Jazz forward Lauri Markkanen is a player to keep an eye on as a strong candidate for a contract renegotiation and extension in 2024, according to Michael Scotto of HoopsHype. Scotto made his comments on Markkanen during a podcast with HoopsHype colleague Yossi Gozlan, who said he’d be surprised if the 26-year-old’s contract isn’t renegotiated and extended next offseason.
An NBA team can’t renegotiate a player’s salary downward, but is allowed to use cap room to give him a raise for the current season, as the Jazz did with Jordan Clarkson earlier this month. The club can then negotiate an extension based on that newly renegotiated cap hit, giving him a first-year salary worth as much as 140% of that amount (up to the player’s maximum salary).
Markkanen will earn approximately $17.26MM in 2023/24 and $18.04MM in ’24/25. Under the NBA’s veteran extension rules, he’d be eligible next offseason for a four-year extension worth approximately $113MM, including a 40% raise to $25.26MM for ’25/26.
Renegotiating Markkanen’s contract using cap room to give him a raise in 2024/25 would allow the Jazz to increase their extension offer well beyond $113MM, putting them in a better position to lock up the Finnish star for the long term. Utah currently only projects to have about $99MM in salaries on its cap for ’24/25, and not all of that money is guaranteed, so the team would have plenty of flexibility to operate under the cap and give Markkanen a raise.
After being traded from the Cavaliers to the Jazz in the Donovan Mitchell blockbuster, Markkanen enjoyed a breakout season in Utah, earning his first All-Star nod and blowing away his previous career high by averaging 25.6 points per game in 66 contests (34.4 MPG). He posted an impressive shooting line of .499/.391/.875 and also grabbed 8.6 rebounds per night.
Markkanen will technically become extension-eligible this offseason, but the Jazz aren’t in position to renegotiate his contract yet, since they’ve used up their 2023/24 cap room. That means the most he could get on an extension prior to next offseason is $81.9MM over three years.
NBA contract renegotiations have typically been pretty rare, but they’ve enjoyed a renaissance within the last year. Clarkson, Domantas Sabonis (Kings), and Myles Turner (Pacers) have all renegotiated their contracts with their respective teams since January. Before that, no player had agreed to a renegotiation since Robert Covington in 2017.
The Jazz should do whatever they have to to lock up the Finnisher. He’s the closest thing they have to a super star going. They have a lot of effective role players but Markkanen is as close as they have to a franchise player. One has to wonder if he will be even better on a team that has no incentive to tank later in the year.
Well said, not quite a superstar, last year barely an allstar. As white as they come too, which won’t go unnoticed in Utah.
The Finn Lander belongs in Minnesota.
Lauri “Mysterious Injury after February” Markkanen
The man that single handedly derailed Utah’s attempted tank.
True but the jazz a and b team were too good. There was nothing Ainge could do after trading the team away twice and benching the bench for g league. The jazz did find Dunn and Luka. Nice diamond
The jazz scored three decent picks though we have to wonder if they should have kept conley. He only helped the wolves make the playoffs. Jazz kind of blew that trade from a tanking standpoint
Jazz are an interesting team. Lottery-bound for sure 1 more season and Markkanen will likely be the leading scorer yet again. I think we’ll see Keyonte George backing up Collin Sexton mostly, being that scoring/playmaking PG role. Re-upping Clarkson to me, means they don’t view Agbaji as a starter any time soon. Collins is a good placeholder for Hendricks, who should get 15-20mpg. Can Kessler up his mpg, can he maintain his productivity with higher mpg.
They could take on a contract using THT/Olynyk or facilitate a trade with either player.
I just hope his new contract isn’t astronomical. They would be smart to trade or sign a big free agent before extending him. Although, they could still do another trade anytime after that. Plenty of tradeable assets.