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Details On Lauri Markkanen’s New Contract

August 7th, 2024 at 4:00pm CST by Luke Adams

The official details on Lauri Markkanen‘s new renegotiated and extended contract with the Jazz are in.

As expected, Utah used its cap room to bump Markkanen’s 2024/25 salary from approximately $18MM all the way up to his maximum (over $42MM). He’ll also receive a maximum salary in the first year of his extension. However, the second, third, and fourth years of the extension will come in a little below the max.

Here’s the year-by-year breakdown:

2024/25: $42,176,400
- Note: This is up from $18,044,544, for $24,131,856 in new money in 2024/25.
2025/26: $46,394,100
- Note: This salary is based on a projected $154,647,000 salary cap in 2025/26, which would be the maximum allowable 10% raise. If the cap comes in lower than that, this salary would too (it will be worth 30% of the cap).
2026/27: $46,113,154
2027/28: $49,824,681
2028/29: $53,536,209

In total, Markkanen is projected to earn $238,044,544 over the next five years, including $195,868,144 across his four-year extension that begins in 2025. The deal provides exactly $220MM in total new money.

Given that the Jazz were OK with Markkanen waiting until Wednesday to sign this contract – which makes him ineligible to be traded for the entire 2024/25 regular season – it’s a pretty favorable arrangement overall for the star forward.

Technically, Markkanen could have earned a maximum of $207,845,568 over four years with the Jazz as a free agent next summer, or $199,494,630 over four years if he left Utah for a new team, so his $195.9MM extension comes in a little below both figures. But after taking into account his $24MM+ raise for ’24/25 – which only the Jazz could have offered – he’ll come out well ahead financially over the next five seasons.

As Keith Smith of Spotrac observes (via Twitter), the 2026/27 dip in Markkanen’s deal could open the door for the Jazz to create significant cap room during the 2026 offseason. Outside of Markkanen’s new contract, the only salaries on Utah’s books for that season right now are rookie scale deals.

Here are a few more notes on Markkanen’s lucrative new long-term contract:

The Jazz renounced their free agent rights to Talen Horton-Tucker and Kira Lewis in order to create the cap room necessary to renegotiate Markkanen’s contract, per RealGM’s transaction log. The team no longer holds any form of Bird rights on either player.
With Markkanen’s deal on the books, the Jazz have surpassed the minimum salary floor and can create up to $11,295,112 in cap space. They’ll need to use a small portion of that room to re-sign Johnny Juzang to his reported four-year, $12MM deal. Utah has also reached a two-year, $10MM agreement with free agent center Drew Eubanks, though the club could complete that signing using the room exception if necessary.
Jazz CEO Danny Ainge and general manager Justin Zanik both issued statements on Markkanen in the team’s official press release announcing his extension. “Lauri’s ability to score in multiple ways and his versatility as a player makes our team better,” Ainge said. “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.”
Zanik’s statement is as follows: “Lauri’s combination of size, skill, and shooting is really unique, and he’s proved he’s an All-Star level player with his improvement over the past two seasons. We’re excited that he shares the same vision of what our team can be long-term and to have him not only as a building block for the Jazz, but also as a member of the Utah community for years to come, is huge.”

Warriors Notes: Podziemski, Kuminga, Curry, Green, Moody, More

August 7th, 2024 at 3:11pm CST by Luke Adams

The Warriors viewed the Jazz‘s asking price in trade talks for Lauri Markkanen as one that would have made it a “bad deal” if they’d met it, sources tell Kendra Andrews of ESPN, which is why discussions between the two teams stalled. Those talks officially came to an end on Wednesday when Markkanen renegotiated and extended his contract with Utah, making him ineligible to be dealt until the 2025 offseason.

Confirming previous reporting from The Athletic, Andrews says the Warriors aren’t feeling any urgency to shift their focus to a new trade target now that Markkanen is off the board, citing team sources who say the club isn’t “hot on” any of the players currently available on the market.

The negotiations with Utah also showed that the Warriors intend to hang onto young players like Brandin Podziemski and Jonathan Kuminga “very tightly,” Andrews writes, and would only be willing to move one or both of them in an “overwhelming” deal that made the team better in the long run.

