The rookie contract includes a guaranteed salary of $4.94 million, the largest for an American second-round pick.
The details of the deal were provided by Chandler's agent, Ryan Davis.
The 19-year-old guard was selected 38th overall in the 2022 NBA Draft by the San Antonio Spurs. However, Chandler's rights were quickly acquired by the Grizzlies via a draft-night trade. The Spurs received a future second-round pick and cash in return.
In his freshman year at the University of Tennessee, Chandler finished the 2021-2022 season with team-high averages in points (13.9), assists (4.7) and steals (2.2). He helped lead the team to its first SEC Tournament title since 1979 and was awarded most valuable player.
Chandler is currently playing for the Grizzlies in the NBA's Salt Lake City summer league.