Cotton signed a contract with the Grizzlies on Monday that will run through the end of the 2015-16 season.
The Grizzlies' roster has become healthier in the last two weeks, but with Mike Conley (Achilles) and Marc Gasol (foot) out for the season and Brandan Wright (knee) and Jordan Adams (knee) likely in a similar boat, the team will still be able to retain Cotton as part of a hardship exemption it received from the league. Cotton will serve as the Grizzlies' third-string point guard through the rest of the regular season, but will not be eligible for the team's postseason roster. The 6-foot-1 guard has appeared in six games this season for the Grizzlies and Suns this season, averaging one point and 0.5 assists over 5.6 minutes.