Lauri Markkanen Officially Signs Huge Contract Extension With Utah Jazz, per Report

The All-Star forward can no longer be traded before the 2024-25 trade deadline.

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

Lauri Markkanen will be a member of the Utah Jazz for a while yet— and he'll be very well-compensated.

On Wednesday, ESPN's Adrian Wojnarowski reported Markkanen had inked a five-year, $238 million extension with the Jazz. Markkanen made the All-Star team in his first season with Utah and followed it up with a solid 2023-24 in which he averaged 23.2 points per game despite dealing with various injuries.

""They've all showed their belief in me, from the ownership to the front office to [head coach Will Hardy]," Markkanen said in a statement to ESPN following his signing. "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."

This news is notable. Not because Markkanen wants to stay with the Jazz long-term; it was a widely-held expectation that the forward would sign a lucrative extension with Utah when he was able. But by waiting until August 7 to put pen to paper, Markkanen ensured he would not be on the trade block for the 2024-25 season. Players who sign an extension cannot be traded for exactly six months after the day of signing, and next season's trade deadline falls on February 6.

Which is bad news for teams like the Golden State Warriors, who pursued Markkanen pretty heavily this offseason. It is, obviously, great for the Jazz, however. While the franchise is very much in rebuilding mode Markkanen is a legitimate All-Star talent, a seven-footer who can score at all three levels and holds his own defensively. Every team wants a player like that.

It doesn't mean Markkanen will be with the Jazz for the rest of his career. He could very well show out next season and get moved for an even larger package this time next year than what has been reported. But for the next year, the 27-year-old is staying put.