Jazz can offer him more money. Favor's values consistency with his team. Favor's also wants to play pf not center. How many teams are looking for a PF entering his prime that have cap room? There might be a couple but not many if any. Holding his bird rights will go a long ways. If Jazz aren't interested in signing him again I guess they should take him at the deadline. If they want to keep him, I think they can.
There has been zero news about the Jazz trying to extend Favors this year, and Favors didn't seem interested in an extension using the Jazz's extra cap room last season.