According to Peter Vescey of Hoop Du Jour, the New Jersey Nets have signed former Bulls bench player PG C.J. Watson:
This just in: Nets have come to terms with C.J. Watson as backup point. Two years at vet minimum. Watson owns option on second year— Peter Vecsey (@PeterVecsey1) July 15, 2012
In the 2011-12 NBA Season, the Chicago Bulls struggled with their fair share of injuries, PG Derrick Rose among them, Watson stepped up and started in 25 games, sporting a decent 14.62 player efficiency rating, and helped the Bulls to finish with the best record in the NBA.
But, with increasing demands on the team's budget and the addition of first-round pick PG Marquis Teague in the first round of the 2012 NBA Draft, the Bulls have elected to sign PG Kirk Hinrich and allow Watson to walk.