(Photo credit: Troy Taormina-Imagn Images)

The Philadelphia 76ers re-signed guard Quentin Grimes, a restricted free agent, on Wednesday to a reported one-year, $8.7 million qualifying offer, his agent David Bauman told ESPN.

The 76ers did not disclose contract terms in announcing the signing on Wednesday evening.

After the two sides were far apart in negotiations for a multiyear contract, per recent ESPN reports, Grimes is back but now has veto power over all trades this coming season and can become an unrestricted free agent next summer when the market for free agents is expected to be more lucrative, per ESPN.

The NBA deadline for qualifying offers is 11:59 p.m. ET on Wednesday.

Grimes, 25, was traded to Philadelphia from the Dallas Mavericks in February, leading a banged-up 76ers squad with 23.0 points per game after the All-Star break. A first-round pick (25th overall) in the 2021 NBA Draft by the Los Angeles Clippers, he wrapped up a four-year, $11.1 million rookie contract at the end of last season.

Bauman told ESPN that the 76ers waited nearly three months into free agency to make their first formal proposal on Sept. 24 with a four-year, $39 million offer. Another offer was for one-year and $8.8 million -- a $100,000 increase from his qualifying offer that would waive an inherent no-trade clause.

Grimes' side declined and responded with a one-year deal for $17 million with a waiver of the no-trade clause and offered a two-year contract at $34 million with a player option, Bauman said. Philadelphia rejected those offers, the agent said.

Grimes has averaged 10.4 points, 3.1 rebounds and 2.0 assists over 24.5 minutes per game in 243 regular-season games (127 starts) with the New York Knicks (2021-24), Detroit Pistons (2024), Mavericks (2024-25) and 76ers. He has made 37.5 percent of his 3-point attempts over four NBA seasons. He averaged career bests with 14.6 points, 4.3 rebounds, 3.0 assists and 1.0 steals combined with the Mavericks and Sixers last season.

Philadelphia is dealing with injury issues on its roster, including at guard with Jared McCain to be reevaluated in about four weeks following thumb surgery on Tuesday. McCain tore the UCL in his right thumb during an offseason workout on Sept. 25.

The 76ers have rookie guard VJ Edgecombe, the third overall pick of the 2025 draft out of Baylor and now have Grimes, per Wednesday's report.

--Field Level Media