Bulls strike quickly with Felicio, wait on Mirotic
The Bulls checked one item off their to-do list shortly after NBA free agency began at 11 p.m. on Friday.
They signed center Cristiano Felicio to a four-year, $32 million extension. The deal is an example of the league's salary inflation. Taj Gibson, a much more productive player, received the exact same contract four years ago.
But the Bulls felt confident in Felicio's fit as a backup big man and were willing to pay the going rate to keep him around. It's a nice success story for the Brazil native, who was not drafted and first joined the Bulls two years ago in summer league. Felicio averaged 4.8 points and 4.7 rebounds last season.
It seems like the Bulls will have to wait for their next step. They are hoping to re-sign forward Nikola Mirotic, but he will likely check the market and see if any offer sheets come his way.
Mirotic is a restricted free agent, so the Bulls can match any offer from another team. But they might let him walk if the offer gets too large. After an inconsistent three seasons with the Bulls, Mirotic shouldn't merit a huge offer, but a team like the Brooklyn Nets, with loads of cap space and no high draft picks until 2019, made some crazy offers last year. The Nets handed out $75 million over four years to Portland shooting guard Allen Crabbe and an offer sheet to Miami's Tyler Johnson featured $19-million salary in seasons three and four. Both offers were matched.
At the same time, Mirotic has expressed a strong interest in staying with the Bulls and has been working out daily with teammates at the Advocate Center, so it might just be a matter of time before something gets done.
The Bulls have a third restricted free agent in power forward Joffrey Lauvergne, but will probably wait and see what happens with Mirotic and everything else before making a move there.
The Bulls may eventually add players in free agency, but don't plan to break the bank for anyone. They may have interest in bringing back swingman Justin Holiday, who went to New York in last year's Derrick Rose deal. By trading Jimmy Butler and releasing Rajon Rondo, the Bulls should have the cap space to absorb contracts from teams who might be willing to send out a draft pick or young player in an effort to create space to sign a free agent.
All agreements across the NBA are unofficial for now. New contracts can be signed starting Thursday.
Here are some highlights from the first 24 hours of free-agency:
• Michael Carter-Williams became a former Bulls by agreeing to a reported one-year, $2.7 million deal with Charlotte. The player the Bulls traded for Carter-Williams last September, 2013 first-round pick Tony Snell, agreed to a four-year, $46 million extension to stay with Milwaukee.
• Minnesota struck quickly to land a new point guard, reaching agreement with Indiana's Jeff Teague on a four-year, $57-million contract. There is talk the Timberwolves are pursuing Atlanta power forward Paul Millsap, who has also heard from Denver.
• With a very young lineup already in place, Philadelphia focused on adding veterans. Clippers shooting guard J.J. Redick agreed to a one-year, $23-million deal; while Boston power forward Amir Johnson chose the Sixers for $11 million over one year.
• Some players who decided to stay put are the Clippers' Blake Griffin (five years, $173 million) and New Orleans guard Jrue Holiday (five years, $126 million). Steph Curry reportedly agreed to the largest contract in league history (five years, $201 million) to stay in Golden State. Shaun Livingston will also re-up with the defending champs for $24 million over three years.
• The biggest NBA news on Friday was a trade, with Indiana's Paul George going to Oklahoma City for Victor Oladipo and Domantas Sabonis. The Pacers' questionable return made the Bulls' trade of Butler look a little better in comparison.
• Get the latest Bulls news via Twitter by following @McGrawDHBulls.