With New Extension Official, Jazz Star Lauri Markkanen Saga Ends; Spurs, Warriors Locked Out

After an offseason-long saga, Utah Jazz star Lauri Markkanen signed a five-year, $238 million extension to remain with the team through 2029. The San Antonio Spurs are now officially out of the sweepstakes, but they aren't too worried.

Mar 25, 2024; Salt Lake City, Utah, USA; Utah Jazz forward Lauri Markkanen warms up before the game against the Dallas Mavericks at Delta Center. / Rob Gray-USA TODAY Sports

It was more of a pipe dream than anything else for the San Antonio Spurs, but the Lauri Markkanen sweepstakes has officially reached its conclusion.

As first reported by ESPN, the Finnish star is signing a five-year, $238 million extension with the Utah Jazz, keeping him rostered through the 2029 season and making him untradeable next year. The deal, signed Wednesday morning, makes Markkanen the highest paid Jazz player in franchise history.

Throughout the offseason, inklings of Markkanen making his way to the Spurs to pair with Victor Wembanyama or the Golden State Warriors to breathe some life into the twilight stage of Steph Curry's career were rampent, but those are now put to rest.

READ MORE: Would Spurs Go In On Lauri Markkanen Deal With Jazz?

Markkanen is set to stay, and if you'd told him that was to be the outcome before the entire saga began, he'd have been more-than happy with that.

“We love to be here,” Markkanen said during his exit interview at the end of last season. “I’ve said it multiple times ... my family likes to be here.”

Mar 15, 2024; Salt Lake City, Utah, USA; Utah Jazz forward Lauri Markkanen (23) speaks with shooting coach Jeff Hornacek before the game against the Atlanta Hawks at Delta Center. / Rob Gray-USA TODAY Sports

By signing the extension Aug. 7, Markkanen wouldn't be eligible to be traded anywhere until Feb, 7. Because that date falls after next year's trade deadline on Feb. 6, he'll be completely untouchable and won't hit the free agency market in 2025, either, making his future in Utah more rigid.

For the Warriors, that means shifting gears to a player like Jonas Valanciunas, who would address the obvious need for a big man. In San Antonio, the move doesn't change much. The Spurs weren't ever truly banking on landing the 7-footer, as his likelihood of him remaining in Utah was high, but they also weren't keen on parting with as much as the Jazz was demanding.

READ MORE: Jazz's Lauri Markkanen Unlikely For Spurs, But Possibility Looms

Between Keldon Johnson, one or two role players, multiple first-round picks and potentially even Devin Vassell, Markkanen was more of an ideal fit next to Wembanyama than a realistic one. So, with a pair of veterans set to aid the development of the players that San Antonio does have, the young squad can feel at ease.

As can the front office.

"The group has done a really good job of identifying opportunities that allow us to build a team," Spurs general manager Brian Wright said.

That might not include Markkanen, but it doesn't have to.