Lauri Markkanen and the Utah Jazz have reached a significant milestone, securing a five-year, $238 million contract renegotiation and extension. This new agreement ensures that the 27-year-old forward will remain with the franchise through the 2028-29 NBA season, as ESPN’s Adrian Wojnarowski reported.
The deal, signed on Wednesday, brings significant implications for both Markkanen and the Jazz. According to Yahoo Sports’ Jake Fischer, Markkanen is now ineligible to be traded for the entirety of the 2024-25 season. Fischer explained, “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. 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 financial details of the renegotiation are noteworthy. Markkanen will receive a maximum salary of $42 million this season. The Jazz are utilizing $24 million of their salary cap space to supplement the Finnish forward’s originally scheduled $18 million salary for the upcoming season.
In response to the extension, Markkanen expressed his gratitude and excitement. “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’s journey to Utah has been eventful. Drafted seventh overall by the Chicago Bulls in 2017, he was part of a three-team sign-and-trade involving the Cleveland Cavaliers and Portland Trail Blazers in 2021. After signing a four-year, $67.5 million contract with the Cavaliers, he posted averages of 14.8 points and 5.7 rebounds per game in one season. He was subsequently traded to the Jazz as part of the Donovan Mitchell trade.
Since joining the Jazz, Markkanen has made a significant impact. In his two seasons with Utah, he has averaged 24.5 points, 8.4 rebounds, and 1.9 assists over 121 games, shooting an impressive 49% from the field. His performance earned him a spot as a 2023 NBA All-Star and the Most Improved Player award.
Markkanen’s commitment to the Jazz extends beyond the court. “We love to be here,” he said after the past season. “I’ve said it multiple times and my family likes to be here.”
Despite reported trade talks involving Markkanen this offseason, potential suitors were unwilling to meet the asking price for the talented forward. With the new extension, Markkanen and the Jazz look forward to continuing their successful partnership, building on the foundation they’ve established over the past two seasons.