The Chicago Bulls finally put their money where their mouth is. The Bulls have reportedly extended Jimmy Butler a five-year, $90 million maximum offer sheet to stay in Chicago. ESPN is also reporting that Butler has postponed meetings with several teams after the offer.Jimmy Butler a five-year, $90 million maximum offer sheet to stay in Chicago. ESPN is also reporting that Butler has postponed meetings with several teams after the offer.
Butler had meetings set up with the Boston Celtics, Los Angeles Lakers, Dallas Mavericks and Philadelphia 76ers before receiving the offer on Monday. All have been pushed back, and could be cancelled.
It’s no secret, Chicago has been consistent in saying it plans to keep Jimmy Butler around. With Butler as a restricted free agent, the Bulls can match any offer.
Sources leaked to the media that Butler wanted to sign a short-term deal and become a free agent next summer when the NBA salary cap is expected to explode after the infusion of the new TV contracts. The popular option was Butler signing a one-year max offer sheet with the Lakers and then becoming a free agent.
However, extending a maximum qualifying offer changes things.
In the current Collective Bargaining Agreement, if a team offers a maximum qualifying offer, opposing teams must offer the free agent a contract that lasts at least three seasons, not including opt-out clauses.
There has been no reason in the past to offer a maximum qualifying offer since, generally speaking, players want long-term security and there is no added incentive to try and push a player’s contract longer. But with salaries poised to increase so rapidly, Chicago felt this was the best option.
Butler does have one other option: the $4.5 million one-year qualifying offer. If he were to take this, he would become a free agent next summer. But while he may recoup some of the money he lost, he would be giving up a lot. A contract next year would be expected to pay him nearly $16 million.
Blue Man Hoop
If you’re an opposing team, there isn’t much incentive to spend much time courting Butler at this point. The Bulls have been clear: they will match any offer. The upside just isn’t there. Even if Butler goes through with the meetings, there’s not much chance they change anything.
There wasn’t too much doubt that Butler wanted to be back in Chicago, but this should end that discussion. Jimmy Butler will be a Chicago Bull once again, the only question left to figure out is how long his next contract will last.
Butler’s camp has seemed to maintain that he wants to be able to take advantage of the new TV money sooner rather than later. Don’t be surprised to see Chicago give him a three-year deal with an opt-out clause. But regardless, Jimmy isn’t going anywhere.
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