More details from NBA.com:

The Washington Wizards and Chicago Bulls have agreed to a trade that will send Bulls guard Kirk Hinrich and Chicago’s first-round pick, 17th overall, to Washington for a future second-round pick, a league source confirmed Thursday. The deal will clear Hinrich’s $9 million salary off of the Bulls’ salary cap for next season, as well as the $1.3 million in guaranteed first-year money they would have had to pay their first-round pick, and reduce Chicago’s payroll for next season to $22.8 million—which would, if the current projection of a $56.1 million salary cap for the 2010-11 season holds, allow the Bulls to be able to sign two maximum salaried free agents starting next week.