The Grizzlies announced the moves Monday.
Memphis grabbed Baldwin with the 17th pick out of Vanderbilt, and he started one of his 33 games as a rookie. The guard averaged 3.2 points, 1.4 rebounds and 1.8 assists.
The Grizzlies kept veteran guard Mario Chalmers and Andrew Harrison.
The Grizzlies traded for Rade Zagorac of Serbia on draft night after he was selected by Boston with the 35th pick overall. Zagorac played for KK Mega Leks in Serbia last season.
Memphis currently has 17 players on the roster with Kobi Simmons and Vince Hunter eligible to play for both the Grizzlies and their G League team, the Hustle.
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