Under terms of the deal announced Tuesday, the Grizzlies get Lee and a 2016 second-round draft pick from Boston. The Celtics get Bayless and also receive forward Ryan Gomes from Oklahoma City. The Grizzlies sent a 2014 second-round pick they'd acquired from Philadelphia in August and a 2017 second-round pick to the Thunder. Both picks going to Oklahoma City are conditional.
Bayless joined his new team earlier Tuesday in Denver and was expected to see at least spot duty for the Celtics in their game Tuesday night against the Nuggets.
"We spent a good hour this morning together watching film and took him through some extra stuff after shootaround," Celtics coach Brad Stevens said in a news conference prior to the game against the Nuggets. "Not trying to build Rome in a day, but making sure that he at least has a feel for some of the things that we'll look to do while he's in the game. We'll have to simplify things quite a bit when he's in."
In a separate move, the Celtics said they have waived Gomes, who had appeared in five games for the Thunder this season and had six points and four rebounds in 34 minutes of action.
Stevens said the Celtics lost a good player in Lee but they added versatility and scoring punch with the addition of Bayless.
"Courtney did a really good job for us scoring off the bench," Stevens said. "That's what Jerryd has been very good at in his time in Memphis. He obviously had a great run last year as they went through to the Western Conference finals. He hasn't had as good of a year to start this year but he was great against us. He's a guy who can play the one and the two which gives us more flexibility at those spots."
The 28-year-old Lee has averaged 7.4 points, 1.6 rebounds and 1.1 assists in 16.8 minutes per game this season. The 6-foot-5 guard is shooting 44.2 per cent from 3-point range.
The 6-3 Bayless averages 8.0 points, 1.9 rebounds, 2.1 assists and 21.0 minutes this season. Bayless, 25, is shooting 37.7 per cent.