Marquis Teague officially signs with Bulls (article)

[Chi-Town Brahma]

First-round pick Teague signs with Bulls

By K.C. Johnson, Tribune reporter
11:28 a.m. CDT, August 7, 2012​

In a move the Chicago Bulls will announce either later Tuesday or Wednesday, first-round pick Marquis Teague has signed his rookie contract and will travel from his hometown of Indianapolis to Chicago to begin workouts on Wednesday.

"It feels good to finally get it out of the way," Teague said in a phone interview. "I just want to get in the gym and start working out."

Teague was the last first-round pick to sign his deal, which are typically formalities because of slotted contracts depending on draft selections. However, it's standard practice in the NBA for first-round picks to receive 120 percent of the slotted amount.

When the Bulls signed Kirk Hinrich to a portion of the midlevel exception and Marco Belinelli to the biannual exception, they put themselves in a hard-cap situation of $74.307 million. Thus, negotiations with Teague focused on a first-year salary of less than 120 percent, sources said.

Teague ultimately signed a deal for 100 percent of his slotted salary in the first year, or $857,000, sources said. The following years are expected to be at the 120 percent slotted salary.

The Bulls will now have 13 players under contract. However, with just $758,550 under the hard-cap figure, they do not have enough money to sign a player to the veteran's minimum of $857,000. The Bulls will be paying the luxury tax for the first time in franchise history.



http://www.chicagotribune.com/sport...und-pick-teague-sign-20120807,0,1528011.story

 

[inactiveuser1]

It's about time

 

[Uman85]

That's my guy. :clap:

 

[scottiepippen1994]

Championship
:derbulls:

 

[Chi-Town Brahma]

Championship
:derbulls:

:yeah:

 

[clonetrooper264]

Paying the luxury tax. :yeah:

 

[Crystallas]

I hope he makes the All Rookie team.

 

[Uman85]

I hope he makes the All Rookie team.

I hope he wins Rookie of the Year.

 

[scottiepippen1994]

He's the next Jordan.

 

[Axl Rose]

I hope he makes the All Rookie team.

I hope he wins Rookie of the Year.

teague isnt even gonna get any minutes

 

[Crystallas]

I hope he wins Rookie of the Year.

Pshhhh

I hope he wins NBA Finals MVP as a rookie.

 

[X]

I hope he wears #23 next year.

 

[clonetrooper264]

I hope he doesn't suck. :tiptoe:

 

[Glide2keva]

The Bulls will be paying the luxury tax for the first time in franchise history.

For this squad?

 

[clonetrooper264]

For this squad?

Ironic, right?

Though it's really because of Rose's giant contract extension. He's probably getting close to $17M this year (16.something in reality). Combine that with $13M for Deng and $15M for Boozer and you're already at $45M for 3 players. Noah's getting like $11M or so and Hamilton is getting $5M so you're now up to $61M for the starters alone.

 

[scottiepippen1994]

For this squad?

LoL, I was thinking the same thing.

Let's see, Won't go over the luxery tax for Lebron, Wade, Kobe, Melo.
Won't go over the luxery tax to keep Ben Gordon.
Won't go over the luxery tax for Jordan-Pippen in the 90s.
Won't go over the luxery tax for anything.

But for Teague, Radmonovic, Boozer, Reinsdorff has no problem.

Weird.

We were a contender the last 2 seasons and had opportunities to sign free agents and make trades for a team worth going over the luxery tax for and Jerry just couldn't...But now,he has no problem doing it for this current buster squad....NICE

:shrug:

 

[pinkizdead]

There's an elephant in the room, I'll be the first to address it. We need to trade rose now, so we can have more minutes for teague. Also, we might want to move the jordan statute indoors somewhere, just in case we need a new statue.

 

[houheffna]

LoL, I was thinking the same thing.

Let's see, Won't go over the luxery tax for Lebron, Wade, Kobe, Melo.
Won't go over the luxery tax to keep Ben Gordon.
Won't go over the luxery tax for Jordan-Pippen in the 90s.
Won't go over the luxery tax for anything.

But for Teague, Radmonovic, Boozer, Reinsdorff has no problem.

Weird.

We were a contender the last 2 seasons and had opportunities to sign free agents and make trades for a team worth going over the luxery tax for and Jerry just couldn't...But now,he has no problem doing it for this current buster squad....NICE

:shrug:

Actually the Bulls traded half their roster to acquire Lebron didn't they? As for Wade and Lebron, the tax didn't matter, they had CAP SPACE. As for Melo and Kobe...please show me a link to an article that says the Bulls wouldn't acquire those players because of the tax. Would love to read it.

Retain Ben Gordon so you can continue to lose to teams like Washington, Miami, Detroit...teams that WERE NOT PAYING THE LUXURY TAX when they beat the Bulls?

There was NO LUXURY TAX during the Jordan era...none. The luxury tax system didn't start until 2003....

Its one thing to complain about the Bulls not spending into the lux tax...its another thing to criticize them when they do, based on fabrications.

 

[clonetrooper264]

What's funny is that now whenever people say "the Bulls refuse to pay the tax" they'll always point to this season and say "SEE! THEY PAID THE TAX! AND IT WAS FOR A NON-WINNER!"

 

[Crystallas]

There's an elephant in the room, I'll be the first to address it. We need to trade rose now, so we can have more minutes for teague. Also, we might want to move the jordan statute indoors somewhere, just in case we need a new statue.

The Pargo statue has to go somewhere.