For now, Podziemski, Kuminga, Moses Moody, and Trayce Jackson-Davis all appear poised to take on larger roles with the Warriors in 2024/25, though nothing will be handed to them, a source tell Andrews, meaning they’ll have to show that they deserve increased minutes and possibly starting spots. While Stephen Curry and Draymond Green are, of course, penciled in as starters, the other three spots in the starting five are considered “wide open” entering training camp, Andrews reports.

Here’s more on the Warriors:

Curry and Green want to be consulted on the Warriors’ roster moves, but they’ve made it clear they don’t want to be “final decision-makers,” sources tell ESPN. “Steph has said, ‘Look, I do not want to be making those decisions. It puts me in a different spot than all of my teammates. I do not want that,'” one source said to Andrews. While the two stars are still adjusting to the fact that Klay Thompson is no longer on the roster, they’re excited about the moves Golden State has made this offseason, Andrews adds.
With Thompson and Chris Paul exiting Golden State this summer, adding scoring was the team’s top priority, which was the impetus for the addition of Buddy Hield in particular. The Warriors also expect Kyle Anderson and De’Anthony Melton to contribute in that area while helping to solidify the defense, Andrews writes.
The Warriors haven’t engaged in any serious rookie scale extension discussions with Kuminga or Moody yet, but general manager Mike Dunleavy Jr. has expressed interest in exploring deals for both players. Andrews suggests Moody’s next deal could be in the range of $11-13MM per year.
One front office source told Andrews that it was “actually really fun” to be able to operate below the tax aprons this offseason for the first time in years. That allowed the Warriors to use their full mid-level exception (on Melton) and acquire two players (Hield and Anderson) via sign-and-trade.
“Diversifying” the coaching staff and bringing in fresh faces was a goal this offseason, which led to the additions of Terry Stotts and Jerry Stackhouse. A source referred to head coach Steve Kerr and Stotts as “kindred spirits” and said Kerr appreciates the offensive acumen and communication skills the former Blazers head coach will bring to the club. Stackhouse, meanwhile, is expected to team up with assistant coach Chris DeMarco in focusing on the defensive side of the ball, says Andrews.

Western Notes: Lakers, Markkanen, Grizzlies, Murray

August 7th, 2024 at 1:18pm CST by Tristan Tucker

The Lakers, Celtics and Cavaliers are the only three teams who haven’t added any new players through free agency or trade this offseason. Of the three, Los Angeles is the one with the least clarity about its lineup for next season.

Jovan Buha of The Athletic evaluates the Lakers’ depth chart and offers his predictions about who will take the fifth starter spot. With LeBron James, Anthony Davis, Austin Reaves and D’Angelo Russell looking like surefire starters, Buha lands on Rui Hachimura over Jarred Vanderbilt for the fifth slot.

Buha points to L.A.’s offensive production and 22-10 record with Hachimura in the lineup to close last season as major reasons why he views him as the frontrunner.

We have more from around the Western Conference:

Lauri Markkanen‘s massive payday with the Jazz is a testament to patience, perseverance, and opportunity, according to Tony Jones of The Athletic. As Jones details, Markkanen didn’t often look like a future star in Chicago or Cleveland, but continued to work on improving his skill set and got the kind of runway in Utah that he hadn’t received at his previous NBA stops. Two years after joining the Jazz, Markkanen has an All-Star berth, a Most Improved Player award, and a new $200MM+ contract under his belt.
With Luke Kennard back in the fold, marginal moves are the ones that will define the rest of the Grizzlies‘ offseason, Damichael Cole of The Memphis Commercial Appeal writes. Deciding whether or not to keep Mamadi Diakite is the most significant move involving players currently on the roster. Parting ways with Diakite would open a spot on the 15-man roster, but there’s no urgency to make a decision right away. Outside of that, a possible rookie scale extension for Santi Aldama is another piece of offseason or preseason business to watch.
The difference in outside discourse regarding Jamal Murray between this offseason and last year is drastic, Bennett Durando of The Denver Post observes. Murray was fresh off playing a key role in the Nuggets winning their first championship a year ago, but underachieved in the 2024 playoffs and in the Olympics, Durando writes. While it shouldn’t be discounted that he was playing a different role – and played through injury – Murray’s struggles this year are poorly timed, given that he’s expected to sign a lucrative long-term extension this summer.

Luke Adams contributed to this post.

Jazz Renegotiate, Extend Lauri Markkanen’s Contract

August 7th, 2024 at 10:09am CST by Luke Adams

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.

