Re the two way contract, it looks like he can play up to 50 games with the Grizzlies on the two way. That's a lot of games. With his injury to start the season, we're almost at the point where he can get called up for the remainder of the year, but still be on the two way. A two way contract player can't be on the playoff roster, but I'd think they can switch him at the end of the year and pay him for the NBA contract pro rata.
There could be nuances to all that, but those are the two data points (number of games and playoff roster) that I saw.