Watch CBS News

Report: Bulls, Jimmy Butler Agree To 5-Year Max Deal

(CBS) Jimmy Butler has won big after betting on himself.

Butler and the Bulls have agreed to a five-year max deal, Yahoo Sports' Adrian Wojnarowski reported Wednesday afternoon, that will be woth more than $90 million and perhaps up to $95 million. Butler will hold a player option for the fifth season, meaning he could become a free agent in summer 2019 at the earliest.

A restricted free agent, Butler was reportedly entertaining the idea of signing a shorter-term contract so he could take advantage of the NBA's changing financial landscape, with the salary cap set to spike when the new TV deal kicks in for 2016-'17. In the end, his comfort in Chicago and the big money on the table now got the job done.

The Bulls had also publicly stated they intended to match any offer sheet Butler received, and they were proactive in offering him the maximum qualifying offer. He's a homegrown player, as Chicago drafted him with the 30th pick in the first round of the 2011 draft.

On the night of the Bulls' home opener last Oct. 31, Butler turned down a reported four-year, $44-million offer, famously saying, "I want to bet on myself." He then went out and had his best season, making his first All-Star team and being named the NBA's Most Improved Player. He averaged career highs of 20.0 points, 5.8 rebounds and 3.3 assists while shooting 46 percent. Butler's also established himself as one of the league's top perimeter defenders, and he's led the NBA in minutes per game each of the past two seasons.

By turning down the deal last October, Butler assured himself of around $50 million more in guaranteed money, if he picks up the fifth-year option.

Butler also had interest from the Lakers, according to reports.

The commitments from Butler and Mike Dunleavy (three years, $14.4 million) that the Bulls received Wednesday puts them on a path to enter the luxury tax for the second time in franchise history, barring a trade or unexpected move. With those two on board, Chicago will have nearly $85 million committed to its top 11 players, with another $1.9 million in non-guaranteed contracts to E'Twaun Moore and Cameron Bairstow. The luxury tax is projected to be around $81.6 million, though recent reports could have it coming in a bit higher. That could help the Bulls but likely won't make a difference.

Teams can officially sign free agents starting July 9.

The Bulls still will look to add a reserve guard with the mini mid-level exception. They've been linked to the likes of Gary Neal and J.J. Barea, and Rodney Stuckey could be a possibility as well.

Chicago could also add players at minimum contracts is it so chooses.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.