Lauri Markkanen made it clear that he wanted to stay in Utah.
Now he’s on the verge of making it official.
The Utah Jazz’s star forward is expected to sign a near-max extension worth upward of $200 million over five seasons to stay with the team, according to a report from The Athletic.
By signing the deal with the Jazz on Wednesday or later — which The Athletic reported will occur — Markkanen also guarantees that he will not be traded by the Jazz during the 2024-25 season. Players aren’t allowed to be traded for six months after they sign an extension, and Markkanen’s signature coming on Aug. 7 or later would ensure he can’t be eligible for a trade before the NBA’s Feb. 6 deadline.
The extension, which runs through 2029, would give Markkanen a maximum contract this season — a raise from $18 million up to $42 million for 2024-25.
It’s not clear yet if Markkanen will make the full maximum or something just short of it for the four seasons afterward. The NBA’s cap is expected to rise by 10% per season for the next few years as the NBA introduces revenue from its new TV deal inked this summer. The maximum Markkanen could make over the course of the five-year deal is $232 million.
But regardless of the finances, Markkanen’s impact in Utah has been significant. Since arriving in the Donovan Mitchell trade in 2022, the 27-year-old Finn took a huge leap in his level of production, even being named an All-Star starter in 2023. Last season, he averaged 23.2 points, 8.2 rebounds, and 2.0 assists per game before being shut down for the final portion of the year as the Jazz tried to improve their draft position.
The extension ends what had been relatively robust trade talks for Markkanen, as suitors such as the Golden State Warriors, Sacramento Kings, and San Antonio Spurs were all reportedly interested in his services. But the Jazz never received an offer matching what they believed Markkanen was worth: a trade package equalling or besting the five first-round picks and more the Nets received for Mikal Bridges earlier this summer.
Adding Markkanen’s salary means the Jazz have reached the salary floor for the 2024-25 season, but does raise questions about what the team’s strategy will be for the year. The team tried to acquire Bridges in the trade market, but fell well short of New York’s offer. A proposed free agent offer for Paul George also never materialized.
Some league observers expected the Jazz to tank the year out in hopes of landing one of the future stars at the top of the 2025 NBA draft, like Duke’s Cooper Flagg. Markkanen’s presence figures to make that option more difficult, but doesn’t necessarily mean they’re likely to contend for a playoff spot next season, either.
“Lauri’s a hugely important piece for us now and going forward,” Jazz general manager Justin Zanik said about his team’s plans in April. “I don’t want to waste any years of that, but you also have to do it within the timeline.
“We’re not trying to say, ‘Hey, Lauri, we’ll make you happy because you’ve never made the playoffs, so we’re going to burn all our picks and get some marginal improvement from an overpaid player so that maybe we’ll be a seven seed,’” Zanik continued. “Our goal is to make the playoffs and then grow from there. So what are those moves that can do that? As Lauri grows and continues to get better, then we’re adding so they can grow with him.”
While the Jazz may be in limbo in 2024-25, signing Markkanen to this extension means he’ll contribute to future competitive iterations of the franchise. It’s a statement of belief in the Jazz’s front office from Markkanen, who could have waited until next offseason to sign a deal and found himself on a surefire contending team.
It also shows how much Markkanen and his family had grown to enjoy living in the state. He has two children, ages six and three, and enjoys hiking and disc golfing around Utah.
“I know how the business works and they had to make those tough decisions and obviously they want to win a championship as well,” Markkanen said during his exit interview in April. “So they’re doing the best they can towards that and I think we have a lot of good people in this organization that have shown that they can do the job. So I have trust for those guys.”
