Full terms of Lauri Markkanen's extension with Utah Jazz revealed

The Athletic's Shams Charania, Tony Jones, and Anthony Slater reported that Lauri Markkanen and the Utah Jazz will come to an agreement on an extension in an August 6 story.

While it was pretty much common knowledge that anything to the contrary would have been a surprise, what they also reported were some of the full details of Markkanen's new contract.

Full details of Lauri Markkanen's extension with the Jazz

In their report, they revealed how much the Jazz will pay Markkanen in his newest extension. In summation, his new contract will break records.

"The deal will come via a renegotiation-and-extend, using the Jazz’s $33 million of open salary-cap space. League sources said Markkanen’s deal is projected to be worth upwards of $200 million over five years. It keeps him under contract through 2029, giving him the richest contract in Jazz history and one of the highest salaries for a European player in NBA history.

They also added that Markkanen's new deal will include money added on top of his current deal.

"Utah is able to give Markkanen his maximum salary of $42.2 million this upcoming season by using $24.13 million of that cap space to add to his current $18 million salary."

With the salary cap rising, it makes sense that the Jazz would have no qualms extending Markkanen, who has been yet another unexpected success story in Utah, joining the likes of Donovan Mitchell, Rudy Gobert, and even Gordon Hayward.

Even though Markkanen has only made one All-Star team, the Jazz clearly see him as part of their future or as someone who will get them plenty of assets. The fact of the matter is, they had the opportunity to trade him, and not only did not take anyone up on their offers, but they were not shopping him.

With Markkanen onboard for the foreseeable future, the next moves are signing their rookies to their standard contracts. Cody Williams, Isaiah Collier, and Kyle Filipowski are all still unsigned despite an encouraging Summer League performance from all of them.

That has been by design, as the Jazz wanted to take care of Markkanen first. However, once he signs on the dotted line, don't be surprised if the Jazz signing their rookies comes next.