Ja Morant agrees to record-breaking contract extension with Memphis Grizzlies

The Memphis Grizzlies and point guard Ja Morant have agreed to a record-breaking five-year contract extension worth $193 million, according to ESPN's Adrian Wojnarowski.

The extension is the largest deal in franchise history. Morant earned his first All-Star appearance and was named second-team All-NBA after leading Memphis to a 56-26 record.

"Memphis is my home," Morant wrote on Twitter Thursday night after the news broke.

While the current value of this new contract is $193 million, the deal could become $231 million if Morant makes an All-NBA team next season. The deal surpasses the five-year, $153 million deal that Mike Conley signed with the Grizzlies in 2016.

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Morant won the NBA's Most Improved award after averaging 27.4 points and 6.7 assists in 2021-22. He also won Rookie of the Year in 2019 and led the franchise to playoff appearances the last two seasons.

Morant's extension won't kick in until the 2023-24 season. He joins Jaren Jackson Jr. as members of the Grizzlies' young core who are locked into long-term deals.

The Grizzlies also re-signed backup point guard Tyus Jones to a two-year deal worth $30 million Thursday at the outset of the NBA's free agency period.

Contact Damichael Cole at damichael.cole@commercialappeal.com and on Twitter @damichaelc

This article originally appeared on Memphis Commercial Appeal: Memphis Grizzlies sign Ja Morant to record-breaking extension