Lauri Markkanen and the Utah Jazz are set to finalize a lucrative contract extension, as reported by The Athletic’s Shams Charania. The new deal, expected to be signed later this week, will keep Markkanen in Utah for the long term.
By finalizing the extension after Tuesday, Markkanen will be off the trading block for the entire 2024-25 NBA season, according to a report 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,” as outlined by 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.”
The extension for the 27-year-old Markkanen will be a “renegotiation-and-extend” deal, utilizing $33 million of the team’s salary-cap space to secure a contract worth over $200 million spanning five years, extending his stay in Utah through the 2027-28 season. This agreement will mark the largest contract in the history of the Jazz franchise.
Under the “renegotiation-and-extend” terms, Markkanen is expected to receive a maximum salary of $42.2 million for the current season, with the Jazz allocating an additional $24.13 million from their salary cap to supplement his existing $18 million salary.
Markkanen arrived in Utah in September 2022 after being involved in multiple trades within a year. Originally drafted by the Chicago Bulls in 2017, he was part of a sign-and-trade transaction involving the Cavaliers and the Trail Blazers in 2021. Subsequently, Markkanen joined the Cavaliers on a four-year, $67.5 million contract.
After an impressive season averaging 14.8 points and 5.7 rebounds per game, Markkanen was traded to the Jazz as part of the Donovan Mitchell deal.
During his two seasons with the Jazz, Markkanen has maintained an impressive performance, averaging 24.5 points, 8.4 rebounds, and 1.9 assists in 121 games while shooting 49% from the field.
“We love to be here,” expressed Markkanen after this past season. “I’ve said it multiple times and my family likes to be here.”
Although there were discussions with various teams regarding a potential trade involving Markkanen this offseason, no agreement was reached as interested parties were unwilling to meet the asking price for the standout player.