The Utah Jazz are rebuilding around young forward Derrick Favors after both parties reportedly agreed on a four-year, $49 million contract extension with incentives that can push the player’s earnings to more than $50 million.

According to Adrian Wojnarowski of Yahoo! Sports, Favors will be the star that the Jazz will build around after the departures of veterans Al Jefferson who signed up with the Charlotte Bobcats and Paul Millsap who went to the Atlanta Hawks. The 6-foot 10 Favors has shown a lot of promise as a power forward despite playing behind Jefferson and Millsap in the past. With both the veterans out, Favors is expected to become the top offensive threat inside.

Favors was part of the 2010 trade that had the Jazz sending its then-franchise player, Deron Williams, to the Nets. He was picked third overall by the Nets in 2010. Last season, he averaged 9.4 points a game and 7.1 rebounds in just 23.2 minutes a game. The Jazz are optimistic he will blossom to become a bigger force inside this season.

According to Yahoo! Sports, Favors could have earned around $13 million from other teams had he become a restricted free agent next off-season. However, reports indicate that the young star wanted to stay with the Jazz. The soft-spoken Favors is popular with the fans because of his hardworking ways.

Utah Jazz general manager Dennis Lindsey is reportedly looking to resign another young star, guard Gordon Hayward, who will form a potent inside-outside combination with Favors in the next few years.