On Wednesday, the Utah Jazz officially signed Lauri Markkanen to a five-year; $238 million contract extension, per ESPN’s Adrian Wojnarowski.
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 @SIGSports tells ESPN. pic.twitter.com/dFx6pIc2nV
— Adrian Wojnarowski (@wojespn) August 7, 2024
In signing the deal, Markkanen was also able to increase his then expiring 2024-25 salary by $6 million. He’ll now make $24 million in 2024-25, making him the second-highest paid player on the roster behind John Collins. He was originally set to be paid the third-highest salary next season, behind Collins ($26.6 million) and Collin Sexton ($18.4 million).
The extension precludes Markkanen from being traded for six months – which pushes him past February 6th trade deadline and means he isn’t eligible to be moved until next offseason.
— Adrian Wojnarowski (@wojespn) August 7, 2024
The timing of the deal prevents the Jazz from trading him until next offseason. It’s also devoid of team or player options.
Jazz Hammer Out Contract Details With Face Of Franchise Lauri Markkanen
Essentially, with this contract extension, Markkanen and the Jazz have displayed their commitment to each other.
Upon reaching the agreement with Utah, Markkanen issued a statement to ESPN:
“They’ve all showed their belief in me, from the ownership to the front office to (coach) Will (Hardy),” Markkanen says. “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.”
Back To Plan A
Notably, there was a legitimate chance Markkanen would be traded this summer. The Sacramento Kings, San Antonio Spurs, and Golden State Warriors were all hot on his trail. Indeed, the Kings all but struck a deal for Markkanen last month.
However, unable to find a trade partner willing to meet their demands, the Jazz will now pivot back to their original plan.
Prior to the New York Knicks snatching Mikal Bridges away from them, Utah was trying to build around Markkanen. In fact, one reason that they wanted Bridges was to sway Paul George to sign with them. For all the talk of tanking for Duke forward Cooper Flagg, the projected 2025 No. 1 pick, the Jazz were in win-now mode.
With that being said, Utah has several players who could be dangled as trade bait as they attempt to build a championship contender. To that point, Collins, Sexton, Jordan Clarkson, and Walker Kessler have all been in trade rumors. Sexton and Kessler may have the best chance of sticking around due to their age and upside. Nonetheless, it’s safe to say that none of them are untouchable if the Jazz were willing to move Markkanen.
