Minnesota Timberwolves restricted free agent guard Tyus Jones agreed to a three-year, $28 million offer sheet with the Memphis Grizzlies on Sunday evening, his agent told ESPN.
Per the report, the Grizzlies would use most of their mid-level exception on Jones, if the Timberwolves do not match the deal. They have two days to do so.
According to ESPN, matching the deal would take Minnesota within $1 million of the luxury tax.
The Timberwolves previously tendered Jones a qualifying offer worth $3.57 million for 2019-20. He made $6.5 million over his first four seasons in the league.
Jones, 23, was the 24th overall pick in the 2015 draft by Cleveland, who dealt him to Minnesota for two second-round picks on draft night. He averaged 6.9 points and 4.8 assists, both career highs, in 68 games (23 starts) last season.
Through four seasons, Jones has career averages of 5.1 points and 3.3 assists in 247 games (34 starts).