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NBA Rumor Central: Derrick Favors willing to discuss a renegotiation with Jazz

NBA players can accept contract extensions beginning on the third anniversary from the day they signed their current deal. If the team has room under the salary cap, the player can also increase his salary via a renegotiation at that time. This occurred on Aug. 12, when the Houston Rockets signed James Harden to an extension that allows him to make a max salary -- $26.54 million -- for the 2016-17 season and increase the total length of his contract through 2019-20.

There are a few other players around the NBA that can follow Harden this season, and this now includes Utah Jazz starting power forward Derrick Favors, as he signed his current contract on Oct. 19, 2013. When asked, Favors' agent said he is "amiable" to having discussions with Jazz general manager Dennis Lindsey regarding an extension and renegotiation for his client.

"We are definitely open to talking," Wallace Prather, Favors' agent, told The Salt Lake Tribune.

Favors is currently signed through the 2017-18 season and is owed $11.05 million and $12 million in the next two years. The Jazz, once they set their 15-man roster by Monday, should be about $12.64 million under the salary cap. Because Favors is a six-year NBA veteran, his max salary for the 2016-17 season is $22,116,750, and that would allow the Jazz to give their starting power forward almost all of their current cap room.

Because Favors has two years remaining on his contract, he can only sign a two-year extension, for a total of four years. Favors can sign a new-and-improved deal that includes a renegotiation no later than March 1. After that point, he can only sign an extension for the duration of the 2016-17 salary-cap year.

In 2015-16, Favors averaged 16.4 points, 8.1 rebounds, 1.5 assists, 1.5 blocks and 1.2 steals.

--- Nick Silva

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