Bulls Release Andrew Bynum

(CBS) Well, that didn’t last long.

As expected, the Bulls released Andrew Bynum on Tuesday, just hours after acquiring him in exchange for Luol Deng from the Cavaliers.

Bynum’s partially guaranteed $12.3 million contract for the 2013-14 season was set to become fully guaranteed if he was not waived today. 

The move dropped the Bulls below the luxury tax, which will save the team close to $20 million.

The Bulls also received the Kings’ 2014 first-round pick (top-12 protected), the Trail Blazers’ 2015 and 2016 second-round picks, and the right to swap 2015 first-round picks with the Cavaliers (if Cleveland’s selection falls between 15-30) in the trade.

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