Isaiah Canaan

And then there was one Alpha: Bulls waive veteran point guard Rajon Rondo

And then there was one Alpha: Bulls waive veteran point guard Rajon Rondo

And then there was one Alpha.

As expected, the Bulls officially announced the release of veteran point guard Rajon Rondo on Friday afternoon.

The Bulls held a team option that would have paid Rondo $13.4 million next season, but the Bulls elected to waive Rondo which will cost the team $3 million.

Rondo, 30, appeared in 69 games with the Bulls last season and averaged 7.8 points, 6.7 assists and 5.1 rebounds.

Rondo helped the Bulls to two wins over the No. 1 seeded Boston Celtics in the playoffs by averaging 11.5 points, 8.5 rebounds and 10.0 assists. However, Rondo suffered a broken thumb in practice and missed the rest of the series, with the Celtics winning four consecutive games.

The Bulls also announced that they waived guard Isaiah Canaan.

The 26-year-old Canaan averaged 4.6 points in 39 games with the Bulls last season.

Sources: Bulls will either trade or waive point guard Rajon Rondo

Sources: Bulls will either trade or waive point guard Rajon Rondo

The Rajon Rondo era in Chicago is coming to an end. Multiple sources told CSN Insider Vincent Goodwill that the Bulls will either trade or release last year's starting point guard prior to the start of free agency on Friday night.

The Bulls currently hold a team option to use on Rondo that would pay him $13.4 million next season. Waiving Rondo would cost the team $3 million. Another team looking to free up cap space could conceivably trade for Rondo and then waive him, although it seems unlikely that happens before free agency starts at 11:01 p.m.

Rondo was a surprising addition last year to a Bulls team that was trying to get "younger and more athletic," as general manager Gar Forman told the media after trading Derrick Rose.

Rondo, 30, had just completed a 2015-16 campaign with the Kings in which he led the NBA in assists per game (11.7) and shot a career-best 36.5 percent from beyond the arc. But question marks surrounding his defense and chemistry issues with head coaches - he played for three teams in as many seasons before joining the Bulls - remained.

Rondo was benched in January after a particularly poor stretch in December, although injuries thrust him back into the starting lineup after a five-game DNP streak. He clashed with stars Jimmy Butler and Dwyane Wade through an Instagram post, questioning their leadership, in February. He ended the regular season on a tear, averaging 10.8 points and 7.1 assists in 21 games after the All-Star break. He shot 46 percent from deep, 47 percent from the field and had the Bulls playing some of their best basketball during that stretch.

That play continued into the playoffs when Rondo shocked the top-seeded Celtics, averaging 11.5 points, 8.5 rebounds and 10.0 assists in a pair of wins in Boston. But Rondo suffered a broken thumb in practice and missed the rest of the series, with the Celtics ultimately winning in six games.

Gar Forman and John Paxson told the media at the end of the year they expected to bring Rondo back, but that was  before they decided on draft night to deal Jimmy Butler and begin the rebuilding process. That traded netted them 23-year-old Kris Dunn and shooting guard Zach LaVine, and the team already has Cameron Payne and Jerian Grant at the position.

Bulls parting ways with guard Michael Carter-Williams

Bulls parting ways with guard Michael Carter-Williams

Don't expect to see Michael Carter-Williams in the fold for the Bulls guard spots next season.

The organization is reportedly declining the qualifying option for the young guard, according to John Paxson on David Kaplan's radio show:

Carter-Williams, 25, was acquired in a trade with the Bucks last October in a move that sent Tony Snell to Milwaukee. Snell — the Bulls' first round pick (20th overall) in 2013 — turned in a career year with the Bucks, averaging 8.5 points, 3.1 rebounds and 1.2 assists per game while making 80 starts.

Meanwhile, Carter-Williams appeared in only 45 games (19 starts) for the Bulls, suffering through the worst season of his professional career. He was drafted 11th overall in the same year the Bulls took Snell and Carter-Williams burst onto the scene with 16.7 points, 6.3 assists, 6.2 rebounds and 1.9 steals per game in his rookie season with the Philadelphia 76ers.

Carter-Williams was then traded to the Bucks in February 2015. He shot only 36.6 percent from the field in 2016-17 while averaging 18.8 minutes per game.

The Bulls are stacked at guard with Dwyane Wade and Rajon Rondo currently under contract plus 2016 first-round pick Denzel Valentine, Jerian Grant (acquired in the Derrick Rose trade), Cameron Payne (acquired in the Taj Gibson deal), Isaiah Canaan and then Kris Dunn and Zack LaVine (who were both acquired in the Jimmy Butler blockbuster last week).