Deal Done: Rose Signs 5 Year Extension
Derrick Rose and the Chicago Bulls have come to an agreement on Derrick’s contract. The deal is being reported to be worth 94 million dollars over the next 5 years. The details of the structure have not been released yet. However, we do know that Derrick took an approximate $6million pay cut, to leave tax room from a potential max salary.
The extension was allowed by new rule adjustments. This collective bargaining agreement added the “Derrick Rose Clause” for very rare instances under the rookie pay scale that allows teams to extend the player sooner than what has been allowed in the past into a “Max” salary(which is defined at 30% of a team’s total salary). Due to Rose winning the league MVP, he and the Bulls qualified to make the deal. Rookie contract players can also qualify by making two All-NBA teams within the 3 year period prior to becoming restricted. Unlike Oklahoma City’s Kevin Durant, who was limited to signing a max deal last year. Rose’s situation was allowed approximately 35% more per year than the Thunder’s superstar.
The signing also puts the franchise in a position to reach the luxury tax next season, if no new moves are made between now and then.