Report: Derrick Favors agrees to 4-year, $49 million contract extension with Jazz

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When the Jazz let both Al Jefferson and Paul Millsap walk in free agency without getting anything in return, that was a sign that they were ready to turn the franchise over to their young players.

The large contract extension just offered and agreed to by Derrick Favors is the team putting its money where its mouth is.

From Adrian Wojnarowski of Yahoo Sports:

Derrick Favors has reached agreement on a four-year, $49 million-plus contract extension with the Utah Jazz, league sources told Yahoo Sports.

The deal includes bonus incentives that could push the package well over $50 million, sources said. …

With ideal size at 6-foot-10 and 250 pounds, and merely the age of a college senior, Favors could’ve commanded a $13 million annual salary from several teams in restricted free agency next summer, executives told Yahoo Sports.

The extension provides some security for both sides.

Favors has all the tools to be a dominant power forward in the league, especially defensively. But he hasn’t yet played starter’s minutes anywhere close to a full 82-game season. Since coming to Utah as the key piece in the trade that sent Deron Williams to the Nets, Favors has started just 17 games in total over the last two seasons.

On the team side, Utah is being smart by locking up their promising young talent sooner rather than later. Big men who produce in this league get consistently overpaid, and all indications are that Favors would have received an offer greater than this next summer, and one that Utah would have had a hard time not matching in restricted free agency.

Favors averaged 9.4 points, 7.1 rebounds, and 1.7 blocked shots in 23.2 minutes per game last season. He should put up even more impressive numbers as a starter, which is the reason the Jazz felt so confident in locking him up with a long-term extension.