The Memphis Grizzlies have locked down Jaren Jackson Jr.

Jackson and the Grizzlies are expected to agree on a five-year, $240 million max extension, according to ESPN's Shams Charania. The deal includes a player option during the 2029-30 season, and will now pay Jackson about $48 million a year.

Jackson, who has spent his entire career with the Grizzlies, averaged 22.2 points and 5.6 rebounds per game last season while picking up his second All Star nod. Jackson was entering the final year of a four-year, $104.7 million deal he first signed with the Grizzlies ahead of the 2022-23 campaign. The 25-year-old would have been a free agent next summer. Now, the Grizzlies have him under contract through the end of the decade.

The Grizzlies also made a move to bring back Santi Aldama on Monday afternoon, too. Aldama, who was a restricted free agent this offseason, reached a new three-year, $52.5 million deal to return to the Grizzlies. Aldama was the No. 30 overall pick in the 2021 NBA Draft, and he spent his entire rookie contract in Memphis. He's coming off a career season with the Grizzlies, too, after he averaged 12.5 points and 6.4 rebounds per game largely off the bench. Aldama will now make about $17.5 million a season.

The two signings, which were the first significant ones across the league as the free agency period opened up on Monday afternoon, are huge for the long-term health of the Grizzlies. Memphis went 48-34 last year, but the Grizzlies split with longtime coach Taylor Jenkins near the end of the season. They still made the playoffs, though they earned it after winning the play-in tournament, and lost in the first round. The team has since named Tuomas Lisalo as their head coach, promoting him from the interim position.

While it will take more than locking down Jackson and keeping Aldama around for the Grizzlies to go on a meaningful postseason run — the team has made the conference finals just once in history, and has only been out of the first round a single time in the last decade — it’s a very good start.