It was also the final season playing their home games at the Pyramid Arena.
During the offseason, the Grizzlies signed free agent James Posey.
After two unsuccessful seasons ever since they moved to Memphis, the Grizzlies finally played around .500 holding a 9–8 record as they acquired Bonzi Wells from the Portland Trail Blazers in early December.
Despite this, the Grizzlies continued to play their best basketball posting an 8-game winning streak in January, and winning 13 of their 15 games in March, as they made the playoffs for the first time in their franchise history, finishing fourth in the Midwest Division with a 50–32 record.
[2] However, the Grizzlies lost in the first round of the playoffs, losing four games straight to the defending champion San Antonio Spurs.