Lauri Markkanen isn't going anywhere this offseason. Since the start of free agency, the Utah Jazz All-Star seemed to be the hot name on the trade block, yet there was never any serious momentum in terms of him being on the move. With the Jazz not wanting the Finnish forward to go anywhere anytime soon, the two sides agreed to renegotiate and extend Markkanen's contract on Wednesday. As a result, Markkanen will earn an additional $24 million on top of the $18 million he was set to make during the 2024-25 season, plus he signed a 4-year, $196 million extension.
In total, Markkanen will make $238 million over the next five seasons, including $220 million in new money from his negotiations with the Jazz this offseason.
This is a groundbreaking deal for the Jazz, with Markkanen becoming the highest-paid player in franchise history. Not only are there no options on his new deal, but Markkanen can't be traded for six months. Essentially, he can't be traded at all during the 2024-25 season since he signed this new deal on August 7, and the NBA trade deadline for the 2024-25 season is on February 6.
While there were definitely some games being played in terms of when the star would sign his new contract with the Jazz, Markkanen never had doubts about staying in Salt Lake City for the long haul.
“They've all showed their belief in me, from the ownership to the front office to Will,” Markkanen told ESPN over the phone. “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.”
Lauri Markkanen's growth with Jazz
Markkanen first joined the Jazz ahead of the 2022-23 season. He was included in a massive trade package that the Cleveland Cavaliers sent to Utah in exchange for All-Star guard Donovan Mitchell.
At first, Markkanen was viewed as nothing more than a key secondary talent that mainly spent time on the wing, with the potential to grow into a strong rebounder in the frontcourt. What the Jazz didn't know about Markkanen was that he would flourish as the featured player on their roster.
In his first season with the Jazz, Markkanen not only made his first All-Star Game appearance, but he was also awarded the 2022-23 NBA Most Improved Player award. Since joining the Jazz, Markkanen has averaged 24.5 points and 8.4 rebounds per game while shooting 49.0 percent from the floor and 39.5 percent from three-point range.
Unlike his time with the Chicago Bulls or the Cavs, Markkanen has actually been able to grow into being his team's No. 1 scoring option. That is one of the reasons why this decision to remain in Salt Lake City was an easy one for the 27-year-old.
“Once I got traded to Utah, the organization and city immediately embraced me and it's been a family-oriented place — especially with me having my own little kids now,” Markkanen continued in his conversation with ESPN. “It's been an easy transition to basketball and easy off the court. I've grown comfortable building all of these relationships and it's been a great place for me to grow as a person.”
As the Jazz prepare for the 2024-25 season with Markkanen again at the helm of their roster, this organization will be searching for ways to improve their immediate outlook. Although Utah is currently rebuilding, several players on their roster present a path to immediately improving by way of the trade market. Collin Sexton, John Collins, and Jordan Clarkson are all going to be viable trade candidates this upcoming year, presenting the Jazz with a path to surround Markkanen with win-now talents.
The only player that is off-limits in Utah is Markkanen after inking his new $238 million extension.
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