As expected, the Chicago Bulls have released Andrew Bynum after acquiring the center and three future draft picks from the Cleveland Cavaliers for Luol Deng on Monday.
After losing Derrick Rose to injury once again, the Bulls are looking ahead. With the trade, rebuilding in Chicago is underway, and the release of Bynum will open up some valuable cap space for the team. The Bulls had until 5 p.m. ET Tuesday to waive Bynum and avoid paying him for the second half of his $12.3 million contract.
Bynum’s release coupled with Deng’s departure will save the Bulls approximately $20 million, according to Bulls executive John Paxson, in addition to putting the team below the luxury-tax line.
Bynum, whom the Cavaliers were looking to deal after being suspended by the team in December, is expected to clear waivers in 48 hours.