SALT LAKE CITY (AP) - Lauri Markkanen received a multiyear contract extension with Utah on Wednesday, ensuring the Jazz have a key element in their rebuilding plans.
The deal is worth $238 million over five years, Markkanen's agent told ESPN. Agent Michael Lelchitski of Sports International Group also said the deal includes $220 million in new money, and his salary for next season increases by $24 million. Markkanen's deal had one year left at $18 million before the new agreement, and he can't be traded until at least the 2025 offseason.
"I'm excited to get this extension done," Markkanen said in a video message posted on X. "I'm ready to get back to work and build with this franchise."
He also thanked Jazz management for getting the deal done.
"Lauri's ability to score in multiple ways and his versatility as a player makes our team better," Jazz CEO Danny Ainge said in a statement. "He embodies our team's core values on and off the court. We're glad that he wants to be a part of our future and what we're building here in Utah."
Utah locks up a player who has averaged 24.5 points since being traded to the club two years ago. Markkanen, a 7-footer who can extend the court with his 3-point prowess, was named the NBA's Most Improved Player in his first Jazz season and appeared on his first All-Star team.
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He played his first five seasons with the Cleveland Cavaliers and Chicago Bulls. His highest scoring average was 18.7 points in the 2018-19 season in Chicago.
Dirk Nowitzki and Channing Frye are the only other 7-footers to make 1,000 3-pointers in NBA history, according to ESPN Stats & Information.
The Jazz acquired Markkanen in a September 2022 trade that sent Donovan Mitchell to Cleveland. Markkanen's contract extension shows he is a key part of Utah's rebuilding plans under Ainge and general manager Justin Zanik.
"Lauri's combination of size, skill, and shooting is really unique, and he's proved he's an All-Star level player with his improvement over the past two seasons," Zanik said in a statement. "We're excited that he shares the same vision of what our team can be long-term and to have him not only as a building block for the Jazz, but also as a member of the Utah community for years to come, is huge."
Utah comes off a 31-51 record, its worst season in 10 years. The Jazz also have had consecutive losing seasons for the first time since 2016, but they answered that prior three-year losing streak by making the playoffs the next six seasons.
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