Dwyane Wade, Chicago Bulls agree on a buyout

The Dwyane Wade era in Chicago is officially over after just one season.

Beat reporter K.C. Johnson is reporting that the Chicago Bulls and Wade have reached an agreement on a buyout on his contract. The move will end Wade’s tenure in Chicago after just one season with the team.

Wade was set to earn $23.8M this season with the Bulls but he’s giving back roughly $8M of that in his buyout. The move comes just a few months after the Bulls traded Jimmy Butler to the Minnesota Timberwolves, officially beginning their rebuild.

The guard and Chicago native spoke to Johnson about the situation:

“I just felt it was time for me, turning 36, that I want to be competing for a championship. I said when I got here, it was always a dream for me to play here. And getting that opportunity was special. And I can’t even say it wasn’t what everyone expected because we went to the playoffs. And trying to restore this franchise to respectability was our goal. The organization decided to go in a different direction, which I respect.”

ESPN’s Adrian Wojnarowski reported that the Cleveland Cavaliers, Miami Heat and San Antonio Spurs are the favorites to sign Wade.

Zack Pearson

Follow me on Twitter @Zack_Pearson.

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