WEDNESDAY, 9:50am: James has officially signed his deal with Chicago, and it’s a 10-day contract, the team announced.
TUESDAY, 4:34pm: The Bulls will re-sign point guard Mike James, tweets K.C. Johnson of the Chicago Tribune. The 38-year-old made the team out of training camp, but the Bulls waived him last month after signing D.J. Augustin. Chicago traded Marquis Teague to the Nets today for big man Tornike Shengelia, so the return of James replenishes the Bulls’ point guard depth. USA Today’s Jeff Zillgitt wrote last month that the team might bring James back if it traded Teague.
It’s unclear if the agreement is for a 10-day contract or a deal that covers a rest of the season. Cartier Martin is on his second 10-day with the Bulls, who hope to re-sign him for the season once it expires. That would still leave Chicago with a pair of open roster spots, leaving plenty of room for James. The Bulls are within $1MM of the luxury tax line, so it seems the timing of the decision to bring James aboard in the wake of today’s trade, which sheared $285,848 from Chicago’s payroll, is financially motivated.
The Bernie Lee client saw just 38 minutes total in his first stint with the Bulls this season, but he started 23 games for the Mavericks last year, averaging 8.2 points, 4.4 assists and 25.8 minutes per game in those starts. He also played with the Bulls during the 2011/12 season.