NBA Draft Tracker: Bulls Draft Denzel Valentine At No. 14

(CBS) Just a day of making the monumental trade of former MVP Derrick Rose to the Knicks, the Bulls have convened for another crucial step in the team's makeover: the NBA Draft.

The Bulls hold the No. 14 overall pick and then also a second-round pick at No. 48 overall, as as general manager Gar Forman said Wednesday, they're looking to get "more athletic."

The draft is being held at the Barclays Center in Brooklyn and starts at 6:30 p.m. The Bulls are conducting their business at team headquarters the Advocate Center.

That's where 670 The Score reporters Cody Westerlund and David Schumouse will be as well. They can be followed with Twitter updates @CodyWesterlund and @Schumouse.

Follow along below for live updates and the latest.

10:49 p.m. -- In the second round at No. 48 overall, the Bulls selected 6-foot-8 forward Paul Zipser of Bayern Munich in in the Bundesliga in Germany.

9:06 p.m. -- The Timberwolves drafted Providence guard Kris Dunn at No. 5 with the intention to keep him, president and coach Tom Thibodeau told reporters. The Bulls had reportedly been involved in discussions with Minnesota on the framework of a Jimmy Butler-Dunn deal.

8:40 p.m. -- As a senior, Denzel Valentine was first college player to average 19-7-7 since assists became a stat, and he shot 46 percent from the field, 44 percent on 3-pointers and 85 percent from the free-throw line.

8:28 p.m. -- Back in May at the NBA Combine, Denzel Valentine had said he's "love" to play for the Bulls. His dream has come true.

8:13 p.m. -- At No. 14 overall, the Bulls selected Michigan State wing Denzel Valentine, who as a senior averaged 19.2 points, 7.5 rebounds and 7.8 assists, the first player in college history to achieve those marks since assists became a statistic.

7:49 p.m. -- A blockbuster trade has gone down: The Thunder shipped Serge Ibaka to the Magic for Victor Oladipo, Ersan Ilyasova and No. 11 pick Domantas Sabonis, according to The Vertical.

7:40 p.m. -- The Bulls-Timberwolves trade talks aren't dead, K.C. Johnson reported, saying there's still internal discussion in the Chicago front office about a swap centered around Jimmy Butler and Kris Dunn.

7:12 p.m. -- The Bulls and Timberwolves found "little common ground" in their trade discussions center around Jimmy Butler and Kris Dunn, K.C. Johnson reported.

7:02 p.m. -- Bulls-Timberwolves trade talks centered on Jimmy Butler broke down when Chicago wanted Zach LaVine instead of Ricky Rubio, The Vertical's Shams Charania reported. It also would've involved Minnesota sending Chicago the No. 5 pick to select Kris Dunn.

6:58 p.m. -- The Bulls are now engaged in negotiations with the Timberwolves, who hold the No. 5 pick, in an effort to acquire Kris Dunn, ESPN's Marc Stein reported. The ball is in Minnesota's court, as Phoenix selected power forward Dragan Bender out of Croatia at No. 4.

6:56 p.m. -- In addition to the Bulls, guess who else is believed to love Kris Dunn? Former Bulls coach Tom Thibodeau, now in charge of the Timberwolves, who hold the No. 5 pick.

6:50 p.m. -- The Celtics have selected Cal forward Jaylen Brown after reportedly having serious discussions with the Bulls and 76ers that involved their No. 3 pick. A potential deal with the Bulls would've involved Jimmy Butler, but the selection of Brown appears to have ruled that out. Chicago was enamored with Providence guard Kris Dunn.

6:43 p.m. -- The first two picks went as expected -- Ben Simmons to the 76ers and Brandon Ingram to the Lakers. The draft figures to tilt on the Celtics and their decision at No. 3.

6:28 p.m. -- The Bulls and Celtics continue to discuss a trade around the framework of Chicago's Jimmy Butler and Boston's No. 3 pick, the Tribune's K.C. Johnson reported.

5:17 p.m. -- In some non-draft news, Knicks president Phil Jackson told reporters in New York that Derrick Rose was "happy" about his trade to the Big Apple.

4:29 p.m. -- Former Bulls coach Tom Thibodeau appears to have some preferences in his first draft with the Timberwolves: Providence guard Kris Dunn and Oklahoma wing Buddy Hield, according to The Vertical's Adrian Wojnarowski. Both are considered immediate contributors.

2:38 p.m. -- The Magic have continued to show interest in Bulls All-Star wing Jimmy Butler, Frank Isola of the New York Daily News reported. While Bulls GM Gar Forman indicated they'll listen to all offers, Chicago seems set on building around Butler, barring a ridiculous offer.

2016 NBA Draft 1st Round

1. 76ers — Ben Simmons, PF, LSU
2. Lakers — Brandon Ingram, SF, Duke
3. Celtics — Jaylen Brown, SF, Cal
4. Suns — Dragan Bender, F, Croatia
5. Timberwolves — Kris Dunn, G, Providence
6. Pelicans —Buddy Hield, G, Oklahoma
7. Nuggets — Jamal Murray, G, Kentucky
8. Suns (from Kings) — Marquese Chriss, F, Washington
9. Raptors — Jakob Poeltl, PF, Utah
10. Bucks — Thon Maker, F/C, Australia
11. Thunder (from Magic) — Domantas Sabonis, PF, Gonzaga
12. Hawks — Taurean Prince, F, Baylor
13. Kings (from Suns) — Georgios Gapagiannis, C, Greece
14. Bulls — Denzel Valentine, F, Michigan State
15. Nuggets — Juan Hernangomez, PF, Spain
16. Celtics — Guerschon Yabusele, PF, France
17. Grizzlies — Wade Baldwin, G, Vanderbilt
18. Pistons — Henry Ellenson, PF, Marquette
19. Nuggets — Malik Beasley, SG, Florida State
20. Nets (from Pacers) — Caris Levert, G, Michigan
21. Hawks — DeAndre' Bremby, SF, St. Joseph's
22. Kings (from Hornets) — Malachi Richardson, G, Syracuse
23. Celtics — Ante Zizic, C, Croatia
24. 76ers — Timothe Luwawu, G, France
25. Clippers — Brice Johnson, PF, North Carolina
26. 76ers — Furkan Korkmaz, SG, Turkey
27. Raptors — Pascal Siakam, PF, New Mexico State
28. Suns — Skal Labissiere, PF, Kentucky
29. Spurs — Dejounte Murray, PG, Washington
30. Warriors — Damian Jones, PF, Vanderbilt