Lauri Markkanen, former Chicago Bulls player, signs huge contract extension with the Utah Jazz

Former Chicago Bulls player Lauri Markkanen has signed a lucrative contract extension with the Utah Jazz, according to reports. The deal is said to be worth a significant amount and solidifies Markkanen's future with his new team.

Former Bulls forward Lauri Markkanen landed a massive five-year contract extension with the Jazz worth $238 million, the team announced.

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

"Lauri's ability to score in multiple ways and his versatility as a player makes our team better," Jazz CEO of Basketball Danny Ainge said in a statement. "He embodies our team's core values on and off the court. We're glad that he wants to be a part of our future and what we're building here in Utah."

Markkanen, 27, had one year and $18 million left on his deal. He and his agents used the Jazz's salary cap space to increase his salary for next season by $24 million while agreeing to another four years and $196 million with no options, ESPN reported about the deal.

Earlier this offseason, Markkanen's name littered the rumor mill as the Jazz appeared ready to trade him. ESPN reported the Jazz never received an offer that caused them to seriously consider moving him. Although, Clutch Points reported at one point an anonymous team offered the Jazz three first-round picks.

Still, if the Jazz hypothetically traded Markkanen, it would've marked the third trade of his career. But part of his new contract precludes him from being moved for the next six months, which is past the next NBA trade deadline, meaning Markkanen can't be moved until at least next offseason.

"It's a weight off my shoulders and I can focus only one the main thing now: playing basketball at a high level," Markkanen told ESPN. "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."

Markkanen was the centerpiece of a trade to the Jazz that yielded the Cavaliers Donovan Mitchell. The Bulls traded Markkanen to the Cavaliers in exchange for a 2023 second-round pick, a 2022 first-round pick and Derrick Jones Jr. The Bulls initially acquired him in a trade that sent Jimmy Butler to Minnesota. The deal also included Zach LaVine and Kris Dunn.

The Finland product took off two seasons ago, posting 25.6 points and 8.6 rebounds per game on 49.9% shooting from the field and 39.1% shooting from downtown. That season, he earned the NBA's Most Improved Player Award and his first All-Star nod.

This past season, Markkanen repeated with another gem season. He averaged 23.2 points and 8.2 rebounds per game on similar shooting metrics. Markkanen is undoubtedly a franchise cornerstone for the Jazz.

"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."

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