Image Credit: Petre Thomas-Imagn Images

Jaren Jackson Jr. Secures $240M Deal, Becomes Centerpiece of Grizzlies’ Future

Jaren Jackson Jr. is now officially the face of the Memphis rebuild

Image Credit: Petre Thomas-Imagn Images

The Memphis Grizzlies have made it official. Jaren Jackson Jr. has been tied to a new contract, further extending his stay in Memphis. The franchise was desperate to keep the two-way player amidst a long rebuild.

Jaren Jackson Jr., whose current deal ends after the 2025-26 season, is now set to receive a major pay bump in the years ahead. His current rookie extension deal allowed him to earn an average of $26 million annually.

However, the latest contract will see him earn an average of $48 million annually. Jaren Jackson Jr. agreed to a five-year deal with the Grizzlies that will kick-start from 2026. He is guaranteed to earn a whopping $240 million guaranteed over the five years of his contract.

With Jaren Jackson Jr.’s new extension, the 2018 and the 2011 drafts hold the record for most MAX contract players 💰 pic.twitter.com/7EumVcKOjv
— Basketball Forever (@bballforever_) July 2, 2025

The Grizzlies, now deep in a roster overhaul, have identified Jaren Jackson Jr. and Ja Morant as the faces of their rebuild. After a woeful exit from the first round of the NBA Playoffs against the OKC Thunder, the management decided it was time for sweeping change.

Desmond Bane was the first one to be traded, and such changes are expected to occur throughout the course of the offseason. Jaren Jackson Jr. recently picked up an injury during an offseason workout session. He underwent surgery to address the toe injury, with a return timeline unavailable.

Buyout Opens Room for Jackson Contract

The terms for the new contract were agreed between Jaren Jackson Jr. and the Grizzlies a few weeks ago. However, the franchise was waiting to make cap space to accommodate Jackson’s renegotiated contract. His final contract year has now been restructured, boosting his annual salary to $33 million.

Cole Anthony, who joined the Grizzlies through the Desmond Bane trade from the Orlando Magic, was shown the door. The Grizzlies’ front office bought out his contract, clearing $13.1 million from this season’s salary books.