All-Star forward Lauri Markkanen and the Utah Jazz have agreed to a five-year, $238 million contract renegotiation and extension that includes $220 million in new money, according to ESPN's Adrian Wojnarowski.
Markkanen, who was entering the final year of his four-year, $67.5 million contract with the Jazz, was set to make $18 million during the 2024-25 season. He will now make and additional $24 million after renegotiating the final year of his current contract, and the Finnish forward is under contract with the Jazz through the 2028-29 season after inking his 4-year, $196 million extension. There are no team or player options attached to this new extension between Markkanen and the Jazz.
Of course, this new deal for Markkanen and the Jazz comes on the heels of his August 6 deadline date, when the star forward first became eligible to renegotiate and extend his contract with the team.
Ultimately, Markkanen did not look to accept any deal from the Jazz on Aug. 6 in order to maintain his status with the team. Players are ineligible to be traded for six months after they sign an extension based on the legislation of the collective bargaining agreement. If Markkanen had agreed to a deal the moment he became eligible for an extension, then he would become eligible to be traded on February 6, which happens to be the date of the trade deadline during the 2024-25 season.
By waiting and agreeing to his new contract stipulations and extension, Markkanen has guaranteed himself at least one more season in Salt Lake City, as he is ineligible to be traded throughout the course of the upcoming year.
Lauri Markkanen drew serious trade interest
Since the start of the free agency period in July, Markkanen has been at the forefront of trade conversations around the NBA. With big names like Paul George, Klay Thompson, and DeMar DeRozan on the move as free agents, Markkanen became the top priority for teams inquiring about his availability with the Jazz.
The Golden State Warriors, San Antonio Spurs, and Sacramento Kings were three teams in the Western Conference that showed serious interest in Markkanen, league sources told ClutchPoints. Out of all the teams to be in contact with the Jazz, it was the Warriors who were the most aggressive.
After losing Thompson in free agency and searching for ways to maximize their championship potential with Stephen Curry and Draymond Green, the Warriors looked to offer recent first-round pick Moses Moody in a package that was heavily centered around future draft assets. Ultimately, these trade talks never really advanced, as the Jazz were adamant on wanting All-Rookie performer Brandin Podziemski to be included in the trade dialogue.
Not only were the Warriors unwilling to offer Podziemski for Markkanen, but they were also not wanting to part ways with 2021 seventh overall pick Jonathan Kuminga. It is worth mentioning that Kuminga was originally kept out of trade discussions the Warriors held with the Los Angeles Clippers before their pursuit of Markkanen, sources said.
With Markkanen agreeing to restructure his deal and sign a new extension with the Jazz after his Aug. 6 deadline, he is now ineligible to be traded during the 2024-25 season.
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