Bulls Pick Up Option On Jimmy Butler

The Bulls have officially exercised their 2013/14 option on Jimmy Butler, according to a team release. The move will keep Butler under contract for his third season at $1.11MM.

In addition to their 2013/14 option on Butler, the Bulls hold an additional team option on the 23-year-old for 2014/15, worth about $2.01MM. Assuming the team exercises that option next summer, Butler will be eligible for an extension in the summer of '14, or restricted free agency in the summer of '15.

With Butler's option having been formally exercised, we're still waiting on option decisions on less than 10 players. Follow all the decisions using Hoops Rumors' rookie contract option tracker.

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