Dec. 21 (Bloomberg) -- Derrick Rose, the reigning National Basketball Association Most Valuable Player, signed a five-year contract extension with the Chicago Bulls through the 2016-17 season.
The contract’s value is the maximum Rose could have received from the Bulls under the league’s new collective bargaining agreement with its players, the team said in a news release on its website without disclosing figures. It’s worth about $95 million, according to the Chicago Tribune.
“ I want all of our fans out there to know that I am committed to one goal and that is winning an NBA championship for Chicago,” Rose said in a statement.
Rose was able to re-sign for the maximum salary because, under the terms of the new labor deal, he has been a “high-performing rookie scale player,” having won league MVP honors last season. That allows him to earn a salary of 30 percent of the team salary limit or cap. The cap for the first year of the leaguewide agreement remains unchanged from last season at about $58 million, with players’ salaries prorated for the shortened 66-game campaign.
The 23-year-old Rose became the NBA’s youngest MVP when he led the Bulls to a league-best 62-20 Record last season, his third as a pro. He was the first player taken in the 2008 NBA draft and won Rookie of the Year honors for 2008-09.
Rose averaged 25 points, 7.7 assists and 4.1 rebounds per game last season, becoming the fifth player in NBA history to total at least 2,000 points, 600 assists and 300 rebounds in one campaign.
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