AUGUST 7: Markkanen has renegotiated and extended his contract, agent Michael Lelchitski confirms to ESPN’s Adrian Wojnarowski. The Jazz have officially announced the deal (Twitter link).
According to Wojnarowski, the agreement actually features $220MM in new money. That works out to a total of approximately $238MM over the next five seasons after accounting for his previous $18MM salary for 2024/25.
That means, in addition to having his salary bumped up to the ’24/25 maximum (just over $42MM), Markkanen has tacked on another $196MM across the next four seasons.
As noted below, based on the NBA’s latest cap projections for 2025/26, Markkanen’s maximum four-year extension would have been worth about $208MM, so his new deal is much closer to the max than Tuesday’s reporting suggested. The extension features no options, Wojnarowski adds.
“They’ve all showed their belief in me, from the ownership to the front office to (head coach) Will (Hardy),” Markkanen told ESPN. “It’s a comfortable environment and those guys’ resumes speak for themselves. I trust in the organization to help grow me as a person and a player, to build our team and I’m ready to take on the challenge.”
Markkanen is now officially ineligible to be traded until the 2025 offseason.
AUGUST 6: Star forward Lauri Markkanen and the Jazz are expected to finalize an agreement on a contract renegotiation and a long-term extension that will be signed on August 7 or later, according to Shams Charania, Tony Jones, and Anthony Slater of The Athletic.
The Jazz will be able to use their cap room to renegotiate Markkanen’s 2024/25 salary ($18,044,544) all the way up to his maximum of $42,176,400, then extend him based off of that number. Extending him based on his previous salary would have limited his maximum extension to about $113MM over four new years, for a total of approximately $131MM over five years.
League sources tell The Athletic that Markkanen’s new deal is expected to be worth upwards of $200MM over the next five seasons (including ’24/25).
Markkanen became eligible for a contract renegotiation on August 6. If he were to sign today, he’d become trade-eligible on February 6, the day of the 2025 deadline. However, multiple recent reports stated that signing on Aug. 7 or later is the more likely outcome, and The Athletic’s latest story confirms that’s the plan.
Because players are prohibited from being dealt for six months after completing a contract renegotiation, the former All-Star will become ineligible to be traded for the entire 2024/25 regular season once he signs.
According to The Athletic’s trio, Markkanen has repeatedly expressed a desire to stay in Utah and wants to be part of the team’s rebuild. The Jazz, in turn, view him as a potential franchise cornerstone who can be part of their long-term plans. The front office reportedly pursued Jrue Holiday in 2023 and Mikal Bridges earlier this offseason in an effort to get Markkanen more help.
Still, Utah had been willing to listen to trade inquiries on the Finnish forward and has had trade conversations with the Warriors, Kings, and Spurs, among other teams, since the offseason began. Sacramento reportedly made progress in negotiations before those discussions collapsed in early July.
Golden State made an offer centered around Moses Moody and several draft assets, including first-round picks, second-round picks, and swaps, per The Athletic. However, the Warriors kept Brandin Podziemski out of their proposal, which was a sticking point for the Jazz and prevented the two sides from gaining any real momentum. Talks between the two teams were most active in early July and have been more infrequent in recent weeks as Golden State became resigned to the fact that a long-term extension for Markkanen was the most likely outcome, league sources tell The Athletic.
Because a contract renegotiation requires cap room, the Jazz are the only team in position to give Markkanen a raise up to his 2024/25 maximum salary this offseason, which also complicated trade talks. Any team that acquired the 27-year-old would likely have had to be comfortable going to unrestricted free agency with him next summer.
The only scenario in which Markkanen could realistically have been both extended and traded before next offseason would be if he signed a new deal today and then was moved on Feb. 6. If Utah had considered it a top priority to ensure Markkanen became trade-eligible at the deadline, the team could have played hardball in extension negotiations, making a lucrative long-term offer that would come off the table as of Aug. 7.
But it benefits the Jazz to lock up Markkanen now to avoid the risk of losing him for nothing in free agency next summer — he’ll still be trade-eligible during the 2025 offseason and could have more value at that time on a four-year contract than he does now on an expiring deal, so this new extension doesn’t necessarily mean he’ll spend the next five seasons in Utah.
For what it’s worth, if The Athletic’s five-year, $200MM estimate includes a $42MM salary for ’24/25, that would mean the four-year extension would be worth about $158MM, which is well below Markkanen’s potential maximum (approximately $208MM). Those figures suggest the Jazz were able to use some leverage to get more favorable terms in later years, though we’ll have to wait for the specific contract details to know that for sure.
Renegotiating Markkanen’s contract to give him a significant raise this season will allow the Jazz to surpass the minimum salary floor ($126.5MM). It’s unclear if the Jazz will officially complete their reported agreements with free agents Drew Eubanks and Johnny Juzang once the Markkanen situation is resolved or if the team will continue to retain as much cap room as possible for now as it explores the trade market for other possible deals.