Jazz Sign Micah Potter To Two-Way Contract

August 6th, 2024 at 12:35pm CST by Luke Adams

AUGUST 6: The Jazz have officially signed Potter to his two-way contract, the team announced today in a press release.

AUGUST 3: The Jazz have agreed to a two-way contract with big man Micah Potter, league sources tell Michael Scotto of HoopsHype (Twitter link).

Potter, who went undrafted out of Wisconsin in 2021, made his NBA debut in January 2022 while on a 10-day contract with the Pistons, but was unable to land another NBA deal until the Jazz signed him to a two-way contract ahead of the 2022/23 season.

He has spent the past two seasons occupying one of Utah’s two-way slots, appearing in 23 NBA games for the team during that time and averaging 3.4 points and 2.6 rebounds in 10.3 minutes per contest.

Potter has seen more extensive action at the G League level while under contract with the Jazz. In 2023/24, he appeared in a total of 42 Showcase Cup and regular season games for the Salt Lake City Stars, averaging 15.8 PPG, 9.5 RPG, 2.9 APG, and 1.8 BPG in just 29.6 MPG and posting an impressive shooting line of .508/.399/.756.

Potter’s strong play with the Stars helped earn him a rare opportunity this summer — SLC head coach Steve Wojciechowski, a Duke alum who has connections to Grant Hill and Mike Krzyzewski, recommended the 26-year-old for the U.S. Select Team ahead of the Paris Olympics, according to Jake Fischer of Yahoo Sports.

While Potter hasn’t yet gotten the chance to play regular minutes in the NBA, his time training and scrimmaging with Team USA in Las Vegas, Abu Dhabi, and London solidified his belief that he’s capable of competing at the highest level he prepares for his fourth season, as Fischer details.

“I always belonged,” Potter said. “I always felt like I belonged, I competed like I belonged and I performed like I belonged. I never had doubt beforehand, but being on the floor with the best players America has, it just confirmed my confidence.”

Potter’s two-way contract will be for one year and will pay him $578,577 if he’s not waived before January’s league-wide salary guarantee date. He’ll be eligible to play in up to 50 NBA games for the Jazz and will join Jason Preston and Taevion Kinsey as Utah’s two-way players.

Jazz Sent Contingent To Finland To Watch Lauri, George

August 5th, 2024 at 10:46pm CST by Dana Gauruder

If the Jazz plan on trading Lauri Markkanen, they’re certainly doing a good job hiding their intentions. Marc Stein reports in his latest Substack post that the Jazz recently sent multiple coaching staff representatives to Finland to assist Markkanen in workouts with second-year guard Keyonte George. That gives the impression they’re not looking to deal their starting power forward, regardless of whether he signs an extension.

Lauri Markkanen Not Expected To Sign Extension Until After August 6

August 5th, 2024 at 10:44am CST by Arthur Hill

Jazz star Lauri Markkanen appears likely to delay signing his new extension until after Tuesday so he can ensure that he won’t be traded this season, league sources tell Jake Fischer of Yahoo Sports.

Markkanen will become renegotiation-eligible on August 6, which is exactly six months before the NBA’s trade deadline. Contract renegotiations trigger a six-month moratorium on trades, so if he waits until August 7 or later to accept the new deal, Markkanen can make sure that he’ll spend the entire upcoming season with Utah. Tony Jones of The Athletic previously stated that’s likely what will happen.

Veteran extensions are limited to a 40% raise in the first year, so Markkanen would normally be looking at $25,262,362 as the starting salary in his next contract. But because the Jazz still have more than $35MM in cap room, they can renegotiate his salary for 2024/25 from $18MM up to $42,176,400 and start the extension based on that number, giving him something in the neighborhood of a max deal.

With the clock ticking on Markkanen’s extension eligibility, it appears less likely that he’ll be traded before he can sign a new deal with Utah. The Jazz have reportedly been listening to offers, but have said they aren’t actively trying to move their All-Star forward.

Sources tell Fischer that the Kings and Warriors have both tried to deal for Markkanen since the start of free agency. Sacramento made “significant progress” in negotiations before trade talks collapsed in early July, Fischer adds. Golden State has also made offers for Markkanen, but Fischer’s sources say that Utah has prioritized Brandin Podziemski or Jonathan Kuminga, who are both viewed as starters for the Warriors this season.

