Mitchell posted a picture of himself signing the deal on Twitter:
The 20-year-old University of Louisville product averaged 15.6 points, 4.9 rebounds, 2.7 assists and 2.1 steals per game while shooting 35.4 percent from three-point range during his second and final season with the Cardinals. He earned first-team All-ACC honors for his efforts.
On Monday, he opened Utah Summer League play by scoring 23 points in 25 minutes against the San Antonio Spurs.
He knocked down 10 of his 17 shots, including three of six from beyond the arc, and chipped in five assists, three steals and two boards.
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Mitchell told Kyle Goon and Aaron Falk of the Salt Lake Tribune last week he "fell in love with the attention from dunking" in his younger days, but he's no longer so interested in self-promotion.
"I just let the work speak for itself," he said.
Hayward's departure, which the forward announced Tuesday via the Players' Tribune, does open up some extra wing minutes for the Jazz. Mitchell will spend most of his time at shooting guard and is set to battle Rodney Hood and Alec Burks for playing time as a rookie.