The move comes at a time when the Chicago Bulls are stocking up on young talent in the midst of a rebuild.
Memphis had been using Brooks and Selden as reserves, and they're averaging 6.6 and 5.4 points per game, respectively.
Selden, who played at Kansas for three seasons (2013-16), is averaging 5.4 points on 40.4-percent shooting in his third National Basketball Association season, playing a career-low 14.2 minutes per game.
Holiday was acquired Thursday in a trade with the Chicago Bulls. There's a chance he becomes a solid piece as he ages, one the Bulls could potentially flip somewhere else eventually if his 3-point shot picks up again.
The two 2nd round picks can be huge since the 2019 draft is expected to have quite a bit of high potential raw talent in the 2nd round.
Holiday is versatile enough to play alongside any of Memphis' other wings, allowing him to start or come off the bench depending on how Bickerstaff's rotation shakes out.
Alabama beats Oklahoma in Orange Bowl to advance to title
The true freshman has completed 65.0 percent of his passes for 2,606 yards, 24 touchdowns and four interceptions. And a year ago , in a semifinal game, the Tide won and covered as 3.5-point favorites in a 24-6 victory.
Selden, 24, has averages of 5.4 points, 1.1 assists and 1.4 rebounds in 32 games. The Bulls will hold two second-round picks in 2020.
For now, though, the Grizzlies need help and they are focusing on what Holiday does well. The question was mostly who could offer the best second-round picks in return.
Holiday is a solid 3-and-D wing player, but the 29-year-old is not as useful to the Bulls as future assets are.
26, is averaging 6.6 points, 1.6 rebounds and 0.9 assists through 29 games this season.
ESPN also reports the Bulls plan to waive Cameron Payne to clear space for the players.