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 2024-25 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 Feb. 6 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.
“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’ résumés 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 has 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 award in the 2022-23 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.
