This is a nice pickup for the Bulls. Pargo is a solid backup guard who proved in New Orleans that he can come in off the bench and be a valuable contributor. He’s also a Chicago native who played for the Bulls from 2003-2006. Go here for the scouting report on Pargo.
Pargo’s agent, Mark Bartelstein, said: “I think he’ll pick up where he left off in New Orleans when he was one of the top sixth men in the league. I think he could have done better (financially) if he waited a little bit longer, but he didn’t want to lose the opportunity with the Bulls. We just thought it was a good fit.”
Don’t you just love NBA player agents? It’s like they all went to school at Used Car Salesman University. I’m not sure Pargo could have earned much more than that, particularly considering the upcoming Salary Cap Apocalypse.
As I pointed out yesterday, the Bulls had only about $2.4 million to play with before reaching the luxury tax threshold. So unless Gar Forman works out a trade for Carlos Boozer— which, frankly, seems pretty unlikely — this will probably be the last significant move the team makes during the offseason.
But by limiting Pargo to a one-year deal, the Bulls will still have financial flexibility next summer even if the salary cap drops again. As of now, the Bulls should have only seven players under contract for 2010-11: Derrick Rose, Luol Deng, Kirk Hinrich, John Salmons, Joakim Noah, James Johnson and Taj Gibson. The combined total of those deals will be about $38.6 million. If the cap is in the $50-ish million range, the team will have $12 million or so to sign someone from the Summer of 2010 Free Agent Class.
I know the team hasn’t made The Leap this summer. We lost Ben Gordon and we didn’t acquire a big-name player. But, assuming Luol Deng is healthy next season, the Bulls should be at least solid (if not spectacular) at every position with a handful of capable backups to spell the starters. And, thanks to intelligent cap management, we will be in the running for a major upgrade one year from now. All in all, not bad. Not great…but not bad.