Report: Lauri Markkanen will sign 5-year extension with Utah Jazz

Lauri Markkanen made it clear that he wanted to stay in Utah.

Now he’s on the verge of making it official.

The Utah Jazz’s star forward is expected to sign a near-max extension, worth upward of $200 million over five seasons, to stay with the team, according to a report from The Athletic.

By signing the deal with the Jazz on Wednesday or later — which The Athletic reported will occur — Markkanen also guarantees that he will not be traded for the Jazz during the 2024-25 season. Players aren’t allowed to be traded for six months after they sign an extension, and Markkanen’s signature on Aug. 7 or later would ensure he can’t be eligible for a trade before the NBA’s Feb. 6 deadline.

That ends what had been relatively robust trade talks for Markkanen, as suitors such as the Golden State Warriors, Sacramento Kings, and San Antonio Spurs were all reportedly interested in his services. But the Jazz never received an offer worth what they believed Markkanen was worth: a trade package equalling or besting the five first-round picks the Nets received for Mikal Bridges earlier this summer.

That means the extension, which runs through 2029, will give Markkanen a maximum contract this season — a raise from $18 million up to $42 million for 2024-25.

It’s not clear yet if Markkanen will make the full maximum or something just short of it for the four seasons afterward. The NBA’s cap is expected to rise by 10% per season for the next few years as the NBA introduces revenue from its new TV deal inked this summer.

But regardless of the finances, Markkanen’s impact in Utah has been significant. Since arriving in the Donovan Mitchell trade in 2022, the 27-year-old Finn took a huge leap in his level of production, even being named an All-Star starter in 2023. Last season, he averaged 23.2 points, 8.2 rebounds, and 2.0 assists per game before being shut down for the final portion of the year as the Jazz tried to improve their draft position.

The deal means that the Jazz have reached the salary floor for the 2024-25 season, but does raise questions about what the team’s strategy will be for the year. Some league observers expected the Jazz to tank the year out in hopes of landing one of the future stars at the top of the 2025 NBA Draft, like Duke’s Cooper Flagg. Markkanen’s presence figures to make that option more difficult, but doesn’t necessarily mean they’re likely to contend for a playoff spot next season either.

While the Jazz may be in limbo in 2024-25, signing Markkanen to this extension means he’ll contribute to future competitive iterations of the franchise. It’s a statement of belief in the Jazz’s front office from Markkanen, who could have waited until next offseason to sign a deal and found himself on a surefire contending team. It also shows how much Markkanen and his family had grown to enjoy living in Utah.

This story will be updated.

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Report: Lauri Markkanen will sign 5-year extension with Utah Jazz

Report: Lauri Markkanen will sign 5-year extension with Utah Jazz

Report: Lauri Markkanen will sign 5-year extension with Utah Jazz

Report: Lauri Markkanen will sign 5-year extension with Utah Jazz

Report: Lauri Markkanen will sign 5-year extension with Utah Jazz