(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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