Can’t say we didn’t see this coming. The big news late last night and early this morning was that Andrew Bynum was traded to the Bulls for Luol Deng & draft picks. Well now, just hours later, Bynum has been waived.
Details after the jump…
Via SBNation:
Andrew Bynum is a free agent. After acquiring the center in exchange for Luol Deng on Monday, the Chicago Bulls unsurprisingly waived Bynum on Tuesday before his contract became guaranteed for the rest of the season, according to CBS Sports’ Ken Berger.
Bynum signed a partially-guaranteed two-year, $24 million contract with the Cleveland Cavaliers in July. The Cavs have already paid Bynum $6 million, but his contract would’ve kicked in for another $6 million on Jan. 10 if he was not released. (Bynum’s second year was fully unguaranteed.) In order for Bynum to clear waivers in time, Chicago had to do this before 5 p.m. ET on Tuesday. The Bulls have done just that.
The Bulls will save over $20 million a result of trading Deng and releasing Bynum, as the moves will bring the team’s total salaries below the league’s luxury tax threshold. There is speculation that Chicago’s next major move will be using the amnesty provision onCarlos Boozer this summer, which would give the Bulls the financial flexibility to chase free agents and dramatically reshape their roster.
(Story Continues…)
