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

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.

The Memphis Grizzlies and Jaren Jackson Jr. agreed to a five-year, $240 million maximum contract extension on Monday, per ESPN's Shams Charania.