The Memphis Grizzlies exercised the fourth-year contract options on guard O.J. Mayo and forward Darrell Arthur and the third-year option on center Hasheem Thabeet, Grizzlies General Manager and Vice President of Basketball Operations Chris Wallace announced today.  

All three players are now guaranteed through the 2011-12 season.

Mike Conley could join former high school and college teammate Greg Oden as a restricted free agent this summer.

Conley's agent and father, Mike Conley Sr., said the chances of his son re-signing before the deadline were "50-50."

"The team has to decide if he's the point guard they want for the future," said Conley Sr., who attended the Grizzlies season opener Wednesday. "If they make that commitment that he's their guy, he'll sign. But Mike's not interested in signing an extension just to sign an extension.

"He had a great preseason. He led the team in scoring, had some big games in limited minutes. He's shown what he can do if left alone to do it."

NBA commissioner David Stern has mentioned contraction as a possibility as the league enters economic uncertainty.

Stern didn't single out any franchises, but a Celtics team source told the Boston Globe that small-market cities like Charlotte, Memphis and New Orleans may be in danger of losing their teams.

Former Grizzlies president Jerry West opened up about his time with the franchise in a recent interview with the Memphis Commercial Appeal.

West was asked if he would have done anything different during his time in Memphis and he pointed to the 2002 NBA Draft.

"The year we drafted Drew Gooden. He has been in the league a long time. But we could have had Amare Stoudemire," West said.

"He would have added some cache and star power to this team. It's not that Drew is a bad player but Stoudemire is a star. We didn't look at him the way we should have. And you know, everyone thinks the Grizzlies have done a terrible job drafting and they haven't. The Griz are ranked ninth in drafting in terms of their history."

Memphis took Gooden with the fourth overall pick, while Stoudemire was drafted by Phoenix at No. 9.

Grizzlies center Hamed Haddadi has yet to join the team this preseason because of a legal issue that has kept him from leaving his native country of Iran.

Memphis will open the 2010-11 season on Oct. 28 against Atlanta.

Haddadi averaged 1.7 points and 2.1 rebounds in 36 games last season.

The Grizzlies have waived Kenny Thomas, Luke Jackson and Tre Kelley.

Memphis now has 16 players on their training camp roster.

Damien Wilkins and Josh Davis remain as training camp invitees playing with non-guaranteed contracts.

Grizzlies point guard Mike Conley is unlikely to receive a contract extension from the team.

Conley, the fourth overall pick in the 2007 NBA Draft, hasn't entered into discussions with Memphis on a long-term deal.

"My focus is me coming out with a chip on my shoulder regardless of whether I'm signed or not," Conley said.

"I'm going to play as if I was somebody working to get a contract and help make this a winning team. If we win and I do my job, then I'll get signed eventually, from whomever."

Conley will earn $4.9 million this season, the final year of his rookie-scale contract. The Grizzlies have until Nov. 1 to give him an extension.