Lauri Markkanen, an All-Star forward for the Utah Jazz, has agreed to a five-year, $238 million contract renegotiation and extension, which includes $220 million in new money, according to his agent Michael Lelchitski of Sports International Group, who spoke to ESPN on Wednesday. Markkanen, who had one year and $18 million remaining on his contract, used the Jazz’s salary cap space to increase his 2024–25 salary by another $24 million, and he also agreed to another four years and $196 million that include no options, Lelchitski said. The agreement prevents Markkanen from being traded for six months, which means he isn’t eligible to be moved until the following offseason. Markkanen became eligible for the renegotiation and extension on Tuesday.
“They’ve all shown their belief in me, from the ownership to the front office to Will,” Markkanen told ESPN over the phone from his offseason home in his native Finland. “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 cited his belief in the Jazz organization, which includes owner Ryan Smith, CEO Danny Ainge, general manager Justin Zanik, and coach Will Hardy, for the confidence to sign the deal.
Markkanen has blossomed in his two seasons with Jazz, where he has been the cornerstone of the franchise’s rebirth. 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. The 2022–2023 season saw him win the NBA’s Most Improved Player title and earn a spot on his first All-Star team.
Knowing that he won’t be considered in trade situations for at least the upcoming season gave Markkanen a sense of relief, he told ESPN.
“It’s a weight off my shoulders and I can focus only one the main thing now: playing basketball at a high level,” Markkanen stated to ESPN. “You can’t act like you’re not aware of that, even though I don’t worry about it.”
