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Lauri Markkanen and Jazz Finalize USD 238 Million Contract Extension Despite Trade Rumors
Lauri Markkanen secures a USD 238 million extension with the Jazz, overcoming trade speculation. His future with the team remains a hot topic in the NBA. Read more.
Lauri Markkanen and the Utah Jazz have agreed to a five-year, $238 million contract renegotiation and extension, which includes $220 million in new money, according to ESPN’s Adrian Wojnarowski.
Markkanen, who was in the final year of his four-year, $67.5 million contract with the Jazz, was scheduled to earn $18 million during the 2024-25 season. After renegotiating, he will earn an additional $24 million and remain under contract with the Jazz through the 2028-29 season following his four-year, $196 million extension. This new extension does not include any team or player options.
With this extension, Markkanen cannot be traded before the February 6 trade deadline, indicating his long-term commitment to Utah. Markkanen will be a top pick in fantasy drafts after averaging 23.2 points, 8.2 rebounds, 2.0 assists, and 3.2 three-pointers during the 2023-24 season.
Markkanen expressed his confidence in the Jazz organization and cited owner Ryan Smith, CEO Danny Ainge, GM Justin Zanik, and coach Will Hardy as key reasons for his decision to sign the deal.
"They've all shown their belief in me, from the ownership to the front office to Will," Markkanen told ESPN. "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.”
In his two seasons with the Jazz, Markkanen has thrived as the cornerstone of the franchise's rebuild. He has averaged 24.5 points per game with Utah, a significant jump from the 15.4 points he averaged during his first five seasons with the Cleveland Cavaliers and Chicago Bulls. Markkanen earned the NBA's Most Improved Player award for the 2022-2023 season and made his first All-Star team that year.
The Jazz acquired Markkanen in a September 2022 trade with the Cavaliers, which involved All-Star guard Donovan Mitchell. Selected No. 7 overall by the Minnesota Timberwolves in the 2017 NBA Draft after playing for the University of Arizona, Markkanen was traded to the Bulls as part of the Jimmy Butler deal and spent his first four NBA seasons there. Cleveland then acquired him in 2021 through a sign-and-trade with Chicago, where he averaged 14.8 points during the 2021-2022 season before joining the Jazz.
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