Lauri Markkanen definitively slips away from the Golden State Warriors

Utah Jazz All-Star power forward Lauri Markkanen has signed a renegotiation and contract extension for five years and $238 million, including $220 million in new money, as reported by his agent Michael Lelchitski of Sports International Group to ESPN on Wednesday.

Markkanen, who had one year and $18 million remaining on his contract, leveraged the Jazz's salary cap space to increase his salary in the 2024-25 season by another $24 million and agreed to four additional years and $196 million without options, Lelchitski detailed to ESPN.

The extension prevents Markkanen from being traded for six months, extending beyond the February 6 deadline, meaning he cannot be moved until the next offseason. Markkanen became eligible for renegotiation and extension on Tuesday. The Jazz had explored trade scenarios for Markkanen in recent months, but they were never presented with an offer that made them seriously consider moving an All-Star power forward in the prime of his career at 27 years old, sources said.

In a phone interview from his home in Finland, Markkanen expressed his trust in the Jazz organization to finalize the deal, mentioning owner Ryan Smith, CEO Danny Ainge, general manager Justin Zanik, and coach Will Hardy.

"They've all shown confidence in me, from ownership to the front office and Will," Markkanen told ESPN. "It's a comfortable environment, and those guys' resumes speak for themselves. I trust the organization to help me grow as a person and player, to build our team, and I'm ready to take on the challenge."

Markkanen has flourished in his two seasons with the Jazz, where he has been the cornerstone of the franchise's rebuild. He has averaged 24.5 points in two seasons with Utah, after averaging 15.4 points in his first five seasons with the Cleveland Cavaliers and Chicago Bulls. He won the NBA's Most Improved Player award in the 2022-23 season and was selected to his first All-Star team that season.

Markkanen expressed relief to ESPN knowing he won't be discussed in trade scenarios at least for the next season.

"It's a weight off my shoulders, and now I can focus solely on the main thing: playing basketball at a high level," Markkanen told ESPN. "I don't stress about it, but you can't pretend not to hear those things. It's a good feeling to know I'm going to be in Utah."

Lauri Markkanen in the NBA

Markkanen is one of three seven-foot players in NBA history to make 1,000 triples, alongside Dirk Nowitzki and Channing Frye, according to ESPN Stats & Information. He is the only seven-foot player to make 175 triples in multiple seasons in league history.

Markkanen was the key acquisition in a September 2022 trade with the Cavaliers for All-Star guard Donovan Mitchell. After being drafted 7th overall in the 2017 NBA draft by the Minnesota Timberwolves from the University of Arizona, Markkanen was traded to the Bulls as part of a deal for Jimmy Butler and played his first four NBA seasons there. Cleveland acquired him in 2021 in a sign-and-trade deal with Chicago, where he averaged 14.8 points in the 2021-22 season before joining the Jazz.

"Once I was traded to Utah, the organization and the city embraced me right away, and it's been a family-oriented place, especially now that I have my own young children," Markkanen told ESPN. "It's been an easy transition on and off the court. I've felt comfortable building all these relationships, and it's been a great place to grow as a person."

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