Jaren Jackson Jr. and the Memphis Grizzlies have agreed to a five-year, $240 million maximum renegotiate-and-extend deal. The Grizzlies entered the offseason prioritizing signing Jackson to a long-term contract. Because Jackson didn't win Defensive Player of the Year or make an All-NBA team, the Grizzlies had to do a renegoatied deal in order to give Jackson his max deal. Jackson is represented by Austin Brown and Max Saidman of CAA.

Memphis is resetting their team this offseason following their trade of Desmond Bane to the Orlando Magic, but will continue building around Jackson and Ja Morant.

Jackson would have been an unrestricted free agent next offseason without the extension as he was on a $23.4 million expiring contract. Jackson will hold a player option for the final season of the deal.

Last season, Jackson averaged 22.2 points, 5.6 rebounds, 2.0 assists, 1.2 steals and 1.5 blocks in 74 games. Jackson won Defensive Player of the Year in 2023.