On July 1, 2008, the Grizzlies chose not to offer Jacobsen a new contract, making him an unrestricted free agent. In August 2008, he signed with the German League club ALBA Berlin. In June 2009 Jacobsen signed a new contract with his former team Brose Baskets Bamberg in Germany. He led his team to win both the German Cup (Pokalsieger)  and German Championship  in 2010 and was again named Finals MVP. Jacobsen re-signed with Brose Baskets Bamberg in August 2010 for the 2010-2011 season. The team again won the German Cup in April 2011. At game five of the finals he announced that he extended his contract for three more years. During this time he won the German Championships in the years 2012 and 2013 and also the German Cup 2012. In May 2014, Jacobsen, along with his longtime teammate John Goldsberry, announced retirement from the professional basketball. In tribute to him, Brose Baskets retired his 23 jersey number. After retiring from playing basketball, it was announced by the Phoenix Suns that Jacobsen would not only be a broadcaster during some pre-game and post-game shows with Tom Chambers, but he would also hold his own show under the Rise Suns Digital Network. He'd make his debut as a broadcaster on the November 2014 game against the Sacramento Kings. In addition, Jacobsen would also take on the college basketball analyst role for Fox Sports and the Pac-12 Networks.