Lauri Markkanen signs a five-year, $238 million contract extension with the Jazz

Lauri Markkanen successfully negotiated a significant salary increase and secured his spot on the Utah team.

NBA: San Antonio Spurs at Utah Jazz

As expected

, the Jazz and its All-Star forward agreed to terms on a contract extension that will keep Markkanen in Utah for at least another season, something the team announced on Wednesday.

First-time All-Star
NBA Most Improved Player
Finland’s Athlete of the Year

and he’s just getting started.

is here to stay ️#TakeNote | @MarkkanenLauri pic.twitter.com/gdQZTr03MB

— Utah Jazz (@utahjazz) August 7, 2024

The terms of the contract are five years, $238 million total, which includes $220 million in new money,

reports Adrian Wojnarowski of ESPN

. Markkanen was set to make $18 million next season, the Jazz will use their available cap space to give him a $24.2 million raise next season — bringing his total to $42.2 million — and then have four years, $196 million after that.

Markkanen has thrived in his two seasons in Utah. The 27-year-old became an All-Star for the first time, won Most Improved Player a year ago, and averaged 23.2 points and 8.2 rebounds a game last season.

“Lauri pysyy Utahissa” sure has a nice ring to it #TakeNote pic.twitter.com/vjJXgK9IW7

— Utah Jazz (@utahjazz) August 7, 2024

Markannen was eligible to sign an extension on Tuesday (Aug. 6), but by delaying it one day he ensured he could not be traded at the 2025 NBA trade deadline and will be with the Jazz all season (there is a six-month waiting period to trade a player after he signs an extension, that moratorium now extends a day past the Feb. 6, 2025, trade deadline).

Markkanen was a popular trade target this offseason, but Utah president Danny Ainge kept his asking price very high — too high for the Warriors and Kings, two primary suitors. Ainge played the "we don't want to trade him, you have to blow us away with your offer" game. In the case of the Warriors, Ainge reportedly wanted either Jonathan Kuminga or Brandin Podziemski, plus multiple first-round picks as a starting point in talks. Golden State walked away from the table.

Markkanen's extension will not end trade interest in him (if anything, it gives the teams trading for him the security of knowing he will be around for several seasons). However, it puts things on hold for a season, and where the Jazz and his suitors are after next season could change.

For now, Markkanen and Jazz fans have what they wanted — at least one more season together.