Virginia Cavaliers basketball legend Ty Jerome officially signed with the Memphis Grizzlies on Monday and is receiving quite the pay raise. According to ESPN NBA Insider Shams Charania, the 27-year-old agreed to a three-year, $28 million free-agent contract.

The Cavaliers, who recently obtained Lonzo Ball in a trade for Isaac Okoro, retained Sam Merrill in a four-year, $38 million deal — a notably bigger contract than Jerome’s new gig in Memphis — leaving them without much cap room to re-sign Jerome as well.

Jerome was a key contributor for the Cleveland Cavaliers last season, where he played for two seasons. He averaged a career-high 12.5 points, shot over 50% from the field, 43.9% from behind the arc, and led the team in assists with 3.4 per game. Not to mention, he was a 2024-2025 Kia Sixth Man of the Year finalist.

Jerome dropped 28 points and shot 62.5% from three in his postseason debut with the Cavs. Despite a dissapointing end to their playoff run, it was rumored that a number of teams were eyeing Jerome in free agency before his deal with Memphis.

The Grizzlies went 48-34 in the 2024-25 regular season before getting swept in the first round of the playoffs by the Oklahoma City Thunder. With a roster that has been riddled with team injuries and the recent trade of Desmond Bane to the Orlando Magic, Jerome will likely be a key contributor for the franchise.

Heading into his seventh NBA season, Jerome was a first-round draft pick in 2019 after three years at Virginia — a stint that included a national championship, of course. He played for the Phoenix Suns, Oklahoma City Thunder, and Golden State Warriors prior to his tenure in Cleveland.