Yes they are, at least right now:
As LeBron James put it, any team that has Rudy Gay as the third scoring option should be taken seriously. While the Lakers have a big front court with Dwight Howard and Pau Gasol, they wouldn’t match up well with the Grizzlies in a seven game series (nor would the Thunder or Heat).
Even as seven point favorites tonight against Denver, the Grizzlies could be a smart play– they are dominant on the boards, and their defense has been stifling. Oh, and they are looking to win their 16th consecutive home contest, too. Old-school basketball fans must love watching the Grizzlies play. With such an emphasis in the NBA on highlight reel plays and individual performances in recent years, the Grizzlies are winning with rebounding, defense, and balanced scoring.