He had a pretty good year last year, but I would have probably waited until after this season to see about getting him an extension. He should have an increased workload with Jefferson gone, so I would've waited to see how he responded to more minutes before I threw 12 mil per year at him, but I don't think this is a bad contract.
I always thought Favors had the potiental to become a contributor for the Jazz when it comes to close games, being a leader, getting well with teammates on-and-off the court but I haven't seen that. Not much signs are showing up to show that he is reaching his full potiental. Not a bad move by the Jazz since I'm believing they are heading in a direction for rebuilding mode and trying to get in the top 5 and that they want a guy who is fully dedicated to the team and willing to go through ups and downs.
Favors is a really good young player. He doesn't possess an all that impressive offensive game, but I think he'll average between 13-16 ppg based on his ability to finish at the rim, roll to the basket, run the baseline, and hit the occasional midrange jumper. Defensively though, I think he will be very very good. He's a guy that can come out and guard on the perimeter, can guard the paint, he's already an excellent rebounder and shot blocker.