Yes, within reason. Certainly if LA or Phoenix steps up and offers him a MAX contract, the Jazz would be unwise to match it. But a couple million over what they think is Hayward's worth is not a big deal, not when it's the difference between losing a lottery pick for nothing or retaining the services of a pretty good starter. The only caveat to that is if they could find a player of equal ability in the free agent market, which they won't this summer.
Why does it matter which team offers the contract? Even a few million dollars "extra" over can land a team in the Luxury tax which can lead to paying million more than you would if you are smart with your money. Besides NBA players have ego's and if you overpay for one then when the other guys come up for contract they want more. Say the Jazz give him $12 million a year and then Burk comes up for a contract and you only want to pay him say $8 million a year. Is there really a $4 million a year difference between the two. So you end up alienating the other player or even worse there isn't enough money left in the coffers to pay Burk so he goes some where else. I know this is simplistic thinking but seriously the way the luxury tax is a team has to make every penny count to avoid the luxury tax bill. Giving a player an extra million or two can come back to haunt you later.
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