I don't recall Locke saying this. Locke has said that DFav can be made whole with more now and less later.
Favors' current contract pays him $23.05MM over the next two seasons. He can be renegotiated up to his max amount for this season, $22,116,750 (
LINK), and get 7.5% more than that next season, $23,775,506.25, for a total of $45,892,256.25 -- nearly $23MM more than he's set to earn.
The most recent cap projection for the 2018/19 season is $108MM. Favs' can make a bit less than 30% of that number in 2018/19 -- in the neighborhood of $30.5MM. A 7.5% raise would make his max 2019/20 salary about $32.8MM, and bring his total 2018/19-2019/20 compensation to $63.3MM.
Without a renegotiation, under the assumption that Favors gets the max from the Jazz in 2018 (unlikely?), Favors four-year total salary would be about $86.3MM. Ignoring inflation/the time value of money and contract length -- both of which are important considerations -- the two year extension after the renegotiation would only have to total $40.4MM for Favors to break even.
You'd think the Jazz could, at the very worst, negotiate a 4-year ~$80MM renegotiation and extension, which would include the max this season, a 7.5% raise next season, and then $34MM split between the 2018/19 and 2019/20 seasons.