(CBS) The Bulls made little noise as Thursday’s trade deadline passed, with only the minor move of veteran guard Kirk Hinrich to the Hawks in return for guard Justin Holiday and a 2018 second-round pick.

What the Bulls also did in that deal was save about $3.5 million for owner Jerry Reinsdorf, according to salary cap guru Albert Nahmad.

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Hinrich’s salary figure this season is about $2.85 million. An undrafted player who’s spent a lot of time in the D-League, Holiday’s working on minimum-salary deal of about $947,000. So for the rest of the season, that saves the Bulls a little more than $600,000. (You must factor in that Chicago and Atlanta have already paid out about two-thirds of these players’ salaries, so this references what’s left on their contracts in hard dollars this season.)

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The bigger savings come in luxury tax relief. Before this trade, the Bulls were about $4.5 million over that $84.74 million threshold, which is calculated by adding up the total annual salary of players on your roster at season’s end. By going from a $2.85 million contract to a $947,000 contract, the Bulls shaved about $1.9 million off their base number in luxury tax calculations — and that saves around $2.9 million in real money on the luxury tax payment, because the Bulls are on the hook to pay $1.50 for every $1 over the luxury tax line right now.

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The Bulls also received a trade exception of about $2.9 million in the deal. That will expire one year from it being acquired.