Rockets get:

PG Ja Morant

Grizzlies get:

SG Reed Sheppard

SF Cam Whitmore

SF Dillon Brooks

2025 PHX FRP

2027 PHX FRP

2029 PHX FRP

Why the Rockets do this:

They get a star PG that can vault them into title contention.

Why the Grizzlies do this:

They get good value for Ja if they decide to blow it up.