Dwyane Wade and Chicago Bulls reach buyout agreement Sunday
After one season in Chicago, the Dwyane Wade era is officially over.
It was a busy Sunday for the Chicago Bulls. But the biggest news for the team: Dwyane Wade will no longer be playing for his hometown.
The team first signed Nikola Mirotic to a two-year deal and then came to an agreement to buy out Wade’s contract. Dwyane Wade will no longer be playing for his hometown. KC Johnson of the Chicago Tribune reported about the agreement on the buyout.
The Bulls and Dwyane Wade have reached agreement on a buyout, per sources.
— K.C. Johnson (@KCJHoop) September 25, 2017
Wade was scheduled to make $23.8 million this season with the Bulls, and Johnson reported that Wade will give up between $8-10 million. Wade averaged 18.3 points while playing in only 60 games with the Bulls.
Per source, Wade gave up in the neighborhood of $8-10M of the $23.8M the Bulls were contractually obligated to pay him.
— K.C. Johnson (@KCJHoop) September 25, 2017
After spending 13 years in Miami, Dwyane Wade signed with the Bulls during the 2016 free agency. This past June, Wade opted in for the last season of his contract with the Bulls, worth $23.8 million.
Dwyane Wade didn’t want to be part of the rebuild
Wade made a risky decision by opting in because two days after he did that, his friend Jimmy Butler was traded to Minnesota. Wade wasn’t happy with Butler getting traded as it was reported that Wade and the Bulls didn’t have any contract after the Butler trade.
Many reporters who cover the NBA reported that it was just a matter of time until Wade and the Bulls reached a buyout. On the eve of 2017 training camp, the buyout finally happened.
According to Ramona Shelburne of ESPN, the Bulls were $2 million above the league’s salary floor with Wade’s full salary for this season. Bulls will go into this season without any of the “Three Alphas” as Rondo, Butler, and now Wade are all gone.
Next: Could changes be coming to the Bulls?
This season is going to be rough. Fans will get their patients tested. This Bulls team is going to be awful. The goal this season is to lose a lot of games and try to get a high draft pick in the 2018 NBA Draft. The Bulls are going to have about $50 million in cap room in the Summer of 2018. Welcome to the rebuild.