Report: Lauri Markkanen’s New Deal With Jazz To Be Worth Upwards Of $200 Million Over 5 Years

According to NBA insiders Shams Charania, Tony Jones and Anthony Slater of The Athletic, Lauri Markkanen and the Utah Jazz are expected to agree to a massive long-term contract extension. 

Markkanen will sign it after August 6 so he can’t be traded during the 2024-25 season. 

“The deal will come via a renegotiation-and-extend, using the Jazz’s $33 million of open salary-cap space. League sources said Markkanen’s deal is projected to be worth upwards of $200 million over five years,” Charania, Jones and Slater wrote. “It keeps him under contract through 2029, giving him the richest contract in Jazz history and one of the highest salaries for a European player in NBA history. Utah is able to give Markkanen his maximum salary of $42.2 million this upcoming season by using $24.13 million of that cap space to add to his current $18 million salary.”

One of the best forwards in the NBA, Markkanen averaged 23.2 points, 8.2 rebounds, 2.0 assists, 0.9 steals and 0.5 blocks in 2023-24 for the Jazz while shooting 48.0% from the floor, 39.9% from beyond the arc and 89.9% from the free-throw line in 55 games. 

A one-time All-Star, Markkanen has career averages of 18.1 points, 7.3 rebounds, 1.5 assists, 0.7 steals and 0.5 blocks with the Chicago Bulls, Cleveland Cavaliers and Jazz. He won the 2022-23 Most Improved Player of the Year Award with Utah.

“But Markkanen, behind the scenes, repeatedly expressed his desire to remain in Utah and his belief in Utah’s plan over the long term, according to league sources,” Charania, Jones and Slater wrote. “He and his family have taken to the community, and the Jazz see him as someone who can be a central figure in a rebuild now and in the future.”

The San Antonio Spurs, Golden State Warriors and Sacramento Kings tried to trade for Markkanen, who played his college ball at Arizona.