Utah Jazz trying to sign George Hill to extension by Tuesday, Derrick Favors deal unlikely

The Utah Jazz (37-22) are trying to pull off a George Hill contract extension before the veteran point guard approaches unrestricted free agency in July. However, they are in no rush to extend power forward Derrick Favors, who will approach restricted free agency next summer, per several reports.

According to the new Collective Bargaining Agreement (CBA), a team, if under the salary cap, can renegotiate the salary of a player and re-sign him to a contract extension. In recent years, the likes of Russell Westbrook (Oklahoma City Thunder), James Harden (Houston Rockets), Wilson Chandler and Danilo Gallinari (Denver Nuggets) signed renegotiated and improved contracts with their respective teams.

Tuesday (March 1) is the deadline for teams to sign such extensions. George Hill and Derrick Favors are two Jazz players who fall under this category, though the latter is unlikely to sign a new deal prior to the deadline. Hill, on the other hand, could come to terms on a contract extension, according to The Salt Lake Tribune.

George Hill is a free agent this offseason, Derrick Favors the next

If Hill were to become an unrestricted free agent, the former Indiana Pacers point guard will garner a lot of attention during July's free agency period. Since the Jazz own Hill's Bird Rights, they will be able to out-bid potential suitors during free agency. There's a dearth of defensive-minded point guards in the league, and Hill is arguably up there with Patrick Beverley as the best in the business. After landing in Utah as part of the Jeff Teague trade to Indiana, Hill has averaged a career-high tally of 17.7 points, 4.0 rebounds and 3.4 assists. Hill has played a critical role in Utah's rise to the No. 4 seed in the West as the team tries to end its lengthy postseason draught.

Wallace Prather, the agent of Derrick Favors, told The Salt Lake Tribune that a deal is unlikely before Tuesday. "I don't see it," said Prather, while addressing a possible contract extension. Since the Utah Jazz have approximately US$13.6 million (AU$17.7 million) in cap space, and are US$4 million (AU$5.2 million) below the salary cap floor, they have adequate funds to pull off a George Hill contract extension before Tuesday.

Favors is signed through the 2017-18 season, meaning he will be an unrestricted free agent for the first time in his career next July. This season, the power forward has dealt with injuries and poor form but he's played his best two games of the season since the All-Star break. If Favors can continue to reinvent himself, there's every possibility that Utah renegotiate his contract during the offseason. Stay tuned for the latest news and updates on George Hill, Derrick Favors and the Utah Jazz.