Rose, Bulls Agree on New Deal

By Chuck Sudo in News on Dec 21, 2011 4:40PM

Last week both the Bulls and Derrick Rose expressed optimism that a contract extension would be reached soon. "Soon" will happen in less than a half-hour as an 11 a.m. press conference has been scheduled to announce a five-year, $94 million contract extension for Rose.

Rose would only confirm the press conference was scheduled to announce "something big."

"I'm going to talk about it more with my family there. I don't think about money. The Bulls show they trust me. I just feel blessed."

The new contract is for $10-$11 milliion more than what rose could have earned under the terms of the NBA's previous collective bargaining agreement and falls under what is known under the new CBA as the "Derrick Rose rule," which benefits players who outperform their rookie contracts. Under the terms of the clause, a player finishing his rookie contract can make up to 30 percent of a team's salary cap if he's been voted an All-Star starter twice, twice been voted All-NBA or won an MVP award. Rose is the reigning NBA MVP.

Rose's Bulls teammates are probably more excited for the extension than Rose. Carlos Boozer said he wished Rose's contract "was for 10 years," while new backcourt mate Rip Hamilton said Rose's worth ethic, desire for an NBA title and humility were among the reasons he signed with the Bulls.