Report: Jazz F Lauri Markkanen Agrees to Extension, Stays in SLC

Utah Jazz forward Lauri Markkanen will be calling Salt Lake City home.

Mar 27, 2024; Salt Lake City, Utah, USA; Utah Jazz forward Lauri Markkanen (23) brings the ball up the court against the San Antonio Spurs during the first quarter at Delta Center. Mandatory Credit: Rob Gray-USA TODAY Sports / Rob Gray-USA TODAY Sports

We finally have some closure on the Lauri Markkanen front. Shams Charania and Tony Jones from The Athletic have reported that the Utah Jazz and Markkanen have agreed to a massive extension that will make him untradeable during the upcoming 2024-25 season.

The NBA trade deadline for the 2024-25 season is projected to be February 6th, 2025, and Markkanen will not be trade-eligible for six months after signing an extension. He is expected to sign on or after August 7th, ensuring he won't be part of an exchange for the foreseeable future.

JUST IN: NBA All-Star Lauri Markkanen and the Utah Jazz are expected to agree to a massive long-term contract extension and sign Wednesday or later, making him untradeable for entire 2024-25, sources tell me, @Tjonesonthenba, @anthonyVslater.

Details: https://t.co/g4ioZvcaix

— Shams Charania (@ShamsCharania) August 6, 2024

The rumors were hot and heaving about a potential trade involving Markkanen. The Golden State Warriors reportedly had the most interest but were never close to prying Markkanen away from Salt Lake City.

According to Charania and Jones, Markkanen’s deal is projected to be worth upwards of $200 million over five years. The Jazz have the most available cap space in the league and can give Markkanen a substantial raise this upcoming season of around $24.13 million, which will add to the $18.04 million of his current salary, bringing him to the maximum he can receive this year of $42.2 million.

The exact details of the deal are not known yet but there are multiple different ways it could be broken down dollar wise. Here is one potential way it could be constructed:

2024-25 — $42.2 million ($18.1M plus $24.1M)
2025-26 — $35.0M
2026-27 — $37.8M
2028-29 — $40.6M
2029-30 — $43.4M

We should get some clarity on the exact dollar amount of each year in the upcoming days, but in the meantime, this is great news for Jazz fans as they lock up their All-Star player, Markkanen, for the foreseeable future. The Jazz might not be done this offseason, either. After bringing Markkanen to his maximum amount this year of $42.2 million, the Jazz would be projected to still have around $11 million worth of cap space. Someone like restricted free agent Isaac Okoro, who plays for the Cleveland Cavaliers, could be interesting.

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