Jaren Jackson Jr. contract details: Grizzlies renegotiate $240 million deal with All-Star forward

The Grizzlies opened the official free agency period with a bang, making a massive commitment to All-Star forward Jaren Jackson Jr.

Within the first half hour of free agency opening, Memphis and Jackson agreed to renegotiate and extend his contract, keeping him with the franchise through at least the 2028-29 season. Jackson, 25, was selected No. 4 overall by the Grizzlies in the 2018 NBA Draft and is coming off the second All-Star season of his seven-year career.

The deal marks a significant raise for Jackson and reaffirms Memphis' commitment to him as one of the faces of the franchise alongside former No. 2 overall pick, Ja Morant.

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Here's more on the terms of the deal for the three-time All-Defensive Team selection.

Jaren Jackson Jr. contract details

• Years: 5
• Terms: $240 million

Jackson and the Grizzlies have reportedly agreed to terms on a five-year, $240 million contract renegotiation and extension. The deal includes a player option for the 2029-30, per Charania.

The new contract has an average annual value of $48 million, though the specific yearly terms have not yet been disclosed. Charania reported that this deal "was the top focus item for the Grizzlies this offseason."

Jackson had one year remaining on his contract, and the extension prevents him from entering a contract year ahead of free agency in 2026.

Memphis has already been busy, dealing Desmond Bane to the Magic in exchange for Kentavious Caldwell-Pope and draft capital.

The Grizzlies then traded up in the draft to select Washington State's Cedric Coward, and in the time since renegotiating Jackson's contract, reached agreements to re-sign free agents Santi Aldama and Cam Spencer.

MORE: NBA free agency tracker 2025: Live updates on news, rumors, signings and trades

Jaren Jackson Jr. stats

• PPG: 22.2
• RPG: 5.6
• APG: 2.0
• SPG: 1.2
• BPG: 1.5
• FG%: 48.8%
• 3P%: 37.5%
• FT%: 78.1%

Last season, Jackson averaged 22.2 points and 5.6 rebounds over 74 games. Despite the Grizzlies being hampered by injuries throughout the year, the team finished with a 48-34 record and qualified for the postseason as the West's No. 8 seed. Memphis was swept by the Thunder in the first round of the playoffs.