Utah Jazz All-Star forward Lauri Markkanen has inked a five-year, $238 million contract renegotiation and extension, which includes $220 million in new money, as announced by his agent Michael Lelchitski of Sports International Group on Wednesday.
Markkanen, who had one year and $18 million remaining on his contract, utilized the Jazz’s salary cap space to boost his 2024-25 salary by an additional $24 million. He also agreed to another four years and $196 million with no options, according to Lelchitski.
This extension means Markkanen cannot be traded for six months, pushing him past the February 6 deadline and making him ineligible to be moved until the next offseason. Eligible for the renegotiation and extension as of Tuesday, the Jazz had entertained trade scenarios for Markkanen over recent months but never received an offer compelling enough to part with their All-Star forward, who is in the prime of his career at 27.
From his offseason home in Finland, Markkanen expressed his confidence in the Jazz organization, crediting owner Ryan Smith, CEO Danny Ainge, GM Justin Zanik, and coach Will Hardy for their belief in him.
“They’ve all shown their belief in me, from the ownership to the front office to Will,” Markkanen said. “It’s a comfortable environment, and their résumés speak for themselves. I trust the organization to help me grow as a person and a player, to build our team, and I’m ready to take on the challenge.”
In his two seasons with the Jazz, Markkanen has emerged as the cornerstone of the franchise’s rebuild, averaging 24.5 points per game after averaging 15.4 points in his first five seasons with the Cleveland Cavaliers and Chicago Bulls. He won the NBA’s Most Improved Player award in the 2022-23 seasons and made his first All-Star team that year.
Markkanen expressed relief knowing he won’t be part of trade discussions for at least the next season.
“It’s a weight off my shoulders, and I can focus solely on the main thing now: playing basketball at a high level,” Markkanen said. “I don’t stress about it, but you can’t pretend you don’t hear that stuff. It’s a good feeling knowing that I’m going to be in Utah.”
Markkanen is one of only three 7-footers in NBA history to make 1,000 three-pointers, joining Dirk Nowitzki and Channing Frye. He is also the only 7-footer to make 175 three-pointers in multiple seasons in league history.
Markkanen was the key acquisition in a September 2022 trade with the Cavaliers for All-Star guard Donovan Mitchell. After being selected No. 7 overall in the 2017 NBA draft by the Minnesota Timberwolves, he was traded to the Bulls as part of a deal for Jimmy Butler and played his first four NBA seasons there. Cleveland acquired him in 2021 in a sign-and-trade with Chicago, where he averaged 14.8 points in the 2021-22 seasons before joining the Jazz.
“Once I got traded to Utah, the organization and city immediately embraced me, and it’s been a family-oriented place—especially with me having my own little kids now,” Markkanen said. “It’s been an easy transition to basketball and off the court. I’ve grown comfortable building all these relationships, and it’s been a great place for me to grow as a person.”
