The Memphis Grizzlies are waiving Walter Clayton Jr., the No. 18 pick in the 2025 draft, and Micah Peavy, sources told ESPN's Shams Charania on Monday. The moves set the Grizzlies' regular-season roster before the 5 p.m. ET deadline.

Memphis started Monday with 17 players on standard contracts, 16 of them guaranteed, plus three on two-way deals. Jaylen Wells' $2.3 million salary became guaranteed Monday.

The Grizzlies acquired Clayton from the Utah Jazz on Feb. 3 in an eight-player trade that sent Jaren Jackson Jr., Jock Landale, John Konchar and Vince Williams Jr. to Utah.

Clayton played 24 games for Memphis after the deal. He averaged 9.7 points, 5.7 assists and 2.1 rebounds and shot 36.6% from three.

Peavy was the 40th pick in 2025 and played 61 games with four starts as a rookie for the New Orleans Pelicans last season, averaging 4.3 points, 1.9 rebounds and 1.0 assists.