The Utah Jazz are trading Derrick Favors and a future first round pick to the Oklahoma City Thunder for a future second round pick. This will be the second offseason in a row where Utah and Oklahoma City have linked up in a salary-clearing trade for the Jazz. Last year, the Jazz traded Rayjon Tucker and a second round pick to the Thunder to lower their tax obligation.

With contract extensions kicking in for Rudy Gobert and Donovan Mitchell in 2021-22, Utah is facing a hefty luxury tax bill. Even before factoring in a new contract for free agent point guard Mike Conley, the Jazz are essentially right at the tax line. Conley's new deal is expected to start north of $20 million per season, which would push Utah deep into the tax.

At the 2021 NBA Draft, the Jazz traded out of the first round, when they acquired three second picks from the Memphis Grizzlies for the 30th pick. That deal was partially made to get out from the guaranteed money owed to the final first round pick.

Favors re-joined Utah last offseason, after spending one season with the New Orleans Pelicans. After spending a year backing up Gobert, his $9.7 million salary was deemed expendable to ease the Jazz's tax burden.

For Oklahoma City, this adds yet another first round pick to Sam Presti's stash. At the draft, Presti added an additional first round pick from the Houston Rockets, when Houston traded up to draft Alperen Sengun.