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NBA Free Agency 2011: Richard Hamilton Will Sign Two-Year, $10M Deal With Bulls, According To Report

Veteran NBA guard Richard Hamilton completed his buyout with the Detroit Pistons, has cleared waivers, and will now sign a two-year, $10 million deal with the Chicago Bulls that will be finalized on Thursday, according to K.C. Johnson of the Chicago Tribune. Here is exactly what he had to say:

Rip has cleared waivers. Sounds like he'll be at #Bulls practice on Thursday after 2/$10M deal is finalized. 39 minutes ago via UberSocial for BlackBerry · powered by @socialditto

 

The Detroit Pistons agreement to a buyout of the remaining two-years and $25 million left on Hamilton's contract, freeing up the veteran to slide in at shooting guard next to Derrick Rose and give the Bulls a bit more offensive firepower than Keith Bogans offered in 2010-11. Signing Hamilton to a mid-level exception deal, which pays approximately $5 million in annual salary, will limit the Bulls' exposure to the penalties of the NBA luxury tax system. 

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.