The Cleveland Cavaliers are looking to make a big move using their massive trade exception acquired as compensation for losing LeBron James last summer. That exception expires in July, so the last chance to use it is at the 2011 NBA Draft. A report from Draft Express indicates the Cavaliers approached the Memphis Grizzlies about using the trade exception to acquire Rudy Gay for the No. 4 pick, but the Grizzlies rejected it.
Gay is one year into a five-year maximum contract that will pay him $15 million next season and nearly $69 million for the next four years. It's a large contract for a small-market team that also gave Zach Randolph a large contract and will need to do similar things with free agent Marc Gasol and upcoming free agent O.J. Mayo. Cleveland's trade exception is for $14.5 million, so it corresponds nearly perfectly.
However, it appears Memphis doesn't think the No. 4 pick in a weak draft is a good enough haul for Gay. The Grizzlies are also probably worried about making a rebuilding trade after gaining so many fans with their surprising playoff run.