QUOTE
When the Bulls signed Kirk Hinrich to a portion of the midlevel exception and Marco Belinelli to the biannual exception, they put themselves in a hard-cap situation of $74.307 million. Thus, negotiations with Teague focused on a first-year salary of less than 120 percent, sources said.
Teague ultimately signed a deal for 100 percent of his slotted salary in the first year, or $857,000, sources said. The following years are expected to be at the 120 percent slotted salary.
The Bulls will now have 13 players under contract. However, with just $758,550 under the hard-cap figure, they do not have enough money to sign a player to the veteran's minimum of $857,000. The Bulls will be paying the luxury tax for the first time in franchise history.
Teague ultimately signed a deal for 100 percent of his slotted salary in the first year, or $857,000, sources said. The following years are expected to be at the 120 percent slotted salary.
The Bulls will now have 13 players under contract. However, with just $758,550 under the hard-cap figure, they do not have enough money to sign a player to the veteran's minimum of $857,000. The Bulls will be paying the luxury tax for the first time in franchise history.