The Grizzlies, with new ownership and under management determined to shed payroll, traded Gay and backup center Hamed Haddadi to the Toronto Raptors in a three-team deal that landed them Detroit forwards Tayshaun Prince and Austin Daye, and Toronto’s 2013 second-round draft pick and power forward Ed Davis.

Toronto shipped point guard Jose Calderon and his expiring $10.5 million contract to Detroit.

The six-player transaction was finalized after Memphis found a third team to take Calderon, saving the franchise nearly $3 million this season and at least $14 million over the next two years.

It is no secret that the Griz wanted to replace Gay with a more economical player at his position. Despite averaging a team-high 17.2 points, plus 5.9 rebounds, Gay was the mostly likely to be dealt because management didn’t believe his on-court productivity justified his earnings.

In Prince, the Griz get a savvy defender who also is averaging 11.7 points and 4.6 rebounds per game this season. Davis is considered an emerging prospect at the power forward position.

via Ronald Tillery of the Commerical Appeal