Warriors): Nemanja Nedovic

Second Round
31. Cleveland Cavaliers: Allen Crabbe
32. Oklahoma City Thunder: Alex Abrines
33. Cleveland Cavaliers: Carrick Felix
34. Houston Rockets: Isaiah Canaan
35. Washington Wizards: Glen Rice 
36. Sacramento Kings: Ray McCallum
37. Detroit Pistons: Tony Mitchell
38. Philadelphia 76ers: Nate Wolters 
39. Portland Trail Blazers: Jeff Withey
40. Portland Trail Blazers: Grant Jerrett
41. Memphis Grizzlies: Jamaal Franklin
42. Philadelphia 76ers: Pierre Jackson
43. Milwaukee Bucks: Ricky Ledo
44. Atlanta Hawks: Mike Muscala
45. Portland Trail Blazers: Marko Todorovic
46. Utah Jazz: Erick Green
47. Atlanta Hawks: Raul Neto
48. Los Angeles Lakers: Ryan Kelly
49. Chicago Bulls: Erik Murphy
50. Miami Heat: James Ennis
51. Orlando Magic: Romero Osby
52. Minnesota Timberwolves: Lorenzo Brown
53. Boston Celtics: Colton Iverson
54. Washington Wizards: Arsalan Kazemi
55. Memphis Grizzlies: Joffrey Lauvergne
56. Detroit Pistons: Peyton Siva
57. Phoenix Suns: Alex Oriakhi
58. San Antonio Spurs: Deshaun Thomas
59. Minnesota Timberwolves: Bojan Dubljevic
60. Memphis Grizzlies: Janis Timma 

The Memphis Grizzlies have reached agreement to promote David Joerger from assistant to head coach, according to sources.

Joerger has spent the past six seasons as assistant for the Grizzlies and will replace Lionel Hollins.

Prior to the 2010-11 season, Joerger was tasked by Hollins to oversee the Grizzlies' defense, which was ranked 25th in efficiency in 2009-10.

The Grizzlies also formally interviewed Alvin Gentry and Ed Pinckney.

The Memphis Grizzlies will interview George Karl on Monday, according to a source.

Karl was fired by the Denver Nuggets last week following a regular season in which he won Coach of the Year.

The Grizzlies are searching for a replacement to Lionel Hollins. David Joerger is widely considered the favorite for the position, while Ed Pinckney, Alvin Gentry and Brian Shaw are also candidates.

Alvin Gentry will interview for the Memphis Grizzlies' head coach vacancy on Friday, according to sources.

Gentry was contacted by the Grizzlies on Wednesday and is slated to meet with Robert Pera and Jason Levien in Washington, D.C.

The Grizzlies are expected to conduct interviews through next week.

Gentry was fired by the Phoenix Suns in January and has lobbied for openings with the Charlotte Bobcats and Los Angeles Clippers.

The Memphis Grizzlies have received permission to interview Ed Pinckney for their head coaching position, according to sources.

Pinckney is an assistant with the Chicago Bulls and was previously with the Minnesota Timberwolves.

The Grizzlies have also spoken with George Karl and Alvin Gentry on the phone, while Dave Joerger will also be interviewed.

Lionel Hollins will not return to the Grizzlies next season.

Lionel Hollins will not return to the Memphis Grizzlies for the 13-14 NBA season.

Hollins was without a contract for next season and the Grizzlies informed him of their decision on Monday.

Hollins led the Grizzlies to the Western Conference Finals this season before losing to the Spurs in four games.

The Grizzlies will consider George Karl, Alvin Gentry and David Joerger as replacements for Hollins. 

Joerger is widely considered the frontrunner.

The Denver Nuggets have received permission to interview Brian Shaw and Lionel Hollins for their head coaching vacancy.

The Nuggets are likely to interview a small group of candidates, based on previous reports.

Pete D'Alessandro remains a top candidate for the team’s general manager vacancy.

The Memphis Grizzlies have not ruled out bringing back Lionel Hollins, but one source said that he could go to the Denver Nuggets while George Karl becomes his replacement.

Karl was relieved of his duties as head coach of the Nuggets on Thursday.

Karl has a strong ally in the Grizzlies' front office in Stu Lash.

Benjamin Hochman of the Denver Post reports that Brian Shaw is also a candidate for the Nuggets.