Markkanen, who was sent to Utah from Cleveland as part of the Donovan Mitchell trade in 2022, has averaged 24.5 points, 8.4 rebounds, and 1.9 assists in 33.8 minutes per game across 121 appearances with the Jazz, recording a shooting line of .490/.395/.885.
Markkanen’s strong play has helped the Jazz remain relatively competitive in each of the past two seasons, especially in the first half. Utah won 37 games in 2022/23 and 31 in ’23/24, which resulted in the team picking no higher than No. 9 in either of the past two drafts.
Securing a higher lottery pick in a loaded 2025 draft is expected to be a priority for the Jazz, so it will be interesting to see how the team manages its lineup and rotation next season. The expectation is that Utah will give its young players, including Keyonte George, Taylor Hendricks, and Cody Williams, significant playing time and lean less heavily on its veterans.
As a warrior fan I am glad he is resigning with the Jazz. I just got tired of all the fake rumors out there. Fact it Ainge wasn’t trading him unless he got such a big over pay he couldn’t pass up. Now the rumor board can go back without his name popping up everyday.
Now we switch to Nikola Vucevic and Jalen Smith for Wiggins, Looney and $5M!
I’m kidding…or am I? Haha, no, I am fine with GSW’s current roster, a move can be made at the deadline if someone is a better fit. I love the improvement over last year’s roster, especially if Draymond plays 70+ games, which is a thing not many are pointing to as the biggest failure of last season. Wiggins being chronically depressed and confused by his role needs to be figured out too, he’s only 29 this year, we need him to be 2021-22 season Wiggs, not whatever it is he has been the last 2 seasons. Regardless, this roster is very talented and deep and has me believing GSW will have a top 4 finish next year.
We all know why UTAH/Danny Ainge wanted Podziemski and not Moody…smh
You are going to be disappointed when Moody gets traded. Of the younger players on warriors he is the most likely to be traded this year. Its a make or break year for him.
I wont be disappointed if Moody is traded for a superstar that leads us to the title! All I want to do is win, I don’t play favorites like people do with Podz on here. If Moody has to go but we win, then its fine by me!
Moody is still only 22 this season, its more “Get Kerr to play him alongside Steph/Dray/JK” than Moody needing to do anything. Moody has the talent, Kerr just wants to play the guy who looks like Kerr’s son over Moody.
Moody for a superstar? If Moody has the talent, he has to show it. Kerr is playing Podz over Moody because he looks like his son. That is ridiculous. Kuminga doesn’t look anything like Kerr’s son. But, he is a starter. Even though JKs first stretch as a starter was a disaster, he worked at it and returned to a starting role.
Crap like that last paragraph is why everyone knows you’re just another alt for A’sfaninUK or StephCurryRetiresWith8Rings, Davey J.
I just want to say I miss the guy who always came up crazy trade deals. Legends lol
I hate to break it to you, but more than one person exists with these opinions. Sorry you let those poster names live rent-free, I would try posting on X/twitter or instagram, you will find these common opinions. Maybe I read them and agree with them?
@EonADS – please mute my account if you do not like reading what I have to say. It breaks the TOS when you chose to harass another poster instead of talking basketball.
You live in a delusional world of poz is a star and curry being elite makes something out of nothing. The warriors did not get better with the add on of a shake Milton or a buddy held. Did you peruse game tape of buddy’s bricks or shakes aching back. The same cast minus klay is the same cast. Play in at best .
Except he won’t be traded for a superstar. A unproven pup will get you much of nothing.
So what was the maximum extension Markkanen could’ve got if he had been traded? 4-years, $113 Million??
Three years, $68MM for six months. Four years, $113MM after that.
Did you miss a decimal point there? $68 million for six months? That’s kind of a pay cut for the next four years,LOL.
To clarify: If he were traded, the maximum extension he could sign during the six months after the trade would be a three-year, $68MM deal. Once the six-month window was up, he could’ve gotten up to $113MM for four years. This deal he’s getting from the Jazz will obviously be significantly bigger than both.
I guess I should have read the original post. Dummy me. The NBA CBA seems way more complicated than it needs to be. It seems to me that these locked in salaries come at a detriment to teams, and ultimately the players. You can’t keep teams together and young players don’t get the chance to develop.
So if the Warriors had traded for him he almost certainly would be hitting UFA next summer. Would they then have been/be able to extend him on the maximum? Or is this one one of those situations (like Hartenstein) where he would get more money by leaving (the Warriors) next offseason for more money..?? Would the warriors/another team still be capped at the 40% more contract offer next summer??
