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SALT LAKE CITY — Lauri Markkanen is sticking around.
The All-Star forward signed a five-year, $238 million contract renegotiation and extension on Wednesday, according to ESPN. The deal kicks in immediately this season and will include $220 million in new money. The extensions will keep him under contract until 2029 and is the richest deal in Jazz history.
And after being in trade rumors over the last year, the extension takes Markkanen off the trade market this season. By signing the deal after Tuesday, Markkanen makes himself ineligible to be traded during the 2024-25 season.
Players can't be traded six months after signing an extension. By signing on Aug. 7, he ensured that the six-month window would pass after the NBA's trade deadline.
"They've all showed their belief in me, from the ownership to the front office to Will," Markkanen told ESPN. "It's a comfortable environment and those guys' résumés 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."
The deal will end a rumor-filled summer for Markkanen. The Golden State Warriors and Sacramento Kings both pushed to acquire the 7-foot sharpshooter, as well as the San Antonio Spurs and Oklahoma City Thunder.
However, no team really came close to meeting the Jazz's high price for Markkanen. Once the New York Knicks traded five first-round picks for Mikal Bridges, the market for Markkanen was set; no rival team was willing to get to that point.
Markkanen has been a revelation since coming to Utah in the Donovan Mitchel trade two summers ago. In two seasons with the Jazz, he has averaged 24.5 points and 8.4 rebounds, and shot 49% from the field and 39.5% from 3-point range.
In 2023, he was named an All-Star (and even started the game in Salt Lake City), and earned the league's Most Improved Player award.
It helps that he also wanted to stay in Utah.
"We love to be here. I've said it multiple times," Markkanen said after last season. "And my family likes to be here."
Markkanen told ESPN that the timing of the contract comes with some relief, too. He's been talked about in trades since last season; that won't happen this year.
"It's a weight off my shoulders and I can focus only one the main thing now: playing basketball at a high level," Markkanen said. "I don't stress about it, but you can't pretend you don't hear that stuff. It's a good feeling knowing that I'm going to be in Utah."
Yes, Markkanen's age doesn't match up with a full-scale rebuild. It's why the Jazz have tried to land partners for Markkanen over the last two offseasons. Last season, the team tried to acquire Jrue Holiday, and this summer they attempted to land Bridges in the hopes of landing Paul George, as well.
A big move hasn't worked out — at least not yet. For the time being, the Jazz are slowly building through the draft. On that front, the 2025 class is expected to feature upwards of five potential franchise players, including Duke's Cooper Flagg.
Is Markkanen good enough to keep the Jazz from landing a top pick and one of those players? And if so, how far are the Jazz from contending with a Markkanen-led team?
The Jazz, as they have been since moving away from Mitchell and Rudy Gobert, will again enter the season in a state of limbo. They likely won't contend for a playoff spot in a stacked Western Conference, but may not be bad enough to have high lottery odds, either.
But the one thing that's now clear is that Markkanen will be with the team through the end of next season. And maybe for years to come, too.
"Once I got traded to Utah, the organization and city immediately embraced me, and it's been a family-oriented place -- especially with me having my own little kids now," Markkanen told ESPN. "It's been an easy transition to basketball and easy off the court. I've grown comfortable building all of these relationships, and it's been a great place for me to grow as a person."
