National Basketball Association

Lauri Markkanen, Utah Jazz reportedly agree to $238 million extension

Updated Aug. 7, 2024 11:55 a.m. ET

After being mentioned in trade rumors all offseason, power forward Lauri Markkanen and the Utah Jazz have agreed to a five-year, $238 million extension, ESPN reported Wednesday.

Markkanen was entering the final season of a four-year, $67 million deal. This extension begins next season, overtaking the final season that was remaining on Markkanen's contract, and includes no options.

Markkanen now can't be traded for six months, a deadline that passes after the 2025 NBA trade deadline.

"They've all showed their belief in me, from the ownership to the front office to Will," Markkanen said of the Jazz, per 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."

Utah acquired Markkanen, 27, as part of its return from the Cleveland Cavaliers for star guard Donovan Mitchell in 2022. Markkanen had a breakout season in his first year with the Jazz, averaging 25.6 points per game, earning an All-Star nod and later winning the 2022-23 NBA Most Improved Player Award.

Last season, Markkanen averaged 23.2 points and 8.2 rebounds per game, while shooting 48.0/39.9/89.9 across 55 games; he missed extensive time due to hamstring, quad and shoulder injuries. The Jazz finished 31-51, good for the 12th seed in the Western Conference. As for the rest of Utah's offseason, it selected Colorado forward Cody Williams with the No. 10 pick in the 2024 NBA Draft and USC guard Isaiah Collier with the No. 29 pick.

Markkanen spent the first four seasons of his NBA career with the Chicago Bulls, who selected him with the No. 7 pick in the 2017 NBA Draft out of Arizona, before signing with the Cavaliers in 2021 via a sign-and-trade.

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