The Bulls announced Monday afternoon they had waived veteran point guard Mike James.
James appeared in seven games with the Bulls, averaging 0.3 points and 0.9 assists in 5.4 minutes.
The Bulls brought the 38-year-old James into training camp to provide depth at point guard, where he projected behind Derrick Rose, Kirk Hinrich and Marquis Teague.
James played just two minutes (two appearances) in the team's first 11 games, but Rose's season-ending knee injury forced him into a larger role.
In five games following Rose's injury, James appeared in four contests, totaling 32 minutes, two points and six assists.
Tom Thibodeau and the Bulls were prepared to send the 20-year-old Teague to the D-League on Dec. 3 after admitting that James had overtaken Teague for the back-up role behind Hinrich. But it was revealed the next day that James had suffered a sprained MCL prior to the Bulls' triple-overtime loss at home to the Hornets. The injury was expected to cost James a week, sending Teague back to Chicago to back up Hinrich.
The Bulls also signed point guard DJ Augustin last week after the 24-year-old floor general was released by the Toronto Raptors.
With Hinrich battling a back injury -- he's a game-time decision tonight against the Magic -- Teague and Augustin may split point-guard duties like they did Saturday against the Raptors.