The Grizzlies announced this afternoon that Mike Conley will undergo surgery on his injured heel and will miss the remainder of the 2017-18 season. From the press release:
Conley will undergo surgery to smooth a small bone protrusion in his left heel that continues to cause pain and soreness. He will be unavailable for the remainder of the 2017-18 season but is expected to make a full recovery prior to 2018-19 training camp.
It's not surprising that Conley will be out the rest of the season—all signs were that he was unlikely to see the court anyway—but it is a surprise to see a season-ending surgery. One hopes that this surgery will (finally) correct the issues Conley has had with this for so many years.
Conley remains under contract for three more seasons. Chandler Parsons and Marc Gasol both have two years remaining on their current contracts. Parsons is now "day to day" and "making progress" alleviating his knee soreness, and JaMychal Green and James Ennis are expected to return within the next week.