Lauri Markkanen signs the biggest contract in Utah Jazz history. What are the details of the deal?
The Utah Jazz have secured the services of their star for the foreseeable future and for a pretty penny to boot. To be fair, the forward is definitely worth it.
In signing the star forward to a long-term deal, the Utah Jazz have taken a significant step toward building a roster that can contend with what now has to be considered a stacked Western Conference.
Jazz & Lauri Markkanen make history with massive extension
According to reports on Wednesday, Lauri Markkanen and the Utah Jazz agreed to a five-year, $238 million contract renegotiation and extension, thereby retaining the 27-year-old forward through the 2028-29 NBA season. To be clear, the deal makes Markkanen the highest-paid player in the franchise’s history. What it also means is that Markkanen is now ineligible for trade for the entirety of the 2024-25 season, a notion that was previously stated by Yahoo Sports’ Jake Fischer.
“He wouldn’t be eligible to be traded for six months after his new agreement, in accordance with the collective bargaining agreement, which would fall one day after the Feb. 6 trade deadline,” stated Fischer. “It was similarly crucial for Cavaliers center Jarrett Allen to sign his extension Aug. 2, leaving him available for a trade for four days prior to the deadline.” It’s worth noting that the Jazz utilized some $33 million of open salary-cap space in order to finalize the deal.
What this means, is that Markkanen will now receive a maximum salary of $42 million this season, with the Jazz adding a further $24 million of their salary cap space to the Finnish forward’s $18 million salary, the amount that he was due to earn this coming season. Needless to say, the forward is more than pleased with the way things have turned out. “They’ve all showed their belief in me, from the ownership to the front office to Will,” Markkanen said. “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.”
Where context is concerned, Markkanen joined the Jazz back in September 2022 after being shifted twice within the span of a year. As the seventh overall pick by the Chicago Bulls in 2017, he was part of a three-team sign-and-trade with the Cleveland Cavaliers and Portland Trail Blazers in 2021. Ultimately, he joined the Cavaliers on a four-year, $67.5 million contract. After just one season in which he averaged 14.8 points and 5.7 rebounds per game, Markkanen was traded to the Jazz as part of the deal that saw Donovan Mitchell head to Cleveland. It would be fair to say that the move has worked well for Markkanen as he has averaged 24.5 points, 8.4 rebounds and 1.9 assists in 121 games while shooting 49% from the field. “We love to be here,” Markkanen said following the conclusion of this most recent season. “I’ve said it multiple times and my family likes to be here.” With that, 2023′s Most Improved Player will be on the Jazz’s roster for a while, and by the looks of things, everybody involved is happy about that.