Faried's extension is great for both parties. (USATSI)
Kenneth Faried's extension is great for both parties. (USATSI)

UPDATE: The contract could be dropped down to four years, as a five-year, non-maximum deal might not be allowable in the NBA's collective bargaining agreement:

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Oct. 31 is the deadline for teams and players from the 2011 rookie class to agree to contract extensions. While some players angle for extensions closer to the maximum, it looks like Kenneth Faried and the Denver Nuggets are coming to an agreement on a very reasonable extension for both sides. Coming off a brilliant summer with Team USA in the FIBA World Cup, Faried is avoiding hitting restricted free agency in 2015 to stay with Denver.

Adrian Wojnarowski of Yahoo Sports is reporting the Nuggets and Faried have agreed to a five-year, $60 million contract. It will lock up the active, athletic power forward through the 2019-20 season.

Faried shined with USA Basketball this past summer, becoming one of the most important players and biggest spark plugs on the roster. He seized an opportunity to secure a spot on the roster and even become the starter at power forward when Blake Griffin and Kevin Love both pulled out of the summer's competition. Faried helped Team USA march through the competition in Spain and walk away with a convincing gold medal.

In Faried third's season in the league in 2013-14, he averaged 13.7 points and 8.6 rebounds in 27.2 minutes. For his career, he's averaging 8.6 rebounds while playing just 26.5 minutes. He's started 196 of his 206 career games. He'll now be a part of a core with Ty Lawson, who is signed through the 2016-17 season.