Markkanen Signs 5-Year Deal with Jazz

Lauri Markkanen will be a core member of the Utah Jazz for many years to come and he will be handsomely rewarded for his work on the hardwood.

Markkanen has inked a five-year, $238 million contract with the Utah Jazz, SIG Sports’ Michael Lelchitski told ESPN’s NBA senior insider Adrian Wojnarowski on Wednesday morning.

The deal is considered a renegotiation and extension because Markkanen and the organization restructured his 2024-25 salary as part of the agreement.

The 27-year-old was set to earn $18 million in the final year of his contract, however, the Jazz gave him a significant pay raise, adding on $24 million in the new deal, according to Wojnarowski. In addition to that, Markkanen will make $196 million over the next four years. In total, he will pocket a cool $220 million in new money and it commits him to the Jazz long-term.

Markkanen became extension eligible on Tuesday, and had he signed a deal right away, the Jazz would have had the option to trade him at the February 6, 2025 NBA deadline. However, by being patient and waiting 24 hours to complete the contract, Markkanen has all the leverage and cannot be traded during the 2024-25 campaign. If the Jazz still want to ship him out of town, they will have to wait until next offseason.

The Golden State Warriors were intrigued with the possibility of adding Markkanen and reportedly made the “most aggressive” offer to the Jazz, but in the end, the sides could not come to terms on the right compensation.

Utah reportedly wanted second-year NBA guard Brandin Podziemski included in the package, which was a price the four-time champions was not willing to pay.
Markkanen was the centerpiece in a September 2022 trade with the Cleveland Cavaliers for All-Star guard Donovan Mitchell. After going No. 7 overall in the 2017 NBA draft out of the University of Arizona to the Minnesota Timberwolves, Markkanen was traded to the Chicago Bulls as part of a Jimmy Butler deal and played his first four NBA seasons there. Cleveland acquired him in 2021 as part of a sign-and-trade with Chicago, where he averaged 14.8 points in the 2021-22 season before joining the Jazz.

“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 told 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.”

The Warriors reportedly offered a package centered around fourth-year NBA guard Moses Moody, future first-round draft picks and draft pick swaps.

Markkanen discussed the trade rumors in a one-on-one interview with Wojnarowski.

“It’s a weight off my shoulders and I can focus only on the main thing now: playing basketball at a high level,” Markkanen told Wojnarowski. “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.”

The Warriors now must proceed with the roster they have, led by Steph Curry and Draymond Green, after missing out on Markkanen this week and All-Star forward Paul George earlier in the offseason.

If Podziemski and fourth-year NBA forward Jonathan Kuminga have substantial growth in their games this season, missing out on Markkanen’s outside shooting ability will not sting as much.