Does minor Memphis trade end Rudy Gay speculation?

The Grizzlies and Cavaliers engineered a minor trade Tuesday, but the implications could be major for the Nets if they are interested, as Peter Vecsey has reported, in Rudy Gay. The Tuesday trade will put Memphis under the luxury tax threshold for this season, eliminating the immediate need for the Grizzlies to dump Gay's contract. Gay is owed $54 million over the next three years, including more than $19 million in 2014-15.

Peter Vecsey, who first reported the Nets interest, tweeted early Wednesday that "it's either Gay or nada" for Billy King, reiterating his position that other rumors don't have legs.

Multiple sources report the Grizzlies agreed to send Marreese Speights, Wayne Ellington and Josh Selby to the Cavs for Jon Leuer. The two teams would also swap picks, with the Grizzlies receiving a future, protected pick and the Cavs a second rounder. The deal would slice $6 million off the Memphis payroll and put them comfortably under the tax threshold. To fill the roster gap, the Grizzlies intend to sign Sasha Vujacic, the ex-Net.

Brian Windhorst of ESPN reports the Cavs were able to make the deal because they had more than $10 million in cap space in which to absorb Speights. That would likely mean the Grizzlies would receive a trade exception of more than $6 million that would be good for a year.

• Memphis Grizzlies, Cleveland Cavaliers agree to multiplayer trade, sources say - Brian WIndhorst - ESPN
  
• Grizzlies Trade Speights and Selby to Cleveland; Is Another Move Coming? - Straight Outta Vancouver