That new deal was the first reported agreement of the new league year, as Shams Charania reported the two sides were finalizing a five-year, $240 million max extension, with a player option in the final year (2029-30). Jackson was slated to enter unrestricted free agency next summer without a new deal.

Jackson and the Grizzlies are expected to agree on a five-year, $240 million max extension, according to ESPN's Shams Charania. The deal includes a player option during the 2029-2030 season, and will now pay Jackson about $48 million a year.

Jaren Jackson Jr. and the Memphis Grizzlies have reached an agreement on a contract extension, according to ESPN.