Lauri Markkanen #23 of the Utah Jazz drives into Jeremy Sochan #10 of the San Antonio Spurs during the second half of a game at Delta Center on March 27, 2024 in Salt Lake City, Utah. Alex Goodlett/Getty Images/AFP
SALT LAKE CITY — Lauri Markkanen received a five-year, $238 million contract with Utah on Wednesday, according to his agent, ensuring the Jazz have a key element in their rebuilding plans.
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.
“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.”
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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.
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.
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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.