Derrick Favors reaches agreement on contract extension with Jazz

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.

Favors, 22, is a centerpiece of the Jazz's future and will take over a starting frontcourt position because of the off-season departures of Al Jefferson and Paul Millsap. A contract will be signed in the near future, sources tell Yahoo.

As Favors' role and production increase this year and beyond, his ability to earn the incentive clauses in the deal will grow. In three seasons, Favors has shown the promise to become one of the NBA's top young power forwards.

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.

Yet Favors' agent, Wallace Prather, and Jazz officials worked out a deal over the past several months that offers security and protection to both sides. Utah risked having to match a higher offer on the market if it didn't meet Favors' asking price now. For Prather and Favors, this is an outstanding deal in the current marketplace.

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Favors wanted to remain with the Jazz, and that was important to an organization that has a history of building its roster around good, high-character players.

Under general manager Dennis Lindsey, Utah is undertaking a full rebuilding project with Favors and guard Gordon Hayward the focus of rookie contract extension discussions this fall.

Favors, the third overall pick by New Jersey in the 2010 NBA draft out of Georgia Tech, was the key player in the Jazz's trade of All-Star point guard Deron Williams to the Nets three years ago. In 23.2 minutes per game a season ago, Favors averaged 9.4 points and 7.1 rebounds.

Favors is part of a 2010 draft class eligible to sign contract extensions until Oct. 31. Without a deal by the deadline, players become restricted free agents on July 1, 2014.