Lauri Markkanen signs lucrative 5-year, $238M extension with Jazz, ruling out trade possibilities this season

Lauri Markkanen has officially signed a lucrative five-year, $238 million contract renegotiation and extension with the Utah Jazz. This deal will keep the 27-year-old forward with the franchise until the end of the 2028-29 NBA season. ESPN's Adrian Wojnarowski broke the news of the agreement, solidifying Markkanen's future with the team for years to come.

By signing the new deal on Wednesday, Markkanen is now ineligible to be dealt for the entirety of the 2024-25 season, as Yahoo Sports' Jake Fischer reported this week.

"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."

The Jazz used $33 million of open salary-cap space in order to make the deal happen with Markkanen, and it is the richest contract in franchise history.

First-time All-Star
NBA Most Improved Player
Finland’s Athlete of the Year

and he’s just getting started.

is here to stay ️#TakeNote | @MarkkanenLauri pic.twitter.com/gdQZTr03MB

— Utah Jazz (@utahjazz) August 7, 2024

The renegotiation-and-extend will see Markkanen get a maximum salary of $42 million this season, with the Jazz adding $24 million of their salary cap space to the Finnish forward's $18 million salary that he was originally due this coming season.

"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 landed in Utah in September 2022 after being dealt twice in the span of a year. Drafted seventh overall by the Chicago Bulls in 2017, he was part of a three-team sign-and-trade with the Cleveland Cavaliers and Portland Trail Blazers in 2021. Markkanen went to the Cavaliers and signed a four-year, $67.5 million contract.

After one season where he posted 14.8 points and 5.7 rebounds per game, Markkanen was then moved to the Jazz as part of the Donovan Mitchell trade.

In two seasons in Utah, Markkanen has averaged 24.5 points, 8.4 rebounds and 1.9 assists in 121 games while shooting 49% from the field.

“We love to be here,” Markkanen said after this past season. “I’ve said it multiple times and my family likes to be here.”

The Jazz reportedly had talks with several teams this offseason about a trade involving Markkanen, but potential suitors weren't willing to pay the price to land the 2023 NBA All-Star and Most Improved Player.