Memphis Grizzlies big man Zach Randolph agreed to a two-year, $20 million contract extension with the team on Friday after exercising his $16.5 million player option for next season, reports Adrian Wojnarowski of Yahoo! Sports. The moves will keep the two sides together through at least the 2016-17 season, for a total of $36.5 million.

Randolph, 32, has been one of the Grizzlies' star players during their strongest period in franchise history. A physical, bullying power forward who crashes the boards and has a nifty post game, he's helped to define the style of play that's made Memphis such an imposing opponent.

Despite that shared success, this deal comes as a bit of a surprise. Just two days ago, Wojnarowki reported the two sides were "at an impasse" in contract negotiations and Randolph was considering opting out to hit free agency.

Now just a day later, Randolph hasn't simply exercised his player option, he's tacked on another two seasons at a slightly more affordable rate. It's a deal that makes sense for both sides, particularly given the importance of Randolph next to Marc Gasol in the Grizzlies' lineup.

After injuries seemingly hastened Randolph's decline early in the decade, including missing more than half of the lockout-shortened 2011-12 season, he rebounded nicely last season. Averaging 17.4 points, 10.1 rebounds and a career-high 2.5 assists per game, Randolph helped lead the Grizzlies to the postseason despite a rough start to the year.

One of the best offensive rebounders in the game, Randolph should continue to be a solid post presence even as he gets into his mid-30s. While the shifty athleticism that made him a major scorer years ago has mostly disappeared, he remains a smart player who knows how to find space and shots on the floor.

Since being traded to Memphis in 2009, Randolph and the Grizzlies have made the postseason in four consecutive years, even reaching the Western Conference Finals in 2013. Randolph has averaged 17.8 points and 11 rebounds over 339 games with the franchise.