Fischer also hears that the Spurs have expressed interest in Markkanen ever since he was a restricted free agent back in 2021, and San Antonio had hoped to acquire Markkanen in the sign-and-trade deal that sent DeMar DeRozan to Chicago that summer. The Thunder also had interest in Markkanen at the time, Fischer adds.

Fischer points out that Utah already has a large collection of first-round picks and trade swaps, so there’s limited value in acquiring more draft assets in exchange for Markkanen, a 27-year-old who’s playing at an All-Star level and wants to stay in Salt Lake City. Fischer believes that – except for the Kings – much of the trade talk surrounding Markkanen this summer has been “preliminary at best.”

Bobby Marks and Tim MacMahon of ESPN also examine the Markkanen situation, including the prospects of a last-minute trade. Their sources indicate that the Warriors and Jazz haven’t come close to reaching a deal, with one source saying Golden State is being “very protective” of Podziemski.

Cody Williams Shined In Las Vegas

August 3rd, 2024 at 9:03am CST by Dana Gauruder

Lottery pick Cody Williams was the Jazz’s most impressive player in the Las Vegas Summer League, according to The Athletic’s Tony Jones. Williams displayed an immense skill level there after struggling in the Salt Lake City Summer League. Jones believes Williams should get immediate playing time in the NBA and go through the natural ups and downs of a rookie, rather than being sent to the G League.

The Complexities Of The Lauri Markkanen Situation

August 2nd, 2024 at 8:15am CST by Luke Adams

On the surface, the Lauri Markkanen situation in Utah looks relatively straightforward.

The Finnish forward is a star on an expiring contract playing for a team very much still in a rebuilding stage. The Jazz will have to make a decision that lottery teams face all the time. Does it makes more sense to trade Markkanen now in order to bottom out ahead of the 2025 draft and ensure they don't lose him later for nothing, or to hang onto the 27-year-old and attempt to sign him long-term to make him part of the core moving forward?

It's not simply a matter of choosing one course or the other though. A confluence of factors, such as the Jazz's $30MM+ in cap room, Markkanen's contract situation (including an unusually low cap hit for a former All-Star), and a series of rules in the NBA's Collective Bargaining Agreement, create added complications.

The Jazz will have decisions to make beyond just whether or not to trade Markkanen. He, in turn, will face decisions of his own, as soon as next week.

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Signed Second-Rounders To Count Against Cap As Of Wednesday

July 30th, 2024 at 10:55am CST by Luke Adams

Between July 1 and July 30 of each NBA league year, a player signed using the second-round pick exception doesn’t count toward his team’s cap, but that changes as of July 31. Beginning on Wednesday, each of the second-rounders signed using that exception will begin carrying 2024/25 cap hits.

[RELATED: 2024 NBA Draft Pick Signings]

Twenty-eight of the NBA’s 30 teams are operating over the cap, so this change will really only affect two teams: Detroit and Utah.

The Pistons signed No. 37 overall pick Bobi Klintman on July 13 to a contract that will be worth $1,257,153 in 2024/25. His $1,257,153 salary hasn’t counted against Detroit’s cap up until today, but it will count starting on Wednesday. That means Detroit’s cap room will be reduced from $11,496,652 to $10,239,499.

The impact that change will have on the Pistons’ rest-of-summer plans is minimal, bordering on nonexistent. But it’s still worth noting since it slightly affects the kind of moves the team can make. For example, as of today, Detroit could accommodate a P.J. Tucker salary dump from the Clippers without sending back any salary. As of Wednesday, that wouldn’t be possible.

Interestingly, the Jazz have yet to sign No. 32 overall pick Kyle Filipowski, so their cap situation will remain unchanged on Wednesday. With reported deals for Drew Eubanks and Johnny Juzang still not official yet either, Utah could create up to about $35MM in space by renouncing various cap holds.

I expect the Jazz are waiting to resolve their Lauri Markkanen situation – either via trade or renegotiation-and-extension – before signing Filipowski and formally finalizing their other agreements. Trading Markkanen could mean taking on additional salary in a deal, while renegotiating his contract could require up to $24MM+ in cap room to bump his 2024/25 salary to the max.

Having resolution on Markkanen – which could happen in about a week when he becomes renegotiation-eligible – will give Utah’s front office a better sense of its cap situation going forward, allowing the team to move forward with its other business.

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