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.

Jaren Jackson Jr. is ready to be a building block for the Memphis Grizzlies, and he's thankful for everyone who helped him reach this point and everyone who has supported him in the city after reportedly coming to terms on a five-year contract extension Monday.

Jaren Jackson Jr makes his feelings clear after the Memphis Grizzlies offer him a five-year $240 million supermax contract extension.