The Jazz and Lauri Markkanen have agreed on a five-year, $238 million contract extension that will keep one of the NBA's most-coveted trade candidates in Utah for at least next season, his agent told ESPN.
The timing of Markkanen's signing is crucial. He became extension eligible on Tuesday (Aug. 6). With this contract extension, Markkanen is ineligible to be traded for six months from the date of signing. The 2025 NBA trade deadline falls on Feb. 6, 2025. Since Markkanen waited to sign his deal until Wednesday, he is not eligible to be traded until after next season's deadline, and cannot be moved at all during the 2024-25 NBA season.
"I'm ready to get back to work and build with this franchise. You guys deserve to win," Markkanen said in a video to Jazz fans posted on social media.
“Lauri pysyy Utahissa” sure has a nice ring to it 😌🇫🇮💜#TakeNote pic.twitter.com/vjJXgK9IW7
— Utah Jazz (@utahjazz) August 7, 2024
Markkanen, a one-time NBA All-Star, was considered one of the top trade candidates on the market this offseason, with the Golden State Warriors making a serious push for the versatile forward. But Markkanen's extension halts Golden State's pursuit. The Warriors reportedly offered a deal centered around Moses Moody, several first-round picks, pick swaps and second-round picks, but the Jazz coveted Brandin Podziemski in any deal for Markkanen, an asking price the Warriors were unwilling to meet. With no team meeting Utah's asking price for Markkanen they've opted to give him a long-term, lucrative deal, that will take him through the 2028-29 season.
Markkanen had a desire to stay with the Jazz, per The Athletic, as he believes in the team's long-term plan going forward. Taking the next steps in that plan will now be the focus for a squad that has been a lottery team in each of the last two drafts. After trading away both Donovan Mitchell and Rudy Gobert, which yielded them Markkanen and a large handful of draft picks, the Jazz have yet to find that centerpiece building block for the long haul. While Markkanen is a talented player, he's not the star on a championship-caliber team. But neither is anyone else on Utah's current roster.
The 2025 NBA Draft is expected to have a wealth of talented players, headlined by incoming Duke star Cooper Flagg. If Utah were to land Flagg, or any of the other top prospects, it could move the rebuild along at a faster pace.
However, if the Jazz fail to land any of those top prospects next summer, then perhaps revisiting a trade for Markkanen could be on the table down the line. CBS Sports' Sam Quinn explains here why the Jazz are being patient with Markkanen.
