According to the Memphis newspaper The Commercial Appeal, G Lester Hudson will sign with the Grizzlies and will be eligible for their playoff roster-
“Guard Lester Hudson, whose second 10-day contract with the Cleveland Cavaliers expired on Wednesday, is expected to sign with the Griz for the rest of the season. A source with knowledge of the situation confirmed that Hudson has a verbal agreement to return to his hometown of Memphis.
Hudson, 27, will be eligible for the postseason because he had not been waived. He’ll be added as insurance in the backcourt as veteran sharpshooter Gilbert Arenas recovers from an injury on his shooting hand.”
Apparently, because he was not waived by the Cavaliers, he is eligible for post-season play, provided the Grizzlies put him on the active roster.