Marquis Teague, the Bulls' first-round draft pick, has agreed to terms with the organization, as first reported by the Chicago Tribune.
Teague, a point guard from the University of Kentucky, was the last first-round selection in the 2012 NBA Draft to sign his contract, but more significantly, the Indianapolis native will receive 100 percent of his 857,000 rookie-scale deal in his first season, as opposed to the 120 percent typical of most rookie contracts.
As first reported by ShamSports.com, Teague's deal was likely delayed due to the Bulls' desire to stay under the NBA's "hard" salary cap.
However, even with Teague, the younger brother of Atlanta Hawks point guard Jeff Teague, taking less money in his first year -- he will receive 120 percent of his salary in the final two seasons of his rookie contract -- the Bulls will not be able to sign even another minimum-salary veteran player without exceeding the hard cap.
The Bulls, who will pay the league's luxury tax for the first time in the organization's history, now have 13 players under contract after acquiring free agents Kirk Hinrich, Marco Belinelli, Nate Robinson, Vladimir Radmanovic and Chicago native Nazr Mohammed. Teague's signing likely signifies the end of the team's offseason transactions.
While the likes of summer-league revelation Malcolm Thomas (offered a partially-guaranteed deal, according to a source, but will likely opt to play overseas), mini-camp participant and Chicago native Patrick Beverley (recently worked out for the Lakers), former All-Star Tracy McGrady and former Sacramento Kings forward Donte Greene have all been rumored to be potential additions to the roster, the front office will probably choose to stand pat, save a possible training-camp invitation or two.
After the decimation of the majority of the "Bench Mob," the Bulls' popular second unit -- backup point guard C.J. Watson and reserve swingman Ronnie Brewer were waived, then subsequently signed with Brooklyn and New York, respectively; sharpshooter Kyle Korver was traded to Atlanta; diminutive fan favorite John Lucas III joined Toronto -- and adding the aforementioned low-profile free agents, the Bulls' summer has been widely regarded as disappointing by observers.
With superstar Derrick Rose on the shelf to begin the season, expectations are low heading into the regular season, but the franchise still has work to do. The Bulls intend to sign backup power forward Taj Gibson to a long-term contract extension before the season begins, as he will surely generate much interest if he hits the market as a restricted free agent next summer.
Meanwhile, the matter of Tom Thibodeau's own deal -- the head coach is in the final year of his contract after his team option was picked up earlier in the offseason -- looms.