Lauri Markkanen and the Utah Jazz have agreed to a lucrative five-year, $238 million contract extension, ensuring the forward remains with the team until the 2028-29 NBA season, as reported by ESPN’s Adrian Wojnarowski.
By finalizing the new deal, Markkanen is restricted from being traded throughout the upcoming 2024-25 season, a detail disclosed by Yahoo Sports’ Jake Fischer.
“He wouldn’t be eligible to be traded for six months after his new agreement, in accordance with the collective bargaining agreement, which would fall one day after the Feb. 6 trade deadline,” according to Fischer. “It was similarly crucial for Cavaliers center Jarrett Allen to sign his extension Aug. 2, leaving him available for a trade for four days prior to the deadline.”
To facilitate the contract with Markkanen, the Jazz utilized $33 million of their available salary-cap space, making it the most substantial deal in the franchise’s history.
Under the renegotiation-and-extension terms, Markkanen will receive a maximum salary of $42 million for the current season, with the Jazz allocating $24 million from their salary cap to supplement the forward’s original $18 million salary.
“They’ve all showed their belief in me, from the ownership to the front office to Will,” Markkanen told ESPN. “It’s a comfortable environment and those guys’ resumes speak for themselves. I trust in the organization to help grow me as a person and a player, to build our team and I’m ready to take on the challenge.”
Markkanen arrived in Utah in 2022 after being part of two trade deals within a year. Initially drafted by the Chicago Bulls in 2017, he was later involved in a sign-and-trade agreement involving the Cleveland Cavaliers and Portland Trail Blazers in 2021. Following a season with the Cavaliers, Markkanen joined the Jazz as part of the Donovan Mitchell trade.
During his tenure in Utah, Markkanen has showcased impressive statistics, averaging 24.5 points, 8.4 rebounds, and 1.9 assists per game over 121 appearances, with a shooting percentage of 49%.
“We love to be here,” Markkanen expressed after this past season. “I’ve said it multiple times and my family likes to be here.”
Despite receiving interest from various teams, the Jazz opted to retain Markkanen this offseason after potential suitors were unwilling to meet the asking price for the standout player.