The deal is worth $42 million over four years. The contract, signed on deadline day for players from the 2011 draft class to get extensions, includes incentives that could make it worth $45 million.
Burks felt no need to test the free agent market. There was never a question in his mind where he wanted to continue his NBA career.
Utah feels like home.
"I made it known," Burks said. "I told my agent and had him tell the Jazz I want to be here. I want to be part of the future. It's a bright future here. We have some great players. I just wanted to be a part of it."
Burks averaged 14.5 points last season and is averaging 16.5 points over the Jazz's first two games this season.
"Alec has shown he's a good player right now and growing into a very good player," Jazz coach Quin Snyder said. I'm really excited to have him as part of the program. I'm just happy to see him find a situation that really works. Alec's a player I feel like can continue to improve."
Jazz general manager Dennis Lindsey says having talented players like Burks, Favors and Hayward for the next few seasons will make it easier to build a better team through free agency.
"There's a Reggie White out there for us to be had," Lindsey said. "We've got the future flexibility next year to be very aggressive in the free agent market. Certainly, with expectations of a new cap in lieu of a TV deal, we'll have great flexibility. When you have a core in place, it's much easier to attract a significant talent."
The team recently tabled contract talks with forward Enes Kanter.
The Associated Press contributed to this report.