Bulls Sign No. 7 Overall Pick Lauri Markkanen

(CBS) The Bulls on Wednesday signed power forward Lauri Markkanen, their first-round pick at No. 7 overall in the recent NBA Draft.

The Bulls acquired the rights to the 7-foot Markkanen, a native of Finland, in a blockbuster trade on draft night that sent three-time All-Star wing Jimmy Butler to the Timberwolves. Chicago also received point guard Kris Dunn and guard Zach LaVine, while Minnesota also received the rights to big man Justin Patton, the No. 16 pick.

Markkanen averaged 15.6 points and 7.2 rebounds while shooting 42 percent on 3-pointers as a freshman at Arizona last season.

Rookie contracts are based on draft slot. Teams have the ability to pay anywhere from 80 percent to 120 percent of the draft slot to their first-round picks. The draft slot of the No. 7 pick is just shy of $3.2 million, so it's likely Markkanen's rookie deal will start around $3.8 million for 2017-'18.

Markkanen will play for the Bulls' squad in the Vegas Summer League. Their first game is Saturday against the Mavericks.

Chicago won the Vegas Summer League last season. Here's a look at its roster this season: