First the buyout, ESPN reports
The Detroit Pistons finalized what has been a formality, cutting ties with three-time All-Star Richard Hamilton.
Detroit made the move Monday after both sides agreed to terms of a buyout.
Hamilton was due to make $19 million guaranteed over the final two years of his contract in Detroit. He was bought out for $11 million, saving the rebuilding team $4 million in cap space this year and $4 million more next season.
And now the signing, the Chicago Tribune reports
Hamilton, who cleared waivers at 1 p.m., came to the Berto Center late Wednesday night to tour the building and sign his contract. He will be unveiled at Thursday’s practice. As reported since Sunday, the deal is guaranteed for two years and $10 million. According to sources, the Bulls hold a team option of $5.15 million for a third season. If the option is not exercised, Hamilton receives an unknown buyout.
“We’re excited to welcome a player and person with the credentials of Richard to our organization,” general manager Gar Forman said in a statement. “Rip has been a winner at every level. We’re confident he’ll be an excellent fit with our team.”
Savings for Detroit
Nice bit of business for the Pistons. They saved themselves $8 million by going with a buyout instead of using the amnesty clause + retained the amnesty clause to be used at a later date (Charlie Villanueva gets my vote).
Rip Gives Up Money
Very surprised at first to see Rip Hamilton give up so much money. His refusal to give up cash at the trade deadline last year made this a shocking development.
First reaction was that Rip must have something lined up already prior to the buyout + that the contract must be for the full MLE given the amount of cash Rip was willing to leave on the table in Detroit.
Rip Hamilton is a very good addition to the Bulls.
Rip is still a strong two way player. He plays good defense. Both in man-to-man situations and team defense. Offensively, Rip continues to move very well without the ball and can create good percentage shots with his midrange shooting ability. He is also an average rebounder, ball-handler and a good passer. Team orientated player.
Rip Hamilton gives Chicago that extra 15ppg scoring threat that they wanted so badly to round out their scoring options. They now have a potent foursome spearheaded by Derrick Rose and Carlos Boozer (inside-outside combo) while rounded out by Luol Deng and Rip Hamilton on the wing.
Rip Hamilton will fit in well in Chicago. Their motion offense gives him a lot of opportunities to create off the ball. The Bulls also have high level passing big men who are solid screen setters (especially Boozer, very talented team offense player) who’ll work well with Rip.
Derrick Rose will need to continue to develop his game as a passer / floor general but he should be able to make some minor adjustments to acclimate to Rip. And vice versa for Rip, he’ll need to accept a larger portion of his offense will come from stand still shooting rather than catch and shoots off the move. The Bulls shouldn’t have much of a problem finding a happy medium for both players and for their team as a whole.
Excellent bit of business for Chicago. They have positioned themselves brilliantly for another Title Challenge.