The Grizzlies waived Gilyard on Saturday, Adrian Wojnarowski of ESPN reports.
Gilyard had been one of the Grizzlies' two-way players, but because he's already been active for 48 games this season, he was eligible to appear in just two more contests for Memphis. Rather than keeping Gilyard on the roster with limited availability over the final month and a half, the Grizzlies elected to convert 10-day signee Jordan Goodwin to a two-way deal. The Grizzlies could look to bring Gilyard back on a 10-day deal once he clears waivers, though the team still has a need for another healthy body in the frontcourt with two-way player Trey Jemison facing similar limitations with his availability down the stretch. Gilyard appeared in 37 games (14 starts) for Memphis this season, averaging 4.7 points, 3.5 assists, 1.4 three-pointers, 1.2 rebounds and 0.7 steals in 17.7 minutes per contest.