Rockets get:

PG Ja Morant

Grizzlies get:

PF Jabari Smith Jr

SG Reed Sheppard

SF Dillon Brooks

2027 PHX FRP

2029 PHX FRP

2031 HOU FRP

Why the Rockets do this:

They add a superstar PG to push towards Finals contention.

Why the Grizzlies do this:

They get good value for Ja.