Utah Jazz All-Star forward Lauri Markkanen has signed a five-year, $238 million contract renegotiation and extension -- including $220 million in new money, his agent Michael Lelchitski of Sports International Group told ESPN on Wednesday.
Markkanen, who had one year, $18 million left on his contract, used the Jazz's salary cap space to increase his 2024-2025 salary another $24 million and agreed on another four years and $196 million that include no options, Lelchitski told ESPN.
The extension precludes Markkanen from being traded for six months -- which pushes him past February 6th deadline and means he isn't eligible to be moved until next offseason. Markkanen became eligible for the renegotiation and extension on Tuesday. The Jazz had listened on trade scenarios over recent months for Markkanen, but never were presented an offer that caused them to seriously consider moving an All-Star forward in his prime of his career at 27 years old, sources said.
In a telephone interview from his offseason home in his native Finland, Markkanen cited his belief in the Jazz organization for the confidence to sign the deal -- including owner Ryan Smith, CEO Danny Ainge, GM Justin Zanik and coach Will Hardy.
"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 has blossomed in his two seasons with Jazz where he's been the cornerstone of the franchise's rebuild. He's averaged 24.5 points in two seasons with Utah -- 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 in the 2022-2023 season, and made his first All-Star team that season.
Markkanen told ESPN that he was relieved to know that he won't be discussed in trade scenarios for at least the next season.
"It's a weight off my shoulders and I can focus only one the main thing now: playing basketball at a high-level" Markkanen told ESPN. "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 three 7-footers to make a thousand three-pointers in NBA history, including Dirk Nowitzki and Channing Frye, according to ESPN Stats and Information. He's the only 7-footer to make 175-three pointers in multiple seasons in league history, according to ESPN Stats and Information.
Markkanen was the key acquisition in a September 2022 trade with the Cavaliers for All-Star guard Donovan Mitchell. After going No. 7 overall in the 2017 NBA Draft to the Minnesota Timberwolves out of the University of Arizona, Markkanen was traded to the Bulls as part of a Jimmy Butler deal and played his first four NBA seasons there. Cleveland acquired him in 2021 as part of a sign-and-trade with Chicago, where he averaged 14.8 points in the 2021-2022 season 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 told ESPN. "It's been an easy transition to basketball and easy off the court. I've grown comfortable building all of these relationships and it's been a great place for me to grow as a person."
