1:37pm: Hinrich's two-year deal will pay him roughly $8MM, says K.C. Johnson of the Chicago Tribune. In that case, Hinrich will receive more than $3.09MM in year one, meaning the Bulls are using their full mid-level exception, hard-capping their 2012/13 team salary at about $74.3MM.
JULY 23RD, 12:33pm: The Bulls have officially signed Hinrich, the team announced today in a press release. Since Chicago couldn't work out a sign-and-trade with Atlanta, the deal is expected to consume the team's full taxpayer mid-level exception.
JULY 8TH: The Bulls have reached a verbal agreement on a deal with free agent guard Kirk Hinrich, reports K.C. Johnson of the Chicago Tribune (via Twitter). While details are still being finalized, Hinrich is expected a receive a two-year, $6MM contract from the Bulls. Hinrich returns to the franchise that drafted him in 2003 after spending parts of the last two seasons with the Wizards and Hawks.
By adding Hinrich to their backcourt, the Bulls have given themselves more stability at the guard position with Derrick Rose on the shelf for at least a portion of the upcoming season. The former Kansas star averaged 6.6 PPG and 2.8 APG in 48 games during the 2011/12 season.