Lauri Markkanen signs 5-year, $238M deal with Jazz

Utah Jazz All-Star forward Lauri Markkanen has signed a significant five-year, $238 million contract renegotiation and extension, which includes $220 million in new money. This deal was confirmed by his agent, Michael Lelchitski of Sports International Group, to ESPN on Wednesday.

Lauri Markkanen has signed a five-year, $238 million contract renegotiation and extension, per @wojespn pic.twitter.com/ZCVNyhgeim

— NBA TV (@NBATV) August 7, 2024

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Markkanen had one year and $18 million remaining on his current contract. Using the Jazz’s salary cap space, he increased his 2024-2025 salary by an additional $24 million. He also agreed to an additional four-year extension worth $196 million, with no player or team options included.

Due to this new extension, Markkanen is precluded from being traded for six months, which takes him beyond the February 6th trade deadline, making him ineligible for any trade until the next offseason. While the Jazz had considered trade scenarios for Markkanen in recent months, they did not receive any offers compelling enough to trade the 27-year-old All-Star forward, who is in the prime of his career.

Since joining the Jazz, Markkanen has flourished, averaging 24.5 points per game over two seasons, a significant improvement from his previous averages of 15.4 points per game during his first five seasons with the Cleveland Cavaliers and Chicago Bulls. His outstanding performance earned him the NBA’s Most Improved Player award for the 2022-2023 season and his first All-Star team selection that same year.