The Utah Jazz and Derrick Favors have reached a four-year contract extension that will pay the 22-year-old forward more than $12 million a season, Yahoo! Sports reports.
Favors was the centerpiece of the package Utah received from the Nets in 2011 in return for All-Star point guard Deron Williams. The Jazz would not confirm the extension late Friday, but according to Yahoo!, Favors' deal is worth at least $49 million and includes incentives that would push it "well over" $50 million.
The third overall pick in the 2010 draft, Favors would have been a restricted free agent at the end of this season without the extension, and Utah would have risked the possibility of having to match a better offer from another team or let him walk. Instead, the new deal shows the Jazz's commitment to Favors, who averaged 9.4 points, 7.1 boards and 1.7 blocks per game for Utah last year.