NBA Trade Rumors: Jaren Jackson Jr. set for massive $240 million extension with Memphis Grizzlies

The Memphis Grizzlies wasted no time securing a key pillar of their future, reportedly agreeing to a five-year, $240 million maximum renegotiation and extension with All-Star forward Jaren Jackson Jr. The colossal deal, first reported by ESPN’s Shams Charania, was among the very first major agreements as NBA free agency officially opened.

The extension cements Jackson Jr.’s place as a foundational piece for the Grizzlies alongside star guard Ja Morant. The 25-year-old, who was set to enter unrestricted free agency in 2026, will now remain in Memphis through at least the 2028-29 season, with the final year of the contract (2029-30) including a player option.

This massive commitment highlights the Grizzlies’ belief in Jackson Jr.’s unique two-way abilities. Drafted fourth overall in 2018, he has steadily developed into one of the league’s most impactful big men. 

He earned his second All-Star selection in the 2024-25 season, where he averaged 22.2 points, 5.6 rebounds, 2.0 assists, 1.5 blocks, and 1.2 steals per game across 74 appearances. His efficiency was also notable, shooting 48.8% from the field and an impressive 37.5% from beyond the arc.

Jackson Jr.’s defensive prowess has been particularly prominent. He was named the NBA Defensive Player of the Year in 2023 and has earned three All-Defensive Team selections, including a Second Team nod in 2025. 

His ability to anchor the defense, protect the rim, and space the floor offensively makes him an invaluable asset in today’s NBA.

Breaking: The Memphis Grizzlies and Jaren Jackson Jr. are expected to agree on a five-year, $240 million maximum renegotiation-and-extension, sources tell @ShamsCharania.

Get breaking news alerts from Shams Charania through the ESPN app: https://t.co/QEjDpr2WVy pic.twitter.com/36bzcbi0wU

— ESPN (@espn) June 30, 2025

The Grizzlies had prioritized locking up Jackson Jr. this offseason, especially after a significant move earlier in the week where they reportedly traded Desmond Bane to the Orlando Magic, a move that helped clear substantial cap space for the 2025-26 season. 

In addition to Jackson Jr.’s extension, Memphis also secured forward Santi Aldama to a new three-year, $52.5 million deal, further solidifying their frontcourt.

The new deal signifies a long-term commitment from both sides and positions the Grizzlies to continue building around their dynamic young core. With Jackson Jr. now locked in, Memphis will look to make a strong push for deep playoff runs in the coming seasons.

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