The Bulls completed the trade of Kyle Korver to the Hawks reported last Friday, however the Timberwolves dropped out of the thoroughly discussed three-team deal.
Korver’s $5 million contract becomes guaranteed for the 2012-13 season and slides into the Hawks’ trade exception created when they dealt Joe Johnson to the Nets. The Bulls received a $5 million trade exception and cash.
That cash was originally headed to the Timberwolves, who were going to send a second-round pick to the Bulls, a source said. A trade exception allows the Bulls to acquire a player whose contract is up to $5 million without sending out any salary. They expire after a year if unused.
And that, as they say, is that. This was a straight-up salary dump. The Bulls have so much cash committed to Carlos Boozer, Derrick Rose, Joakim Noah and Luol Deng that management is pinching every possible penny to avoid the luxury tax…which they’ll end up paying anyway if they match Houston’s $25.1 million offer sheet on Omer Asik.
The Bulls are going to be hard pressed to replace Korver’s three-point shooting. Last season’s two best percentage three-point snipers — Korver and C.J. Watson — are gone (Watson signed with the New Jersey Nets).
It’s hard to see the Bulls spreading the floor, especially early on when Rose and Deng are both out, which is going to have a really negative impact on the offense. Today’s NBA offenses are predicated largely on three-point shooting. Not sure how the Bulls are going to adjust now that they essentially don’t have any (save for Kirk Hinrich, who isn’t a high percentage three-point shooter).