Apr 8, 2025; Charlotte, North Carolina, USA; Memphis Grizzlies center Jaren Jackson Jr. (13) reacts after scoring during the first half against the Charlotte Hornets at the Spectrum Center. Mandatory Credit: Sam Sharpe-Imagn Images Sam Sharpe-Imagn Images

Jaren Jackson Jr., Memphis Grizzlies Agree to Five-Year Extension

Originally posted on Memphis Grizzlies on SI
By Liam Willerup | Last updated Jun 30, 2025 6:26 PM ET

NBA free agency has just begun, as teams around the league will be looking to add new pieces to their roster for the upcoming season. After the Oklahoma City Thunder posted one of the more dominant seasons in recent memory, they'll return a majority of their rotation and teams around the league now know what it'll take to compete.

For the Memphis Grizzlies, the Thunder's first-round opponent, who were swept in four games, they've been hot on making deals so far this offseason. After trading away Desmond Bane to the Orlando Magic, the Grizzlies also moved up in the draft to select Cedric Coward. Now, they've made a decision on their All-Star's contract extension.

BREAKING: The Memphis Grizzlies and All-Star Jaren Jackson Jr. are expected to agree on a five-year, $240 million maximum renegotiation-and-extension, sources tell ESPN. Head of CAA Basketball Austin Brown and CAA agent Max Saidman negotiated the new agreement with the Grizzlies. pic.twitter.com/pKkI25cFIp
— Shams Charania (@ShamsCharania) June 30, 2025

According to ESPN's Senior Insider Shams Charania, Jaren Jackson Jr. and his agency CAA have agreed to a five-year, $240 million maximum renegotiation-and-extension. After coming just shy of All-NBA this past season, the Grizzlies save some major money and lock in Jackson Jr. for under $50 million annually.

A defensive star, Jackson Jr. continued to improve offensively for the Grizzlies this season, averaging 22.2 points per game and bumping his true shooting percentage up to 59.1%. With Bane now gone, Jackson Jr. and star teammate Ja Morant will shoulder more of an offensive workload next season.

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

As for the rest of the roster, the Grizzlies will look for development from rookies Zach Edey and Jaylen Wells, as well as other key pieces like GG Jackson and Scotty Pippen Jr. Under newly-named head coach Toumas Iisalo, the Grizzlies will look for a more successful playoff run next season.

This article first appeared on Memphis Grizzlies on SI and was syndicated with permission.

More must-reads: