The Utah Jazz signed power forward Derrick Favors to a multi-year contract extension, the team announced Saturday.
Terms of the deal were not released, but Yahoo! Sports reported that the extension is for four years and worth $49 million. It reportedly runs through the 2017-18 season and incentives could make the deal worth more than $50 million.
"We have tremendous respect for and confidence in Derrick and see him as an important part of our future," general manager Dennis Lindsey said in a statement. "He brings a toughness and defensive mindset that make him a key piece to what we are trying to build here. Derrick is also a high-character individual and he has shown a dedication to continue to improve all aspects of his game."
Favors, the No. 3 pick in the 2010 draft out of Georgia Tech, will take on a much bigger role with the free-agent departures of center Al Jefferson and power forward Paul Millsap. The 22-year-old is coming off his best season in which he averaged 9.4 points and 7.1 rebounds in 23.2 minutes per game.
"Utah has become my home and I am excited to be able to continue my career playing for the Jazz and the best fans in the NBA," Favors said in a statement.
Favors would have become a restricted free agent after this season if a deal were not reached by the Oct. 31 deadline.