Report: Jazz, George Hill discussing contract extension

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The Jazz didn’t trade before the deadline, preserving cap space to renegotiate-and-extend George Hill.

But the clock is ticking, with the renegotiation window closing March 1.

Tim MacMahon of ESPN:

The Utah Jazz and point guard George Hill are in active discussions on a contract extension in an attempt to strike a deal before Tuesday’s 11:59 p.m. ET deadline for such deals, according to league sources.

Hill is currently earning $8 million this season. The Jazz would use their $13,644,808 in cap space to renegotiate his salary up to $21,644,808. In exchange, Hill would agree to an extension that could be for a max of $75,039,844 over the following three years.

Could he get more as unrestricted free agent?

Perhaps — but maybe not enough more to offset the raise this season. On the other hand, free agency would allow Hill to sign a new four-year deal with any team or a five-year deal if he re-signs with Utah.

It makes sense for the Jazz to pay Hill more this season, when they have extra money to spend. Hill has been awesome, and though his age (31 in May) gives pause, Utah is ready to win now. Plus, in a renegotiation-and-extension, the Jazz can quietly take advantage of being able to add just three additional years to his contract.

This is a tougher call for Hill, who can probably draw big four-year offers, and maybe even a five-year offer,  in free agency. This’ll come down to how much he values security.