They would have been able to offer him anything up to the max in free agency, since they had his Bird rights. I imagine most teams would have been willing to take the chance (like the Pacers did with Siakam or the Knicks did with Anunoby last season). But it would have involved a little risk, which may have dissuaded them from putting their very best trade offer on the table.
Fire Mike Dunleavy! He has no idea how to run a team he has put the team in a terrible spot. Myers had it built perfectly for right now and the future until he left. Dunleavy traded a future Allstar Jordan Poole and other assets for a 40 year old often injured Chris Paul cause of the luxury tax. Then didn’t add a star capable of fully replacing Klay’s production (3 role players aren’t enough. This team currently construction will be in the play in 7-10 at best really gonna waste the remaining prime years of Stephen Curry I’m sick. This clown doesn’t want to trade JK and Podz as great as they are Lauri is a Allstar and can put you into title contention for years to come he’s the perfect fit. Lauri helps right now where Jk and Podz could be potential Allstars in the future when Curry retires but both probably won’t end up better than Lauri. Dunleavy has lost out on so many stars cause he’s cheap and scared to pull the trigger what are we doing rebuilding? Why wasn’t a real gm searching going on when Myers left? Don’t know what Lacob was thinking just promoting a guy he’s friends with. FIRE DUNEALVY!
Disagree with this take, imo MDJ lowkey might the GOAT. You will see this year when GSW finishes top 4 with this much-improved, much more versatile roster. His draft picks are great too.
No idea why you are this wall-of-text level mad – use paragraphs, fellow Dub Nation member! Carry on…
Jordan Poole is a future All-Star? They benched him in Washington. Kevin Garnet says he doesn’t deserve to be in the NBA.
poole was without argument the worst starter in the NBA last year..
If that was true why is the Jazz not a playoff team??? Lauri is a good player but not top 30 player in the NBA
The Jazz can’t seem to make up their minds, at least in the last 2 years. They’d see how good they were before the trade deadline. Then they’d trade away players they could or didn’t fit their long-term plans. Then they’d tank the rest of the season.
In other words, look at the first half of each season to see how good each team was.
This season, however, there are a lot more true stars at the top of the draft. They likely will tank the entire season, enough to get a top 5 pick.
I’d also add that the Jazz roster is still a work in progress. They’re still missing pieces and seasoning to even consider competing for a playoff spot.
Many Jazz fans are at least on board with tanking. Then there are a bunch who hate losing more than the possibility of getting a tier 1 talent by tanking.
I doubt this dichotomy of personalities will change anytime soon. However, it’s not up to the fans. We’ll just have to wait and see what the Jazz do.
What would you have done? Poole was a bit of a head case. He also wasn’t the same after Green assaulted him. Chris Paul at least opened up some room to get those guys you got this Summer. You would’ve been stuck.
you’re not very bright are you?
Jazz should trade for LaVine.
Getting a superstar through the lottery is an unreasonable goal – the probability of it happening is very much against you even if you draft top 5 every year (see the Detroit Pistons).
The best way to get a star to play with Lauri is trade (b/c let’s be honest, no-one is going to sign with the Jazz, no-one EVER has, like EVER in the history of the NBA).
Due to the salary cap there will be more and more opportunities for teams w/cap room to trade for a star.
What the Jazz need is someone who can distribute the ball – between Sexton and Clarkson they already have people who can create their own shot, that isn’t a need. A PG – one who can distribute and play a little defense makes the Jazz good.
Or you can just lose and lose some more, TANK! and pretend the lottery is actually a plan instead of what it really is – firing shots randomly into the air with the hopes of hitting a golden pigeon.
You can’t control your position in the lottery (note that San An. got the #1 pick in 2023, but didn’t have a bottom 3 record) and you can’t control how people turn out (history is littered with busts who were GUARANTEED STARS when they were drafted).
Anyone who thinks the lottery is a ‘plan’ has no clue how to be successful so they are just hoping they get lucky.
Lol Lavine? Seriously?
Ever hear of Carlos Boozer? Bojan Bogdanović? Prejudice much?
Sigh of relief for me. As a long time Warrior fan I was getting very, very tired of these unrealistic hopes of the Warriors obtaining Markkanen. Now, I hope that Warriors will focus on who and what they have and play the 2024-25 season and helping the players they have to play better, individually and collectively.
If Draymond doesn’t get suspended, the Warriors finish top 6 last season, everyone forgets how important Green is to this mix. Adding a full season of Draymond is the equivalent of adding an elite superstar in free agency. If Draymond is on his best behavior this season, and plays 70+ games (along with Steph/no big injuries), GSW will finish top 4.
So… Who’s next up to the “definitely not going to be traded but we have to talk about the possibility anyway” plate?
Adam Silver? =) Could be Jalen Green?
Let’s see if jazz will build around him or waste his prime…
…. and they still won’t make the play-in.
Warriors should have given them Podziemski. Moody is better