Derrick Rose Signs 5-Year, $94 Million Extension With Chicago Bulls, According To Report

Sources have informed the Tribune's K.C. Johnson that the Chicago Bulls and point guard Derrick Rose have agreed to a contract extension for five years that will be worth about $94 million. The team could make the news official later on Tuesday night or Wednesday. The new collective bargaining agreement made Rose a little richer than he otherwise would have been, as Johnson explains:

The extension is for roughly $10-11 million more than Rose would've been eligible for under the previous collective bargaining agreement. However, a new rule, which has been nicknamed the "Derrick Rose rule" rewards players who outperform their rookie scale contract. Rose qualifies for one of the three stipulations by virtue of becoming the youngest most valuable player in NBA history last season.

Rose won that MVP award at age 22 in just his third season as a professional.

For updates on free agent moves, stay tuned to SB Nation Chicago. For in-depth coverage of the Bulls, visit Blog a Bull. For more news and notes from around the league, head over to SB Nation's NBA news hub.

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