Chandler isn't a 2 way player. He's on a standard NBA contract, and actually got the most guaranteed money for an American 2nd round pick (sometimes European players get more guaranteed money since they're coming from professional leagues).
He does spend a good amount of time with the G League team, as the Grizzlies are very deep. 2 way contracts mean you're only a part time member of the main NBA team, you also make less money and are usually only signed for a year or two. Every team has two 2 way contracts available, the Grizzlies 2 way players are Vince Williams and Kenneth Lofton. Chandler has a 4 year deal. Any player in the NBA can technically play with the G league team, a lot of players practice with the G league team if they're coming back from an injury.