Derrick Favors contract: Jazz forward agrees to 4-year, $49 million extension, per report

USA TODAY Sports

Derrick Favors and the Jazz agreed to a contract extension that could pay the forward more than $50 million.

The Utah Jazz and Derrick Favors agreed to a four-year contract extension on Friday which will pay the power forward at least $49 million, according to Adrian Wojnarowski of Yahoo! Sports.

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Favors is coming off the best season of his career and will play an even bigger role this season with Al Jefferson and Paul Millsap no longer in Utah. Although he's entering his fourth season in the NBA, Favors is just 22 years old and has shown considerable potential.

Favors' representatives and the Jazz have reportedly been working on a deal for several months and the two sides were able to come to an agreement less than two weeks before the Oct. 31 deadline. If Favors didn't sign an extension by the deadline, he would have become a restricted free agent next summer, and he could have commanded a deal worth $13 million per season, according to Wojnarowski

According to the report, the deal includes incentives which if met would increase the value of the deal to "well over" $50 million. By locking up Favors now, the Jazz ensure he will be in Utah for at least the next four seasons and may have done so at a cost less than what they would have had to pay if Favors had received other offers in restricted free agency.

The deal is also a positive for Favors as he secured a lucrative extension and can still hit free agency when he is only 26 years old. Favors averaged 9.4 points and 7.1 rebounds last season while playing slightly more than 23 minutes per game.

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