Reports: Jazz trade C Derrick Favors to Thunder to reduce payroll

The Utah Jazz are sending center Derrick Favors and a future first-round draft pick to the Oklahoma City Thunder for a future second-round pick, multiple outlets reported Friday.

For the Jazz, it’s a deal to shed salary to reduce a potential luxury tax and give them some financial space in free agency.

For the Thunder, it’s a part of their rebuilding strategy as they continue to collect draft picks. In the 2021 NBA Draft on Thursday, the Thunder took Turkish center Alperen Sengun with the No. 16 pick and traded him to the Houston Rockets for two future first-round selections.

The trades will give the Thunder about 35 first- and second-round draft picks to choose a player or use as trade capital through the 2027 draft.

Favors, 30, was the No. 3 overall pick in the 2010 draft by the New Jersey Nets. He was dealt to the Jazz in his rookie season as part of the trade that sent All-Star point guard Deron Williams to the Nets. In another salary-driven move, the Jazz traded him in July 19 to the New Orleans Pelicans for draft picks.

He re-signed with Utah before the 2020-21 season.

Now, the Jazz can shed the final two seasons of the three-year, $29.2 million deal he signed.

Last season, Favors averaged 5.4 points and 5.5 rebounds in 68 games in Utah, well below his career averages of 10.8 points and 7.2 rebounds.