Sources: Jazz, Keyonte George agree to 5-year, $157.5M extension - ESPN

Guard Keyonte George has agreed to a five-year, $157.5 million contract extension with the Utah Jazz, sources told ESPN.

The deal does not include a team or player option, sources said. The terms were finalized Friday after months of negotiations between George's agent Jason Ranne of The Team and Jazz president of basketball operations Austin Ainge.

George's new deal will account for approximately 16% of Utah's salary cap. The team acknowledged the extension but did not disclose terms of the deal.

George, 22, the 16th pick in the 2023 draft, cemented himself as an essential piece of the franchise's foundation with a breakout campaign last season. He averaged 23.6 points and 6.1 assists while shooting 45.6% from the floor and 37.1% from 3-point range — all career bests.

The Jazz envision George and Darryn Peterson, the No. 2 pick in this year's draft, emerging as one of the league's most dynamic backcourt duos.

Utah, which endured a rebuilding process in recent years, hopes to make a major leap toward competitiveness this season after acquiring two-time All-Star power forward Jaren Jackson Jr. at the trade deadline.