What is Lauri Markkanen new contract with Utah Jazz in 2024? Salary, duration and more

Throughout the offseason, Lauri Markkanen was a player who appeared in trade rumors consistently. They have now officially been laid to rest, as the All-Star forward has worked out a new contract.

On Wednesday morning, news emerged of Markkanen and the Utah Jazz agreeing on an extension. He has inked a new deal that is worth $238 million over the next five years.

Throughout the life of this contract, Lauri Markkanen is going to see his salary steadily increase. He is set to make $42.1 million in 2025, more than double what he made last season. Here is the full breakdown of what Markkanen will make each year under his new extension.

• 2024-25: $42.1 million
• 2025-26: $43.7 million
• 2026-27: $47.2 million
• 2027-28: $50.7 million
• 2028-29: $$54.2 million

Markkanen joined the Jazz in 2023 as part of the Donovan Mitchell trade with the Cleveland Cavaliers. In his new situation, the former lottery pick emerged as an All-Star-level talent.

Markkanen's scoring jumped double-digits in his first year in Utah, resulting in him winning the Most Improved Player award. He finished last season with averages of 23.2 points and 8.2 rebounds while shooting 40% from deep.

Now that Markkanen is signed long-term, the Jazz have committed to him as a key piece for the next phase of the franchise.

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Multiple teams were interested in Lauri Markkanen before signing new deal

With him agreeing to a new contract, Lauri Markkanen will now be off the trade table for the coming months. However, before the Utah Jazz gave him this massive deal, they were taking calls from multiple teams.

Earlier this week, Shams Charania reported on the Jazz and Markkanen being close to an extension. In his column, he also cited the trade discussions Utah had leading up to the move. While the Golden State Warriors were the most aggressive team, the San Antonio Spurs and Sacramento Kings were also linked to the sharpshooting forward. Charania wrote:

"The Jazz held Markkanen trade conversations with several serious suitors over the last month, including the San Antonio Spurs, Sacramento Kings and Golden State Warriors. The Warriors made the most aggressive offer, centered around Moses Moody, multiple first-round picks, pick swaps and second-rounders, team sources from both sides said."

With Klay Thompson departing for the Dallas Mavericks in free agency, the Warriors reshaped their roster this summer. Seeing that Steph Curry is still a top star in the league, the front office wanted to maximize what his left of his peak. Bringing in Lauri Markkanen would have given Curry a new running mate who could possibly help Golden State compete in the Western Conference.

After a rocky start to his career with the Chicago Bulls, many wondered if Markkanen would ever reach his full potential. Two changes of scenery later, he finally found a situation where he can thrive and be compensated like a star.