Lauri Markkanen finally decides to ink a new 5-year, $238M extension with the Jazz

One of the biggest names surrounding trade speculation this summer has been Lauri Markkanen, who waited several months and attracted a lot of interest before finally deciding he was staying put in Utah. It was reported this Wednesday that the Finnish athlete has signed a five-year, $238 million contract renegotiation and extension. 

According to his agent Michael Lelchitski, the deal also includes $220 million in new money. The 27-year-old still had a one year, $18 million left on his previous agreement with the Jazz and used the team’s salary cap space to increase his 2024-25 pay to another $24 million.

This extension now means that Lauri cannot be traded for the following six months of competition, which pushes him past the February 6th deadline, and cannot be moved until next offseason.

Utah Jazz All-Star forward Lauri Markkanen has signed a five-year, $238 million contract renegotiation and extension – including $220 million in new money, his agent Michael Lelchitski of @SIGSports tells ESPN. pic.twitter.com/dFx6pIc2nV

— Adrian Wojnarowski (@wojespn) August 7, 2024

Markkanen, who is in the prime of his career, decided to wait until he was eligible for an extension to make his final decision, despite a lot of interest from the Golden State Warriors. In a recent interview, the All-Star mentioned his belief in the Jazz franchise before signing his latest contract.

“They’ve all showed their belief in me, from the ownership to the front office to Will,” the player told the press. “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.”

The star center noted his trust in owner Ryan Smith, CEO Danny Ainge, GM Justin Zanik and coach Will Hardy. The truth is, Lauri has blossomed in his two campaigns in Utah, as the organization has understood that they can build a team around the Finnish big man.

The 27-year-old has averaged 24.5 points during this time frame, which are even more impressive considering he averaging 15.4 points in his first five campaigns with both the Cleveland Cavaliers and Chicago Bulls. During the 2022-23 season, he earned the NBA’s Most Improved Player, and made his first All-Star team that year.

Markkanen told ESPN that he was relieved to know that he won’t be discussed in trade scenarios for at least the next season

Now that he’s inked a new extension, he guarantees he will stay in Utah at least until next summer.”It’s a weight off my shoulders and I can focus only one the main thing now: playing basketball at a high-level” the big man said. “I don’t stress about it, but you can’t pretend you don’t hear that stuff. It’s a good feeling knowing that I’m going to be in Utah.”

Alongside NBA icons Dirk Nowitzki and Channing Frye, Lauri is the third seven-foot player to make a thousand three-pointers in league history. He is also the only star that size to make 175 shots from range in multiple campaigns.

Markkanen recalled his journey to where he is at today, as he became the key acquisition in a 2022 trade with the Cavaliers for guard Donovan Mitchell. Before that, he went No. 7 overall in the 2017 NBA Draft to the Timberwolves, but was traded to the Bulls in exchange for the Jimmy Butler package.

“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,” the All-Star told the press. “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.”