Only one team in the NBA hasn't lost a game yet, and that's the new-look Memphis Grizzlies led by rookie Cam Spencer and guard Ty Jerome.

Their schedule has been pretty favorable to start the season, and will be for the next two or so weeks. But they are still in the top-12 in both adjusted offensive rating and defensive rating, according to Dunks and Threes' schedule-adjusted metric, and 11th in NET.

Beyond that, what has their unbeaten start shown us? Here is what our panelists said.

Grizzlies' process looks very clean:

"Memphis' strong start on the surface might not mean much to some, because of the weak schedule. Four of the six wins have come against the Sacramento Kings and Utah Jazz.

However, the process behind the undefeated start shows more than the record without context. Memphis has been strong on both ends of the floor, ranking near the top of the league in several categories offensively and defensively.

The Grizzlies have also played the style of basketball Tuomas Iisalo envisioned, and all the players who needed to either play to their potential or take a step forward have done so.

The case to be made for Memphis being better than expected before the season has come true in almost every way. While it is early, it feels like that can stick. However, with the light schedule early, it is still too soon to say just how good the Grizzlies will be. While the start is encouraging, there is not enough evidence yet to make me think Memphis will finish higher than the 8 seed." -- Landon Speck

Have the Grizzlies already rebuilt their core?:

At this time last year, Ja Morant was telling reporters to "go ask the coaching staff" about his underwhelming performances, while Grizzlies head coach Tuomas Iisalo was subsequently challenging Morant's leadership publicly, adding more tension to what appeared to be an already tenuous relationship.

The Grizzlies were just months removed from trading Desmond Bane for four first-round picks, and in months following, eventually traded Jaren Jackson Jr. and Ja Morant, ripping apart a trio that made the Western Conference Semifinals in 2021-22.

And the Grizzlies' newfangled core already looks better than it has at any point over the last three years.

Former Duke phenom Cam Boozer is off to a historic start to begin his rookie season, and he's already formed a more-than-steady partnership with center Zach Edey. The two are a plus-46 in just 77 minutes together -- a 30.1 NET Rating! If those two stay healthy, the complementary styles offensively, physicality, rebounding, rim deterrence and defensive playmaking they provide together will make them a feared 1-2 punch.

Not to mention, Ty Jerome, Cedric Coward, Cam Spencer, GG Jackson and Jaylen Wells have all gotten off to strong starts. Their schedule has played to their benefit, but Memphis' new core looks rebuilt and, most importantly, jelled. And the Grizzlies still have eight first-round picks over the next four draft cycles, including three in 2027.