Bulls to let Thomas become free agent

With no more contract extension talks planned with the Chicago Bulls, forward Tyrus Thomas(notes) will become a restricted free agent at the end of the season, Yahoo! Sports has confirmed.

Bulls general manager Gar Forman and Thomas’ agent, Brian Elfus, had discussed broad parameters of a contract extension in recent months, but both sides said there won’t be any more talks prior to the Monday deadline.

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“There won’t be a shortage of teams with significant cap space interested in Tyrus next summer,” Elfus said by phone on Friday “But he loves Chicago, and he realizes the Bulls are on the verge of contending. He would still love to remain a Bull long-term.”

Until he signs a contract, be it with the Bulls or an offer sheet with someone else, Thomas's cap hold will be for the maximum salary for a player with four year's experience. The maximum salary for next season won't be calculated until the July Moratorium (that's what it's for; doing all the maths and stuff), but to give you an example of what it will be, this season it measures in at $13,520,500.

That amount will count against the Bulls' salary figure - and thus, their cap space - until Tyrus either signs an offer sheet with another team (at which point, the first year's salary of the offer sheet is his new cap hold), re-signs with us (at which point, the first year's salary of the new contract is his new cap hold) or he is renouned (at which point he has no cap hold at all). Therefore, if the impossible becomes possible and the Bulls are able to score one of the maximum salaried free agents on the market - Bosh, Wade, Rasual Butler, etc - then Tyrus' cap hold becomes a problem.

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It's a risk that the Bulls are taking in not extending Tyrus. Nevertheless, they've clearly determined that it's a lesser risk than presumptuously overpaying Tyrus would be. And they're probably right.