Terms of the deal weren't disclosed.
Brooks was selected by the Houston Rockets with the 45th overall pick. The Grizzlies acquired him in exchange for a future second-round pick.
Brooks, 21, averaged 16.1 points, 3.2 rebounds and 2.7 assists as a junior at Oregon last season. He was named the Pac-12 player of the year and helped Oregon earn its first Final Four berth since 1939.