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NBA Free Agency 2011 News: Reinsdorf Willing To Pay Luxury Tax If It Makes Chicago Bulls A Contender

With NBA free agency open for talks and soon to be open for deals to be signed, Chicago Bulls Chairman Jerry Reinsdorf spoke through a team spokesman to say that he is willing to spend above the luxury tax line for new players if it helps the Bulls become a legitimate contender for an NBA Championship in 2011-12, according to K.C. Johnson of the Chicago Tribune.

The luxury tax penalty is set to become more onerous under the new outlined CBA, especially in 2013-14 for repeat offenders, but the willingness shown by Reinsdorf to spend above and beyond the salary cap is an important development for a team hoping to extend reigning MVP Derrick Rose's contract by five-years and $100 million in the near future.

As for exactly which players the Bulls may target, they have reportedly been looking at Caron Butler and still need to add a quality shooting guard to pair with Rose. Head over to SBNation.com, where Tom Ziller has compiled a full list of restricted and unrestricted free agents.

For updates on free agent moves, stay tuned to SB Nation Chicago. For in-depth coverage of the Bulls, visit Blog a Bull. For up-to-the-minute coverage of all of the key personnel moves, check out the SB Nation NBA free agency StorySteam.